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.
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