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Right of Choice to the Co-Owners on Immovable Property

Michalaki, Pitsillidou Law Firm > English Articles  > Right of Choice to the Co-Owners on Immovable Property

Right of Choice to the Co-Owners on Immovable Property

IMMOVABLE PROPERTY  (TENURE, REGISTRATION AND VALUATION) LAW

 (CAP 224)

 

25.-(1) Subject to the provisions of Article 26, when the owner of an indivisible shareholding in immovable property makes a statement to the Department of Lands and Registry that he has agreed to sell it to a person who is not a co-owner in the same property, the transfer of that portion shall not be recorded unless:

(a) within 60 days of the date of the sales declaration, the seller satisfies the Director of the Land Registry Department that the other registered co-owners do not wish to buy his portion at the               price at which it is sold; or

(b) the intended purchaser publishes the intended sale of, or brings it to, the knowledge of the other principal as provided for in subsection (2) within 60 days of the date of publication of the                 sale and no registered co-owner has acquired the portion under it.

(2) The intended sale is published in such a form and in such newspaper or newspapers as the Director wanted to obtain or reported to the other principal by serving a written notice in such a form as the Director wanted and any registered co-owner may, by filing in the Land Registry Department where the property is registered within 30 days of the publication or service of the notice, of the price at which the seller’s portion is sold together with the registration fee, to register for that portion and for the purpose of the amount so deposited shall be paid to the person who participated in the sales declaration as purchaser:

Provided that if more than one registered co-owners act as provided above, the Director shall register in the name of the co-owners who are willing to proceed with the purchase, the portion of the seller according to the proportion of the shares held between them. The Director, after that, shall make appropriate adjustments and refunds of the amount deposited to the persons entitled to them.

(3) If the action required by paragraph (a) or, as the case may be, the action required by paragraph (b) of subsection (1) is not received and no evidence is provided to the Director for it within the time limit of sixty days after the date of the sales declaration, the statement is canceled by the Director and is deemed not to have been made and thereafter the notification of the cancellation by the Director to the seller and the intended purchaser shown in the statement is given.

(4) When an indivisible ideal portion of the immovable property is held together with another immovable property wholly owned by the same owner as a single unit covered by an entry in the land register and the unit is the subject of a sales declaration as provided for in subsection (1) the provisions of this Article shall not apply.

(5) For the purposes of this Article, “registered co-owner”, “other principal” and any other related term means a person who was a registered co-owner on the date and time at which the sale declaration referred to in subsection (1) was made.

(6) For the purposes of this Article, where the person identified in the transfer declaration as intended purchaser believes that the selling price agreed and declared does not represent the value of the portion of the immovable property on the day of the transfer declaration due to the increase in the value of the immovable property for the from the date on which the sale was agreed, he may, at the written request of the District Land Registry on the day of the transfer, require that any a registered co-owner exercised the right to acquire the portion transferred, pay the amount which, in his opinion, represents the value of the portion transferred at the date of the transfer. This requirement refers to the foreseen publication pursuant to paragraph (2) of that article or to the other co-owner, as the case may be. Any subsequent registered shareholder exercised the right to acquire the ported share shall, within the thirty-day period provided for in subsection (2), submit to the Provincial Land Registry the value required by the intended purchaser and the legal rights of the transfer, or submit to the Provincial Land Registry the price shown in the declaration in which the vendor’s part is sold together with the royalties and refer the matter to the Court, within the period mentioned above, in determining the amount of any additional value to be paid by giving the District Lands Office a copy of this application to the Court:

Provided that this subparagraph is applied when the transfer declaration is accepted after at least six months from the date when the sale was agreed, a copy of the sales contract has been submitted to the competent Land Registry under the Sale of Land (Special Enforcement) Law:

It is further understood that none of the provisions mentioned in this paragraph applies when the contract of sale was concluded before the date of entry into force of this paragraph and a copy of that contract was not filed with the competent Land Registry Department under the Sale of Land (Special Execution) Law, unless the contract is submitted to any Provincial Land Registry within two months after the entry into force of this paragraph to be noted on that date of its submission; I note that the date would be an incontrovertible proof of delivery of the contract.

For more information and guidance get in touch with our lawyers or email Michalaki, Pitsillidou & Co LLC Lawyers Legal Consultants, at info@impklawyers.com .Tel. +357 99345000 – Fax +357 25 660097

 

Source: Immovable Property Law –  Cap 224 (Article 25)

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