Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Finance

LEGISLATIVE PROVISIONS FOR THE PROTECTION OF ENCLAVED BUYERS

LEGISLATIVE PROVISIONS FOR THE PROTECTION OF ENCLAVED BUYERS

The Cyprus Parliament approved new legislation aiming to provide protection to ‘trapped’ buyers to receive their title deeds and become registered owners of their immovable property. Under the light of the new legislation,“enclaved buyers” are defined as buyers of immovable properties, who have fully paid the purchase price for the acquisition of the property, but due to peculiar circumstances that are beyond their control, they are not registered owners and are not in a position to initiate the procedure for issuance of a separate title deed. The enclaved buyers, due to any loan obligations or encumbrances, mainly placed by intermediaries, may face additional difficulties during the process of initiating the procedure with the Land Registry for the issuance of separate title deeds.

The application process for issuing a title deed of the immovable property entails, amongst others, visiting the Land Registry of the District in which the immovable property is situated, in order to initiate the procedure for the issuance of the title deed.

The new legislation provides for a certain set of requirements that need to be fulfilled for the initiation of the aforementioned procedure. Firstly, it is vital that the purchase price for the immovable property is fully paid. An additional requirement is lodging the contract at the Land Registry and the already issued title deeds showing the existing registered owner of the immovable property.In order for the enclaved buyer to satisfy the eligibility criteria, the contract of sale of the immovable property must have been lodged with the Land Registry by 31st December 2014.

The next step is for the Land Registry to review the application and investigate for the existence of any encumbrances on the property. With the filing of the application to the Land Registry, any foreclosure or bankruptcy procedures are suspended until the full review of the application. There is always the possibility that any interested party in relation to the encumbrance placed on the property objects if it is evidentially established. However, if there is no substantial evidence supporting the objection, the enclaved buyer is able to proceed further with the procedure for the issuance of separate title deeds.

Our professional legal team at S. Evangelides & Partners LLC and has the experience and expertise to provide advice and assistance on all property matters relating to the new legislation.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post