- Posts: 27
- Joined: Fri 14 Jul 2017 7:44 am
However, our bank says we were negligent not to register our "off plan" contract in 2004 when we purchased.
He said it would have protected our homes from a mortgage.
Was it possible to register contracts earlier than 2008 for an unfinished, off plan home?
Any experts in TRNC law out there???/
- Posts: 2027
- Joined: Mon 09 Apr 2012 12:21 pm
- Posts: 2109
- Joined: Sun 19 Aug 2012 7:24 am
- Posts: 1402
- Joined: Fri 13 Apr 2012 3:26 pm
The law I believe states any foreigner purchasing a property needs to apply
permissions to purchase - do not exchange money until you have it
register with the land registry office within one month of purchase
I remember back in 1988 when my father decided to buy a property it took him 4 to 5 months from seeing it, wanting it and actually purchase the villa which both buyer and purchaser seemed to accept. It was when builders, estate agents and lots of purchasers put too much work to the offices short cuts were taken with purchasers not even being advised to wait for permission to purchase and not registering the sale until the kocan was required and that in some cases would be never hence the need in 2007/8 forcing everyone to register their contract to prevent further mortgages taken out.