Bank waiver – How to obtain?

A bank waiver will obtain when a developer has a debt. That before you invest on his project and or he is unable to pay the debts to a creditor (bank). Is require to request from the institution to issue. That in accordance to which the banking institution will waive the rights created in its favor. Further, that by the registration of the mortgage on the property, provide the conditions specify. Also, that will fulfill by the Seller and the Purchaser.

Purchaser Protection – Bank waiver

It will protect a purchaser from any developer mortgage on the land. If there is no developer mortgage on the land then it would not need. Dependent on the institution and the level of mortgage they may or may not be willing to issue a waiver. The bank waiver implies that the bank does not have any rights and does not have any priority and or claims related to the Purchasers’ investment. This document shall issue prior or simultaneously with contract land registration.

You can contact Lawyers in Cyprus G. Kouzalis for any further information on 00357 23811788 or lawfirm@cytanet.com.cy

Disclaimer:

This article is provided for informational purposes only and does not constitute legal advice. Readers are advised to consult with legal professionals for advice specific to their individual circumstances.