Developer fined for misleading home buyers
September 27, 2016
A REAL ESTATE developer has been slammed with a €100,000 administrative fine by the Cyprus Consumer and Protection Service (CCPS) for misleading buyers who bought apartments but never received their Title Deeds.
The complaint was filed with (CCPS) by home buyers in December 2013. The case focused on the commercial practices which Pafilia Cyprus Property Developers had used back in 2007 in selling flats to them.
The buyers who purchased apartments from the company accused the seller of hiding important information, such as the fact that there were mortgages on the properties already.
This meant that the buyers could not actually get a hold of their Title Deeds until the developer could pay off debts.