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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Get your Title Deeds act now

TWO days ago, Land Registries across Cyprus started accepting applications under the provisions of the ‘hidden mortgage’ law. Application forms are now available in English and Greek that you may download, complete and take to the relevant Land Registry office together with the information requested. The Ministry will publish further details shortly. The key points of the law from a purchaser’s perspective are as follows: The law applies to all cases where a contract of sale to purchase a property (or part thereof) that was deposited at the relevant District Lands Office on or before December 31, 2014. It also applies to those cases where an order for ‘Specific Performance’ has been granted by a Court. Those entitled to submit an application are the property’s purchaser, its vendor, the potential mortgage lender and the borrower under the loan agreement with the purchaser. Articles 44IH to 44KST (which include the payment of Property Transfer Fees) apply regardless of other provisions of this Law, the Bankruptcy Law, part IVA and V of the Companies Law and the provisions of any other law in force. For successful applications where a Title Deed for the property has been issued (1) if the purchaser has fully paid the purchase price or (2) has paid part of the purchase price and agrees to pay the balance into a special suspense account, or. Where a Title Deed for the property has not been issued (1) if the purchaser has fully paid the purchase price or (2) has paid part of the purchase price and agrees to pay the balance into a special suspense account: a Title Deed will be issued and transferred wherever possible. The Director of the Land Registry may request relevant information from any of the parties concerned that is necessary for examining the application. If a person other than the applicant refuses, fails, or neglects to supply the information within the period requested, they may face a fine of up to €10,000 and an additional charge of up to €100 for each day that the violation continues. In cases where an application is successful, the purchaser will be requested to pay the Property Transfer Fees within 60 days of a notice to transfer the property. If the purchaser pays within the 60 days they will be entitled to a 10% reduction in the transfer fees or pay the transfer fees in 12 monthly instalments. If a purchaser neglects, omits or refuses to pay the Property Transfer Fees within the stipulated period, the property will be transferred and registered in their name and the Director will lodge an encumbrance against the Title amounting to 150% of the unpaid Property Transfer Fees. The law includes the ability to appeal and object to various decisions.

Read more at: http://www.news.cyprus-property-buyers.com/2015/09/09/get-your-title-deeds-act-now/id=0096019
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