‘’Trapped Buyers’’ Extension for Applications: 2022 Deadline Approaching
In 2015 the Parliament passed a government bill granting the head of the Land Registry the authority to exempt, eliminate, transfer and cancel mortgages and/or other encumbrances, depending on the case and under certain conditions.
The Immovable Property (Transfer and Mortgage) Law, No.9/1965, as amended by Law 139(I)/2015, introduced provisions for the transfer of property to the property buyers who even though have fulfilled their contractual obligations under the contract with the seller, the latter is unable or neglects or fails to transfer the property in their name, because the property or part of it is subject to a mortgage and/or encumbrance and/or prohibition.
The following persons have the right to submit an application:
● the buyer, under the deposited contract, ● the seller, under the deposited contract, ● the mortgagee under the mortgage contract deposited in the Land Registries, ● the lender under the loan agreement with the buyer, ● the assignee under the deposited assignment contract with the assignor and ● the Director of Lands and Surveys Department ex officio.
To be eligible, a contract of sale or an assignment contract must have been lodged in the land registry by the 31st of December 2014. If the purchase contract was not deposited in the Land Registry, the buyer of a property in Cyprus should first apply for a Court order, permitting the deposition of the agreement to the relevant Land Registry. Provided the Court Order it is issued, the buyer of the property may then proceed with the application for the transfer of the blocked title.
3 Pre-Conditions to be met, prior to the application:
the full payment of the purchase price,
the existence of the registered title deed of the property which is the object of the contract, and
the fulfilment of the contractual obligations of the buyer to pay the taxes on the property which is the object of the contract.
Applying for the transfer of blocked title deeds in Cyprus: The procedure summarised in 4 steps
1. Preparing and lodging the Application and the supporting documents
2. Land Registry Examination
3. Notices sent to Seller and Buyer for any objections
4. Transfer of the title deed
Our law firm can assist you in lodging the above-mentioned application and ensuring the procedure is set in motion ahead of the December 2022 deadline, so as to ensure you case is eligible to proceed. If you satisfy the above-mentioned criteria and/or for any other queries or clarifications you might need regarding the matter, please contact us.