We have just recieved the attached email from Fotos G Pittadgis of Pittadjis Law Firm.
Obviously keen to create a new bandwagon for everyone to jump on.
What advice would you give to members of this forum in relation to this irresistable offer?
URGENT – TITLE DEEDS
I trust this correspondence reaches you well.
I am happy to inform you the main problem relating to Real Estate in Cyprus has finally been resolved.
The Government passed new legislation which allows purchasers of property in Cyprus to apply for the issuing of Title Deeds using their Contract of Sale.
This is a major development, since the absence of an independent Title Deed is extremely dangerous especially at this time and in light of the present financial crisis.
The issuing of a Title Deed adds significant value to a property enabling the property to be mortgaged at any Bank if desired and also enables a resale transaction to proceed in a far more straightforward manner. .
The most important factor however, is a Title Deed gives absolute and undisputed ownership of your property.
The procedure requires an Architect or Civil Engineer to inspect the property for any illegalities or irregularities. Following their report, since the law also incorporates an amnesty on any illegalities or irregularities already made to the property, the required procedures will be followed and an application will be made to the Building Authorities and the Land Registry for the issuing of the Title Deeds and simultaneously we will commence with obtaining Tax Clearance. Once all the necessary procedures have been completed the Title Deeds will be issued.
We as your Lawyers/Representative have created a team of specialists ready to proceed with matters on your behalf.
The cost of dealing with matters are as follows:-
1. €1,000 Euro + VAT (€170) in payment for the Architect/Civil Engineer.
2. €1,000 Euro + VAT (€170) for Tax Clearance and other expenses.
3. €1,000 Euro + VAT (€170) for Legal Fees.
Since this is a new innovation and extremely important for property owners in Cyprus, we expect a large number of applications to be filed within the next few months and as we are amongst the first to proceed with such applications we would like your written instructions requesting us to act on your behalf and once we have received the above mentioned amount of €3,510 Euro inclusive of VAT, we shall proceed with your application.If all parties act with speed and efficiency we estimate your Title Deeds will be issued very soon. Payment can be made via Bank Transfer or by providing us your Credit Card details. However, should you use your credit card there is an extra charge from JCC the credit card company, depending on the type of card used ( 2% Visa, 2.25% Mastercard).
Should you postpone this process, something which we do not recommend, since we anticipate the Authorities will be inundated with applications, causing significant delays, we would be unable to estimate a timescale for issuing Deeds.
With this in mind we advise you supply your written instructions and forward your funds in full within the next 30 days.
This looks like one of those scary emails sent from Nigeria - full of promise and stuffed full of dire consequences if you don't act within three minutes of receiving this bilge!
It's also a bit rich warning about the perils of not having Title Deeds - when any lawyer worth their salt should have already have encouraged their clients to go through an utmost due diligence process when first instructed.
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