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Cyprus to allow trapped buyers to obtain property's deeds.

Posted on: 9/8/2015 2:33:20 AM under General News

The law became active when it was published in the official gazette on the 3rd September, after parliament passed it in a rare unanimous vote. The law covers transactions up to the end of 2012.

Cyprus enacted legislation releasing thousands of Cyprus home buyers who had been "trapped" by property sellers' debts to banks, and at the same time fulfilled a prior action for the release of more assistance money by international lenders.

The legislation is designed to enable owners who have paid up, to obtain a legal title deed to their properties which could not be issued up to now, because of bank mortgages or tax dues to the state by developers.

Passage of the law was the last prior action required by the Eurogroup and the International Monetary Fund (IMF) for the release of the next tranche of bailout assistance, amounting to 500 million euro (555 million U.S. dollars).

Source: Famagusta Gazette

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