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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