As a real estate agent, we come up against some major stumbling blocks when people want to sell their property but are still waiting for the Title Deeds. Increasingly though, the developers are also pro-active in facilitating the issue of title deeds for their clients.
In particular the ‘Hidden Mortgage Law” has also publicly exposed the machinations and practices of developers. Now that we are emerging from the financial crisis and the property crash, those developers who want to continue to keep their businesses going are most keenly aware of the public opinion regarding their ethics and status in the community. Not only are they approachable, they also are very proactive in solving this very vital issue in the realm of property ownership for their clients.
Innovation is not a new concept in Cyprus, but it is in the field of Real Estate. New rules are being proposed, thanks to the newly elected politicians who support streamlining the real estate transfer system. The main benefits of arbitration are the lower costs, more speed and less formality. Importantly, the benefit of the Arbitrator is that he/she is a specialist in the relevant area of the law.
Under the arbitration system cases realistically should be completed within a year, which is far more advantageous than 5-7 years in the court system presently. The proposed real estate arbitration should resemble the Land Tribunal in the UK, a special court for land and property disputes as well as many cases of relating to financial institutions and borrowers.
In Cyprus this is a great hope for continuing Cyprus real estate problems. The arbitrator will hear both sides of the case and try to come up with a remedy that is acceptable to both.