A prerequisite for the implementation of the provisions of the Transfer and Mortgage of Properties (Amendment) (No. 10) Law of 2015 which was published on the 04.09.2015, is the deposit of the sale agreement to the competent Land Registry by the 31.12.2014 or the deposit of the said sale agreement by virtue of a Court order in accordance with the provisions of the Sale of Real Estate (Specific Performance) Law. The transfer of the property is carried out either ex officio by the Head Officer of the Land Registry or after the submission of an application to the latter either by the buyer or by the seller or by the mortgagor.
Any pending sale proceedings of the mortgaged property due to a late payment or due to a sale of the property by the mortgagor are suspended when:
•A separate title deed has been issued for the subject of the sale agreement and the selling price has been paid fully or has been paid partly by the date of submission of the application and the purchaser has stated in writing that he will pay and actually pays the balance of the purchase price in the escrow account as provided by the Law, or
•A separate title deed has not been issued for the subject of the sale agreement and the purchase price has been paid fully or has been paid partly by the date of the submission of the application and the purchaser has stated in writing that he will pay and actually pays the balance of the purchase price in the escrow account as provided by the law and the issue of a separate title deed is possible in accordance with the provisions of the Immovable Property Law (Tenure, Registration and Valuation) Cap. 224 as well.
The Head Officer of the Land Registry proceeds with the examination of the application and investigates whether the following conditions are met:
•the purchase price has been fully paid; and
•there is a registered title of the property.
In case the two above mentioned conditions are met, the Head Officer of the Land Registry will serve a notice to the purchaser, the seller, the mortgagor and any other interested persons, indicating his intention to transfer the property in the name of the purchaser after the expiration of 45 days from the date of service of the said notice. At the same time he is notifying the said persons that they do have the right of objection and in case of a failure to object he will proceed to the discharge, disposal or cancellation of any encumbrance and to the transfer of the property in the name of the purchaser.
For the purposes of transferring the property, the Head Officer of the Land Registry serves a written notice to the purchaser and the seller informing them that they must proceed with the transfer within 60 days; if that is the case, the purchaser -within the above mentioned period- has the right to either (i) pay the total transfer fees reduced by 10% or (ii) to pay the said transfer fees in 12 equal and interest-free installments. Before the transfer, the Head Officer will remove any encumbrance that may bear the transferred property.
Any person who finds that the decision of the Head Officer of the Land Registry prejudices his legitimate interests or any person who disagrees with the said decision, may submit a hierarchical recourse to the Ministry of Foreign Affairs within 30 days of the notification of the contested decision.