Through the creation of the Agency for the Management Process Transfer of Real Property (ODDMAI), the government aims to bridge the gap observed in relation to the protection of property buyers and prevent a recurrence of the trapping phenomena due mortgage of Developers. Under bill prepared by the Ministry of Interior, which will involve new deeds to be filed in the future in the Land Registry, the ODDMAI will undertake to ensure the final title of ownership to the buyer, since by means of it are all the contract payments to the special account basis to held by the Agency.
Specifically, according to the bill, which the "F" revealed today, the provincial cadastral offices to accept the filing of a contract will be met as follows:
● the contract is written, contains sufficient evidence of the identity of the parties, adequately describes the property that is the subject of the contract, indicating the consideration (if any) and is signed by all parties
● The contract filed within six months from the date of signature, to the relevant provincial land registry office
● There is a signed consent of the mortgagee for the conclusion of the contract
● There is a signed nomination statement ODDMAI by the seller.
Subsequently, the relevant provincial land registry office, sent within five days all documents to the Agency to carry out the various checks within 10 days. Among other things will require information in relation to mortgage and / or ban any other entry in the Land Registry for the property and shall serve a notice of filing of the contract, to the holders of registered encumbrances against it, informing them of the deposit of the contract, the sale price and the right for filing the cancellation of the registration of the contract. Holders of registered encumbrances and / or prohibitions are entitled within 45 days, to provide the Court Decree canceled, because of the amount of the purchase price.
Under the bill, between the seller's obligations, including informing the buyer of the transfer process of the property through ODDMAI and the obligation to pay the purchase price and / or fulfillment of contractual obligations, for via. Also, the seller does not accept the payment of the purchase price and / or the fulfillment of the contractual obligations of the purchaser only through the Agency. From the perspective of the buyer is obliged to follow the transfer process through the Agency and pay the purchase price and / or perform his contractual obligations, for via.
It is also noted that regardless of the provisions of the Transfers and Mortgaging Property Law, if there is an earlier or subsequent to the filing of the contract, registered encumbrance, which burdens the property, the lien created by the deposit contract preceded in case transfer it. it is clarified that regarding contracts deposited at Land Registry or who have concluded before the date of the bill entry, the provisions will apply provided that has been brought for that purpose, the written consent of the seller, the mortgagee and holder registered encumbrance.
Helen Nicholas Pavlidis
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