Veronica-K

Actually the main problem will be that deposits sit in the lawyers client accounts for weeks until the final contracts are signed. If a lawyer has a lot of sales pending he could have quite large amounts of money in his client account.

Michael

Yes that can be a problem. Since a home is a big purchase, both the buyer and seller want the transaction done immediately to minimize any potential for problems.

I imagine in some cases, people moved into a home that they thought they owned but now discovered that they do not own the home.

BLUEANDY5

Well after doing a year of reserch into buying a property in Cyprus and coming over and viewing over 30 properties a couple of weeks ago and asking a lot of questions we are going to call it a day and not bother after reading some comments on here and the media some are saying its still ok to buy some are saying not to bother we think the fact is no one knows what the out come is going to be now or in the near future so its not worth the risk.
We would like to take this moment to thank everyone who has help in our quest so far especially Veronica, you have all been a great help so once again a very big THANK YOU !!

Regards Andy & Julie

Veronica-K

No one has said that this has actually happened, just that it could as occassionally money is transferred early.
However the deposit is always put into the lawyers account and held there until the final contract is signed. In that case if any lawyers have deposits in thier clients accounts it is hardly their fault that his has happened but unfortunately they have to make up for the loss. Hardly seems fair to me.
In fact it seems very wrong that money which has been brought here in connection with a sale which is in the process of going through can be touched at all.
This is going to hit the property market very hard and apart from tourism there is little else that is bringing money into Cyprus.

As I have said for a long time, the only safe property to buy until the issue of title deeds is sorted out is a resale with full title deeds. But now there will have to be a rethink about paying for properties.
In the case of of British person buying from another Brit the money can actually change hands between two Uk banks which means that it dosnt have to come here at all. We have a sale in the process at the moment where this is happening.

zygiman

The lawyer should have insurance to cover any legal suits persued in this matter.

arsenalgirl

I would just deduct 99% from all the Russian's Mafia Money in Cyprus
that would be enough to give Cyprus a triple AAA

Cyprus created this money laundering haven then joined the Euro ??
can't have both i'm afraid

zygiman

Not all the Russian money was money laundering, and the Russian community feel very angry at the Germans for accusing them of this. They contribute tyo the economy, many speak the language and are invilved with the community. They contribute to many charities and are very welcome in Cyprus. Their religion, orthodox, is very similar too.
If you want to see money laundering at it's most obscene, just look at all the Russians buying those expensive houses in London. Must be a reason the British government is keeping quiet on this.

Veronica-K

Zygiman is absolutely right. Although there is more than likely a large amount of laundered Russian money in Cyprus there is also a lot of perfectly legitimate money and the Russian residents in Cyprus have integrated well into the community and contribute to the local economy. To suggest that all Russians are mafia and criminals is totally unfair.

Veronica-K

Incidentally arsenalgirl, to use large print and bright colours is considered ill mannered on forums. It is looked upon as shouting and attention seeking.

goggles

That's one thing they are rather more careful of , the scrutiny is much tighter than in say Cyprus with the bank itself being on the hook if it has allowed anything untoward, I am not saying its impossible but there is no comparison.

I note that as expected the haircuts are getting larger , that Russian money having fled during the frozen period , there will be a request for more funds from central govt soon.

zygiman

Investigations are under way, so there will be no stone unturned. The whole world is watching, so this is going to be squeaky clean. Also a chance for political killings to be made of course!

johnh009

It seems that this bank in Lithiuania (which is now part of the EU) has also gone bust. No sign of a bailout forthcoming for them. Maybe the EU/Germans have had enough and this is a sign of things to come?

http://www.bbc.co.uk/sport/0/football/21997929

goggles

http://blogs.telegraph.co.uk/finance...gold-reserves/

freeman1

you are a very sensible person,the countries of sunshine, sand, martini on the patio days are over buddie,the greek,portuguese,spanish ,and now Cypriot fiasco's says it all,they are all banana republics trying to act like sophisticated European nations,try them again in maybe twenty years when they will all be using either the escudo,peseta,drachma or Cypriot pound.these countries just cant cope with the austerity anymore imposed on them by the fourth reich

freeman1

this doesn't look good.

http://www.nytimes.com/2013/07/14/wo...anted=all&_r=0

http://www.ft.com/intl/cms/s/0/3b2d9...#axzz2Z2aqn0Oi

tell them where to go before the people revolt altogether.