Insider Economy New ‘weapons’ in the hands of trapped property buyers

New ‘weapons’ in the hands of trapped property buyers

An amended trapped property buyers bill designed to overcome the shortfalls in the current law is to go before the House plenum for a vote on Friday.

The new law, which was debated in the House Legal Committee for over 18 months, is expected to be voted in unanimously providing trapped buyers with new ‘weapons’.

The bill was drafted by Opposition Akel, ruling Disy, centre Diko, socialist Edek, the Solidarity Movement and the Greens.

Both lawmakers and government technocrats believe that the new law will cover shortcomings in existing legislation which district courts have based their rulings on.

Primary courts have argued that legislation approved in 2015 was in contradiction with articles 23 and 26 of the constitution governing the right to property and to free contracts.

Members of the House Legal Committee told Phileleftheros that thousands of trapped buyers will now be given their property titles without any legal obstacles. And that the amendments are such that even if a bank does take a case to court it will be hard for the new law to be challenged.

They also believe that justice will be awarded to thousands of buyers who paid tens of thousands without ever receiving their property titles.

The new bill provides that if all conditions are met, the Land Registry director will send an initial notification to the buyer, the seller and the mortgagee. And after one month, the director will inform interested parties of his intention to proceed with the transfer of the property in the name of the buyer. The transfer will take place within 45 days after the notice is served.

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