The last few years many developers for several reasons are unable or neglect or fail to transfer the purchased property into the buyers’ name, even if the buyer has fulfilled his contractual obligations under the sales agreement.
According to the Immovable Property (Transfer and Mortgage) Law, No.9/1965, as amended by Law 139(I)/2015 and the Immovable Property (Transfer and Mortgage) (Protection of Buyers) Regulations (Regulatory Administrative Act KPD 298/2015) the transfer of property to the buyers name is now a fact!
WHAT IS THE PROCEDURE?
The buyer should submit an application to the Lard Registry Office along with proofs of payment of the full purchase price (receipts, invoices, confirmation of payment from the developer, proof of transfer of the money to the sellers bank account), copy of the registered title deed of the plot, proofs of payment of taxes (immovable Property Tax, Immovable Property Fee to the Municipality, Sewerage Charges. It’s a necessity that the Sales Agreement has been deposited at the Land Registry.
The buyer is advised to submit as many documents as possible to substantiate his application. In case the purchase price has not been fully paid by the buyer, the application will remain pending until the buyer proceeds with the full payment of the purchase price.
HOW LONG DOES IT TAKE?
Usually it’s a time consuming procedure.
After the examination of the application and if all requirements are met ( FULL PAYMENT OF SALE PRICE, EXISTENCE OF THE REGISTERED TITLE DEED and PAYMENT OF TAXES) the Land Registry will:
- Send a notice to all interested persons (e.g. seller and/or creditors) giving them the right to object within 45 days.
- After the lapse of the period of 45 days, and if no objections have been raised, the Land Registry will immediately send a notice to the buyer and the seller, calling upon them to proceed with the transfer of the title within 60 days.
The buyer with this letter is informed for the amount he has to pay for the transfer fees and he should proceed with such payment within the deadline of 60 days. If the buyer pays within the 60 days he is also eligible for a small discount.
- After the laps of the period of the 60 days the Land Registry sets the date of the transfer where the title deed is issued!
If you are an enclaved buyer then call us! We’ll take it from here.
Our law firm has represented many enclaved buyers.
Our Services include:
- Application to the Land Registry Office
- Application to the District court for a specific performance order (if the purchase agreement was not deposited to the Land Registry) and representation to the Land Registry for the filing of the sales agreement
- Attendance before all necessary authorities for issuance of clearance certificates (tax office, sewage, municipality)
- Payment on behalf of the client all taxes
- Attendance at the land registry for the transfer and issuance of title deed to the name of client