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Amendment of the Immovable Property (Transfer and Mortgage) Law
Area(s) of Practice: Real Estate Law
According to a new amendment to the above Law, in cases where a mortgaged immovable property is sold and the related sale contract is submitted to the Department of Land and Surveys under the provisions of the Sale of Land (Specific Performance) Law, the sale of the said property in satisfaction of any encumbrance created to secure the seller’s credit facility contract is further suspended until the end of December 2015 on the same conditions already provided in Section 44 of the basic law. It is noted that, prior to this amendment, the Law provided for such a suspension until July 10, 2015.
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