The amendment of Transfers and Mortgaging Property Law will resolve the problems emerged in the failure to supply Title Deeds to purchasers who’ve compensated for that property they bought and satisfied all of the necessary obligations, because of developer’s financial obligations. Precisely, the brand new legislation authorises, under certain conditions, the Land Registry to exempt, eliminate, transfer and annulate mortgages and/or any other encumbrances. In addition, the provisions from the Law N. 139(1)/2015, also referred to as ‘hidden mortgage’ law, includes all sales held prior to the finish of 2014.
The Transfer and Mortgage Property Law, N. 139(1)/ 2015, arrived to pressure around the fourth of September 2015. The provisions of this specific regulation should safeguard ‘trapped buyers’ by releasing their purchased Property from developers’ obligations. In situation you are among individuals clients who hasn’t acquired a Title Deeds because of developer’s fault or financial problems. Consequently, it’s asked to sign up towards the Lands Registry. Observe that the particular regulation applies on contracts (purchase contracts) which have been posted towards the Lands Registry before the 31st of December 2014.
Within this point, I must outline that ‘trapped buyers’ should submit the required evidence to be able to get yourself a Title Deeds. Then, I’ll explain the steps needed and operations a ‘trapped buyer’ must follow to ensure that their Application to become examined and later on get yourself a Title Deeds.
It ought to be underlined that individuals who’re titled to sign up towards the Lands Registry would be the ‘trapped buyer’, the vendor (within our situation the developer), the mortgage loan provider and also the customer in line with the loan agreement using the buyer.
Following a provisions from the sections 44IH and 44KST, the Director will evaluate the posted Application based on the following conditions:
The purchased amount continues to be fully compensated.
There’s an authorized Title Deeds for that purchased property.
In situation a Title Deeds for that property is not issued then your Director asks buyer via a written notice to pay for the total amount from the purchase cost inside a special interim account, within thirty days in the date from the receipt of the notice.