In order to register the MEMO in the relevant district Land Registry (based on the location of the property), it is required to submit in the Land Registry a certified true copy of the court decision, a mail dispatch or fax transition of the court decision will be rejected.
The court decision must be accompanied by the relevant form that must be filled in and signed by the creditor, or their representative or lawyer as well as the filled in form No. 57 which is returned to the creditor signed by the relevant real estate employee that essentially proves registration of the MEMO.
The life span of a MEMO is six (6) years commencing from the time it was registered, subject to a renewal of two additional yeas every time, provided that a decision of the court is issued every time there is an application for renewal. The application for renewal to the court must be made at least one month prior its expiry and the decision for renewal must be lodged within the relevant Land Registry, prior the expiry of the MEMO but in all ways no later than within fourteen (14) days from the issue of the decision for renewal.
The MEMO can be cancelled in whole or in part with the submission of the relevant form in the relevant Land Registry, which must be signed by the creditor or their representative, or their lawyer.
Our services do not extend in any way to real property that is located in the TRNC (Turkish Republic of Northern Cyprus) which is an unrecognized jurisdiction by the international community.
We would like to warn potential investors that properties in the TRNC are still under dispute ever since the Turkish invasion (1974), any purchase of such property may bring upon the purchaser serious consequences whether financial and/or legal.