The Transfer and Mortgage of Property Law (Amending) Law of 2021 (Ν. 98(I)/2021) (the Law) was published in the government Gazette on 07.05.2021 in an effort to provide financial assistance and relief to borrowers who have been significantly affected by the COVID-19 pandemic and consequently, are unable to comply with their repayment obligations. The Law expands the existing legislation both in terms of content as well as duration.
The Transfer and Mortgage of Property Law N. 9/1965 (the Law of 1965) has been amended, through the ratification of the Law, with the addition of Article 62. Article 62 of the Law of 1965, as recently amended, provides that the provisions of Part VIA of the Law of 1965 regarding the sale of mortgaged property, will be suspended until 31 July 2021 in the event the mortgaged property falls within one of the three (3) categories listed below:
In respect of the three (3) categories of mortgaged properties that fall within the auspices of the moratorium implemented through the Law, the following clarifications have been made: