The following is taken from 'in-cyprus.com' dated 7 September.
Beginning from Monday, a total of 78,000 “trapped” home buyers are expected to start filing claims, en mass, to the Land Registry in order to finally get title deeds on their properties.
The new bill, endorsed by the House on September 3, covers people who paid for their home but could not get a title deed because the property was mortgaged by the developer.
It gives the Land Registry the authority to exempt, eliminate, transfer and cancel mortgages and/or other encumbrances, depending on the case and under certain conditions – and includes all sales that took place before the end of 2014.
It is estimated that the Land Registry will be able to examine some 200 claims per day, and is prepared to get more staff in if necessary.
Claims will be examined by the Director of the Land Registry, and provided all relevant provisions are met, all parties involved will receive notice of the decision to transfer the property to the buyer in 45 days.
Any objections must be submitted within this 45-day period.
If no objections are raised, the director will transfer mortgages to other properties belonging to the seller.
If no such property is available, the director can transfer the encumbrances on individuals who guaranteed the seller’s obligations.
Property Transfer Fees (where applicable) can be paid in twelve monthly instalments.
Please also see Cyprus Property News regarding this issue Cyprus Property News - some news for trapped buyers
