RSS FeedTitle Deed reforms worth millions next year
Interior Minister Neoclis Sylikiotis could well clinch the title of “Man of the Year in 2010″ if his set of five amending bills on Title Deeds get through parliament, thus helping the plight of as many as 100,000 Cypriots and foreigners desperate to get possession of their property Titles.
The reforms will also help restore Cyprus’ tarnished image abroad, but more importantly generate millions of Euros in new revenue for the state, as government finances continue to deteriorate rapidly.
In an exclusive interview with the Financial Mirror, Sylikiotis said the five draft bills, which will work with the property amnesty legislation, will also deal with many other issues, such as adding to the safety of property transactions and solving chronic problems inherited over several decades.
The Minister is now presenting his plans to political parties and special groups to inform them but also to shorten time taken in the House to discuss the issue and put it to a vote.
“ ” the Minister said.
Red tapeSylikiotis does not seem to be worried about the additional red tape that the draft legislation will create, confident that the Land Registry and other relevant departments will be able to handle the burden.
In an effort to speed up the process of evaluation, audit and final conclusion, Sylikiotis said he shall not hesitate to recruit the help of the private sector if such a need arises.
“ ”
Sylikiotis clarified that there is no issue of having three different types of Title Deeds, but only one. There will be Titles which state “ Clean ” meaning that no violations have been spotted, or “ Incomplete ” meaning some violations and “ Limited ” suggesting there are serious irregularities, thus blocking a sale.
For example, if there is a property development of 100 flats or houses and most of those units do not have a town-planning problem, the fact that a Completion Certificate cannot be issued for the whole development means that Title Deeds cannot be issued for any of those units. “ ”
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