Friday, 27 May 2016

Cyprus Economy News Article 3

The Legal Committee concluded today the debate on the draft law amending the Real Estate Sale Laws of 2011 and 2012 with a view to securing the rights of thousands of caged buyers of property paving the way for its vote by the plenary of the parliament within the next few weeks and with the unanimous party support.

The purpose of the proposed law is to protect purchasers of real estate who have signed and prepared purchase documents before the date of entry into force of the proposed law and who did not deposit these documents with the local provincial cadastral offices of the Republic of Cyprus and for that reason they risk losing the right granted to them by the law for the specific performance of the contract.

The draft law drawn up by DISY, AKEL, DIKO, EDEK and the Citizens' Alliance introduces a new article into the existing legislation, which empowers the court to allow the deposit of a contract that remains in force and was concluded before the date of entry into force of the Real Estate Act of 2016.

Under the new provision, the court may, on request, grant a prolongation of time for the filing of a contract concluded earlier than the date of commencement of the law when it deems it fair and reasonable in the circumstances for the purpose of protecting the buyer.

It is noted that the application can be registered only within two years after the law amendment enters into force, without the possibility of filing an application for an extension of the deadline for filing the contract while it is added that the draft law will also apply to applications registered before the amending legislation enters into force but is pending before the court on that date.

AKEL MP Aristos Damianou said that the proposal allows trapped buyers who have not deposited documents for special execution to be able to do so.

This, he said, will be done by submitting an application to the court requesting the filing of the documents in the land register with the applicant's affidavit.

The court, as he said, will decide on the adequacy of the justification of the claim on the basic criterion of being the buyer's protection in legal affairs.

"The draft law is the result of the problems that have arisen through the implementation of the existing legislation," said Mr Damianou.

"With this action, we secure rights for people who have been locked up because of problems with banks and land entrepreneurs," he said, adding that there are some thousands of natural and legal persons.

Precise and more precise details have not been given to the committee.

By Maria Hambi


Friday, 27 May 2016

Cyprus Economy News

Friday, 27 May 2016

Cyprus Economy News Article 2