An extract of the new Memorandum of understanding from page 26-27. This indicates the necessary legal framework changes in order to sell off your property Housing market and immovable property regulation Action is required to ensure property market clearing, efficient seizure of collateral, and restoring demand. A particular risk arises from legal disputes, which may be due to incomplete documentation of ownership and property rights and the slow pace of judicial procedures. The Cypriot authorities will: • enact legislation for mandatory registration of sales contracts for immovable property by Q3-2013 and implement guaranteed timeframes for the issuance of building certificates and title deeds by Q1-2014; ensure that the title deed issuance backlog drops to less than 2,000 cases of immovable property units with title deed issuance pending for more than one year by Q4-2014 (backlog refers to (i) applications, (ii) units that are eligible for the "ex officio" issuance of title deeds, required certificates and permits); take action to accelerate the swift clearing of encumbrances on title deeds to be transferred to purchasers of immovable property by Q4-2014; • every three months, publish quarterly progress reviews, including executive commentaries on developments related to the issuance of building and planning permits, certificates, title deeds, title deed transfers and related mortgage operations, starting end-July 2013; • implement electronic access to the registries of title deeds, mortgages, sales contracts and cadastre for the monetary financial institutions and for all government services by Q4-2014. Any requirements on the proof of legal interest for access to these data by these bodies shall be abolished by October 2013; • amend the procedure on the forced sale of mortgaged property (see 1.6) to allow for private auctions by amending the relevant legislation and rules in relation to the forced sales of mortgaged property either by adopting similar principles of the rules for immovable property recovery in bankruptcy regulations or by enacting new legislation by Q4-2013; and • improve the pace of court case handling, in order to eliminate court backlogs by Q1- 2016 and provide for specialized judges by Q4-2013, with instructions for the expeditious processing of cases under commercial and immovable property laws. Cypriots Wake up
Posted on: Fri, 02 Aug 2013 14:37:13 +0000
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