Memo validity timeframes

[Pepper]

Hi,

Do memos lodged in the Land Registry against a property remain valid indefinitely until repaid or settled? The property in question is on a complex built in 2007 and the developer went bust leaving an outstanding mortgage that the bank has since sold on. I was told that the new creditor cannot sell the land or properties whilst memos are attached ( totalling over 1 million euros ). If you bought the property through an assignment contract and the memos were removed, could the new creditor sell the property or land from under you? There are no title deeds due to a major building permit violation and no completion certificate. Finding it hard to understand why the company bought the bad debt if they can't recoup it.

Lots of research just leads to more questions. It can get very confusing. Thank you

[Nigel Howarth]

Hi Pepper

A memo remains in force for six years from the date the judgment was first registered with the Department and its duration may be prolonged by a court order for a further period not exceeding two years each time.

If the bank sold the loan BEFORE the assignment contract was deposited, the bank can sell the property.

If the assignment contract was deposited BEFORE the bank sold the loan, the assignment buyers would get Title to the property.

Whoever buys a property with any debts (let alone debts of over €1 million) needs psychiatric help!!!)

Regards,

[Pepper]

Thanks Nigel,

Haha!...Yep! Straight jacket for 1 please!! Haven't signed anything and don't think we will now. That's great info about the memos and yes, the assignment contract would have been registered after the sale of the loan so we would have been wide open. Lawyer was not forthcoming with any advice on this either. So going forward, we shall be looking for properties with squeaky clean deeds!!!

[Pantheman]

Hi Pepper

A memo remains in force for six years from the date the judgment was first registered with the Department and its duration may be prolonged by a court order for a further period not exceeding two years each time.

If the bank sold the loan BEFORE the assignment contract was deposited, the bank can sell the property.

If the assignment contract was deposited BEFORE the bank sold the loan, the assignment buyers would get Title to the property.

Whoever buys a property with any debts (let alone debts of over €1 million) needs psychiatric help!!!)

Regards,

Nigel,

fyi, the time duration for memos is now 10 years! Keep up old man hahaha

[Nigel Howarth]

fyi, the time duration for memos is now 10 years! Keep up old man hahaha

Thanks Pan - I got the information from the DLS 'Citizens Charter'.It must be out of date!

Cheers,

[Pepper]

the time duration for memos is now 10 years!

Thanks for the update Pan. Duly noted.

[Nigel Howarth]

fyi, the time duration for memos is now 10 years! Keep up old man hahaha

Thanks Pan - I got the information from the DLS 'Citizens Charter'.It must be out of date!

Cheers,

I found it eventually on the DLS website - in Greek. Google translation:

The period of validity of the MEMO is ten (10) years from its registration in the Department of Cadastre and Land Surveying. It may be extended by a Court Decision for a further period, which shall not exceed ten (10) years each time.

The application to the Court to extend the validity of the MEMO must be submitted at least one month before the expiry of the MEMO and the Extension Order or the notification that an Extension Order has been issued must be filed with the Department of Lands and Surveys before the expiry of the MEMO, in any case, however, the Order must be filed within 14 days of the date on which the MEMO would normally have expired but for the Order and the extension registration fees paid.

It seems you can also extend it for further 10 year periods.

Regards,

[Pantheman]

Memos stay until the debt is settled. Even if they’re removed, the new creditor might still have control due to the missing title deeds and violations.

The memo lasts 10 years then needs renewal, if it has been removed, it's gone any other creditor will need to apply to the court for another one.