The House of Representatives on the 13th of July 2023, voted in favor of the bill which widens the scope of application of the so-called “trapped buyers” under the Transfer and Mortgage of Property Law 9/1965 (the Law).
Τrapped buyers are considered those who, despite having purchased real estate from land developers and have fulfilled in full or to a large extent all their contractual obligations towards the seller and their contract of sale is lodged to the competent District Land Registry Office, have not succeeded in transferring the purchased real estate into their name.
This new law intends to broaden the scope of protection of the persons who are considered “trapped buyers”, to include buyers who submit a contract of sale at the appropriate District Land Registry Office by virtue of a court order, under the condition that relevant application was submitted to the court after the date of implementation of the amendment and before the 31st of December 2024.
