ΠΑΡΑΡΤΗΜΑ Α THE GOVERNING TRANSFERS AND MORTGAGING PROPERTY LAWS OF 1965 TO (NO. 9) OF Regulations under Article 45

Transcription

1 ΠΑΡΑΡΤΗΜΑ Α THE GOVERNING TRANSFERS AND MORTGAGING PROPERTY LAWS OF 1965 TO (NO. 9) OF 2015 Regulations under Article 45 9 of of of (I) (I) (I) (I) (I) (I) (I) (I) (I) of (I) of (I) of (I) of (I) of (I) of (I) of (I) of The Council of Ministers, in exercise of the powers granted under Article 45 of the Transfers and Mortgaging of Immovable Property Law of 1965 (No. 9) by 2015, adopt the following Regulations: Short title. 1. These Regulations may be cited as the Transfers and Mortgaging of Immovable Property (Protection of Purchasers) Regulations Interpretation. 2. In these Regulations, unless the context otherwise requires: Cap A of of of of of of of of of "immovable property" shall have the meaning given to this term by the Immovable Property (Tenure, Registration and Valuation) Law;

2 of (I) (I) (I) (I) (I) (I) (I) (I) (I) (I) of (I) (I) (I) (I) (I) (I) (I) (I) (I) (I) (I) (I) of (I) (I) (I) (I) (I) of (I) of (I)

3 3 "Director" means the Director of the Law Department of Lands and Surveys and includes any officer of the same department, authorized by Law Director for all or any of the purposes of these Regulations, either generally or for any particular purpose; "Director" means the Director of Lands and Surveys Department and includes any officer of the same department, authorized by the Director for all or any of the purposes of these Regulations, either generally or for any particular purpose; "Relevant person" means any person entitled to any part of the auction sale the mortgaged property stemming from research in the records of Lands and include any guarantor related to the mortgage debt. And "Law" shall mean the Transfers and Mortgaging of Immovable Property Law of 1965 (no. 9) of 2015, as amended or replaced. Examination by the Director. 3. (1) The Director under the provisions of paragraph (e) of Article 44ITH Law, ex officio proceed to all necessary actions to transfer the property in the name of the purchaser, if the purchaser deposited under the sales contract, accordance with the provisions of Article 44II fails to apply for transfer of the property in the name of and provided that issued the title deed of immovable property and has meanwhile been made by any other person in accordance with Article 44ITH. (2) The Director goes a file open on the individual case and inform the interested persons for this purpose by written notice within a reasonable time. Examination of the submitted application. 4. Subject to the provisions of Articles 44K and 44KA, the Director for the examination of the submitted application for investigating the full payment of the purchase price and the complete fulfilment of the buyer's contractual obligations require

4 4 the persons concerned, as the case, presentation of the following elements: (A) Original proof of full payment of the purchase price and / or (B) proof of deposit with a financial institution in case of payment of the balance of the purchase price in the special suspense account, at the suggestion of the Director and / or (C) a sworn declaration by the purchaser for the complete fulfilment of contractual obligations to the seller and / or (D) written consent of the persons concerned for the complete fulfilment of the buyer's contractual obligations and / or (E) such other evidence as the director wanted ask in each case. Special suspense account. 5. (1) Subject to the provisions of Articles 44K and 44KA of the Law, the opening process of the special temporary account where the buyer pays the balance of the purchase price as follows: (A) The account is opened only after instructions from the Director, taking account of registered mortgages on the property, (B) The account can be opened at any financial institution that offers this service. (2) For purposes of this Regulation, the Director shall send the financial institution with the account opening document, which governs the operation of the account and is part of the account

5 5 opening contract, which specifies among other things that- (A) deposits into the account can be made by any person, (B) drawings and / or transport and / or payment orders may only be made by the Director, (C) the statement is issued only to the Director, the buyer, the seller and the seller's mortgage lender, specified by name in the account opening document by the Director, (D) the account management fees charged to the same account, and (E) account closure only after instructions from the Director. (3) The Department of Lands and Surveys has a special file with all documents, account statements and transaction data associated with this Regulation. Evidence of appeal documentation. 6. Subject to the provisions of Article 44KV, to document the object is required from any interested person, the production of the following evidence: (A) Registration receipt by the seller for the incomplete performance by the buyer of his contractual obligations in accordance with the provisions of the sales contract and / or (B) written proof from the mortgage lender and / or any person for incomplete fulfilment by the buyer of his contractual obligations in accordance with the provisions of the sales contract and / or (C) Court order that the contract of sale between the seller and the buyer are invalid and / or

6 6 (D) any evidence, as the director wanted ask in each case.

7 7 From Index transport documentation. 7. Subject to the provisions of Article 44KV for documentation of the mortgage transfer request and / or encumbrance and / or prohibition, it is necessary the presentation by any interested person, the following evidence: (A) documentation of ownership of real property and / or (B) property survey certificate vendor and / or (C) affidavit for the remaining debt and / or (D) Exposure assessment of each property for which the person requesting the transfer, which determine the value of the property at the date of the objection and application for the transfer and / or (E) documents / surety agreement of the guarantor's obligations in which the immovable property owned on the mortgage which is a transfer request and / or (F) registration certificate and / or certificate of directors and secretary and / or shareholders and certificate on the date of signing of the sales contract and / or (G) such other evidence as the director wanted ask when considering the application for the transfer.. Transfer procedure 8. Subject to the provisions of Article 44KV, the Director proceeds to the mortgage transfer and / or encumbrance and / or prohibition, taking into account the following: (A) the amount of outstanding debt and / or (B) assessment reports, which have been prepared for this

8 8 purpose and / or (C) the recommendations of the registered owner whose mortgage is to be transferred and / or encumbrance and / or the prohibition and / or (D) the value of any registered encumbrances or prohibitions which encumber the immovable property and / or (E) such other information as the Director wanted when examining the application for transfer.

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