What are 'Exchange Deeds'?

[loopylou1]

Hi all !

I will be moving over to TRNC in the very near future and, although I intend renting in the beginning, I might eventually decide to buy.

With this in mind, I have started looking at various agents sites at property for sale. Although I understand about pre 74 deeds etc., one thing that keeps cropping up is 'exchange deeds'. I don't understand what this means. Can anyone explain?

Looking forward to your replies.

Sandra x

[fatouche]

It means that pre 1974, it was Greek-owned land, as opposed to Turkish-owned land.

[loopylou1]

Thanks Fatouche. So, does that mean that you should avoid buying a property with exchange deeds? X

[fatouche]

A lot of people live on exchange land, including me. It's much cheaper than pre 74 Turkish title deed.

[snd1966]

I think you will need a crystal ball, estate agents seem to think they are safe but every time talks are in place compensation is mentioned, the question is will the new occupier have to pay it.
Pre 74 deeds to be completely safe they have to be foreign title not Cypriot as fewer people seem to be getting their permissions to buy on pre 74 deeds especially the Cypriot deeds.

[loopylou1]

Thanks guys!
Any more views would be greatly appreciated.
Sandra x

[Steve C]

At the beginning of the year it was stated in Cyprus today that the government had changed it's stance on foreigners obtaining permissions for pre 74 Turkish title land. I can confirm that this is true as I got mine 4 months later after waiting 11 years.

[loopylou1]

Well done Steve. See, thats what I'm looking forward to, the laid back way of life lol !!! X

[JBA]

The explanations given are a bit simplistic.

Exchange Land

After the 1974 Greek inspired revolution and the subsequent Turkish Peace Mission, a lot of people from both sides were displaced - Greeks fled South and Turks fled North. Those Turks fleeing North left houses and land behind so the TRNC government gave them ex-Greek property in the North IN EXCHANGE for their deeds to property in the South. The idea is that in the event of resolution the TRNC government owns sufficient property in the South to pay any compensation for this exchange land in the North. Of course, this has never been tested.

Pre-1974 Turkish Title

I was warned by a certain estate agent when I first came in 2005 that pre-74 Turkish title was potentially the greatest risk of all. This is because between 1964 and 1974 when the Turksh Cypriots were totally disenfranchised and herded into tiny enclaves, a lot of fraudulent transactions were enacted to transfer property into Greek hands. Remember at the time the Greeks expected all the Turks to be killed or thrown out. The problem is that the original Turkish owner wouldn't know this had happened and would still have a kochan for the property. But the only way to be certain would be to check the Land Registry in the South to see if the Turk is still the registered owner. Remember, if this has happened to the Turkish title you buy there is nobody to help defend your claim, the original Turkish owner has his money and no incentive to fight for you.

[turtle]

Lets not forget that the GC,s have never accepted the "Exchange" principal and frown on this practice however they are inclined to nick TC land and develope it into what they call "Public Projects"......hmmmm ?

[loopylou1]

JBA many thanks that info is really helpful. x

[Deniz1]

Yes like Larnaca airport!

[dodger]

At the beginning of the year it was stated in Cyprus today that the government had changed it's stance on foreigners obtaining permissions for pre 74 Turkish title land. I can confirm that this is true as I got mine 4 months later after waiting 11 years.

Pre-74 is now recognised by Europe.

[dodger]

Hi all !

I will be moving over to TRNC in the very near future and, although I intend renting in the beginning, I might eventually decide to buy.

With this in mind, I have started looking at various agents sites at property for sale. Although I understand about pre 74 deeds etc., one thing that keeps cropping up is 'exchange deeds'. I don't understand what this means. Can anyone explain?

Looking forward to your replies.

Sandra x

http://www.google.co.uk/url?url=http:// ... J6aCEVc0Ag Hope this helps.

[loopylou1]

Thanks everyone! All very useful. Sandra x

[pc4854]

I think I am correct in saying that Turkish Title and Exchange expressions were discontinued around 2006. The Exchange deeds could be identified by E against their number. However I seem to remember in or about 2006 the TRNC government stated that from that time all deeds were to be TRNC deeds. Certainly my own deeds reflect this to be the case.

[Hector]

Sandra
You are absolutely right in renting first before thinking about buying a property. You will probably find that 'doing your homework' before buying isn't as straightforward as you may think. The issue about what title is safe to buy is a can of worms. Sadly too many people have been badly burned, losing life savings and all too many have left the island disillusioned. This topic has and probably always will be, a topic of hot debate with those that are 'alright Jack' and those that are the exact opposite. Even trying to find an honest advocate to advise you isn't easy and will be costly. There have been many threads on this topic on forum if you have a look. I wish you all the best, just take your time.

[loopylou1]

Thanks again to you all for your much appreciated replies.
My house here in the UK is currently 'under offer' and I hope to be out there early in the new year (sooner if I can).
I did used to sell new build property here in the UK, but, this is a completely different ball game!!

Thanks again and, hopefully, see you soon!!!

Sandra x