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Estate Agents' Lingo ...

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Estate Agents' Lingo ...

Postby GreekIslandGirl » Wed Aug 30, 2017 4:05 pm

Hiya :D

I'm asking for a Brit friend who asked me this question about title deeds and I don't have a clue.

Basically, does anyone know the subtle differences (and pitfalls) when the estate agent's particulars state: "Title Deeds Available" compared to when they state "With Full Title deeds"?

x
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Re: Estate Agents' Lingo ...

Postby B25 » Wed Aug 30, 2017 7:56 pm

They can mean one and the same depends on the opinion of the poster.

However, Full title deeds would normally mean exactly that and in the hands of the seller.

Title deeds available could mean that the deads are in the developer name waiting to be transferred.

Best to ask which is which. Either tge deeds are in hand or not.

Hope that helps
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Re: Estate Agents' Lingo ...

Postby GreekIslandGirl » Wed Aug 30, 2017 10:09 pm

B25 wrote:They can mean one and the same depends on the opinion of the poster.

However, Full title deeds would normally mean exactly that and in the hands of the seller.

Title deeds available could mean that the deads are in the developer name waiting to be transferred.

Best to ask which is which. Either tge deeds are in hand or not.

Hope that helps


Great, thanks, that should help and will pass on. Your advice would be the sensible option. But, I think the buyer is trying to go by the information available on websites at the moment and grouping the properties into ones which are likely to go through quickly or not.

So, if the deeds are still with the developers, does that mean when you come to buy a property you, yourself, take on the job of chasing up the deeds or does the solicitor sort it all out before transfer and all the money is paid over? Is it a risky venture to buy a house where the deeds are only *available*?
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Re: Estate Agents' Lingo ...

Postby B25 » Thu Aug 31, 2017 12:03 am

If the deeds are 'available' assuming not in sellers hands then, an assignment contract is drawn up and deposited at the kans registry. The process is then to get the developer to make the transfer. The solicitor can do it all. BUT, you have to ensure the seller has oaid ALL the developers taxes and that tge developer has no memos or mortgages on the site otherwise no transfer can happen.

Easiest thing is to ask are the title deeds in the sellers hands before you decide on the purchase. Any agent can verify this for you.
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Re: Estate Agents' Lingo ...

Postby supporttheunderdog » Thu Aug 31, 2017 12:45 pm

GreekIslandGirl wrote:
B25 wrote:They can mean one and the same depends on the opinion of the poster.

However, Full title deeds would normally mean exactly that and in the hands of the seller.

Title deeds available could mean that the deads are in the developer name waiting to be transferred.

Best to ask which is which. Either tge deeds are in hand or not.

Hope that helps


Great, thanks, that should help and will pass on. Your advice would be the sensible option. But, I think the buyer is trying to go by the information available on websites at the moment and grouping the properties into ones which are likely to go through quickly or not.

So, if the deeds are still with the developers, does that mean when you come to buy a property you, yourself, take on the job of chasing up the deeds or does the solicitor sort it all out before transfer and all the money is paid over? Is it a risky venture to buy a house where the deeds are only *available*?


1) Tell your friend to do internet searches on Cyprus property buying
eg http://www.news.cyprus-property-buyers.com
and the various problems as reported in the press

eg http://cyprus-mail.com/2017/05/30/trapped-property-buyers-unable-get-title-deeds/

2) tell your friend be cautious in dealing with any developer - they will be your friend's biggest friend until your friends have signed on the dotted line, they will do everything in their power to help the sale go through but once they have their hands on the cash then the buyer can be on their own and may well mean
you, yourself, take on the job of chasing up the deeds
in particular there is a big problem with many (but not all) developers having mortgaged land they have under development, then they supposedly sell the property freehold, but cannot hand the deeds over since they have not discharged the Mortgage and cannot do so as they are effectively bankrupt: that is in issue with many (but not all) NPL's which are major issue with the Banks. Worst case scenario your friend could find the property repossessed by a bank or they have to cover the developer's debt.

3) In particular in dealing a developer, (but for that matter any seller) tell them not to accept any seller's recommendation for a lawyer, but look for someone else. Too many stories of lawyers working more for developers/ sellers in hiding the mortgage situation than for the buyer.

In any event Get the lawyer in place very early on in the process to start doing searches as soon as your friends have a specific property in mind.

4) Best bet is to look at established property where the seller holds the deeds. If a private seller and deeds are not available ask why? (this is where the lawyer can be useful at an early stage) In some cases it is because there are illegalities in the property and how it is constructed.

5) If in an apartment or complex with communal areas then they must look at the terms upon which such communal areas are maintained and how this is paid for.
(this was discussed on this site in 2010 so you should be wised up on that)
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Re: Estate Agents' Lingo ...

Postby GreekIslandGirl » Thu Aug 31, 2017 3:27 pm

I just logged on to let B25 know that they have done what he suggested and the agent has said that although deeds me be advertised as 'available', it's not a problem as this is all finalised on the same day at the land registry. The seller (developer or whoever) pays any taxes due and the transfer takes place in minutes and deeds are automatically issued to the new buyer.

I'll now read and digest what you've posted, STUD, and see if it makes sense as some of it sounds a bit dated to me. I'll show Brit friends any of your links that are relevant and not just scaremongering. Perhaps B25 can judge better if what you've posted is still the case.

Anyway, many thanks both of you and will pass on any info.
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Re: Estate Agents' Lingo ...

Postby GreekIslandGirl » Thu Aug 31, 2017 3:43 pm

Aren't lawyers supposed to check that there are no debts or charges on the property, as a starter, before any money is given to the sellers?
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Re: Estate Agents' Lingo ...

Postby B25 » Thu Aug 31, 2017 4:12 pm

GreekIslandGirl wrote:Aren't lawyers supposed to check that there are no debts or charges on the property, as a starter, before any money is given to the sellers?


Here, you have to instruct the lawyer to do that, it is not automatic, unlike the UK.
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Re: Estate Agents' Lingo ...

Postby GreekIslandGirl » Fri Sep 01, 2017 8:39 pm

B25 wrote:
GreekIslandGirl wrote:Aren't lawyers supposed to check that there are no debts or charges on the property, as a starter, before any money is given to the sellers?


Here, you have to instruct the lawyer to do that, it is not automatic, unlike the UK.


Thanks, B25, I've told them that and recommended a lawyer beginning with "Z" who a lot of Brits seem to rave about.
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