In a recent judgement issued by the District Court of Paphos – ‘ Y.A and Other v Bank of Cyprus ‘ – it was decided in favor of our client/bank that the applicant purchaser did not have the right to issue proceedings to cancel or postpone a private property sale by auction using the ‘ Transfer and Mortgage of Immovable Property Law 9/65’ , despite having a Contract of Sale registered with the Land Registry. Title of a registered Contract of Sale might give its holder any other right provided by available laws but not the right to commence an Appeal/Application under Part VIA of Law 9/65 thus blocking said sale by private auction.
The judgment is a salient reminder that purchasers of immovable properties, whether mortgaged at the time of purchase or after, must act in a timely and proper manner in order to obtain clean and full titles. In the event that any additional information or clarification is needed on this matter please contact Christia Middleton or your usual contact at Elias Neocleous & Co LLC.
