Filenews 19 February 2022 - by Eleftheria Paizanos
The banks are satisfied with the provisions of the draft bill prepared by the Ministry of Finance and the Cadastre, which will create a mechanism to safeguard the interests of buyers of real estate, protect them against the seller's obligations to banks and annihilate the delays in the transfer of title deeds.
As told in "F" from banking sources, with the bill, which was put to public consultation until March 2, banks will be assured that they will get their handle through the buyers. When buyer and seller give their hands and sign the contracts, the former will pay the total amount of the sale of the property to the bank, to pay off a loan received by the seller from the financial institution. Initially, a provision was included whereby the buyer would have to pay up to 80% of the price to the bank on behalf of the seller, however, during the informal consultation that took place, the buyer was decided to pay the total amount of the sale of the property.
It is worth noting that the buyer will pay the money to the bank depending on the provisions of the contract and the course of business. At the same time, the bill will solve many problems that currently exist with trapped buyers, while the property will be relieved of encumbrances, which will help speed up the procedures for issuing a title deed by technocrats.
