Exciting News for Property Buyers: Enhanced Legal Protection Under New Law
We're delighted to bring you some significant updates regarding purchasing property in Cyprus that will greatly benefit you as a buyer. Effective from December 12, 2023, the amended Sale of Property (Specific Performance) Law (Law N. 132(I)/2023) has been implemented, introducing positive changes to the buying process and reinforcing your rights as a purchaser.
With the recent amendment, the protection for buyers has been further strengthened, provided that the Contract of Sale is deposited at the Department of Land Registry and Surveying. Under the revised law, in the event of the presence of existing mortgages, buyers now have the authority to deposit the agreed-upon amount directly into the seller's bank account. This is facilitated through a duly signed and certified Document - "Type A" Declaration by all parties involved (bank/lender, seller, buyer), which is required at the time of contract registration. The new law now guarantees the transfer process to the name of the buyer, irrespective of any encumbrances or mortgages on the property
Furthermore, for agreements concluded after December 12, 2023, sellers are mandated to include a Certificate of Search with Encumbrances and Prohibitions as an integral part of the sales agreement. This certificate ensures transparency by furnishing buyers with crucial information about any encumbrances on the property within a short timeframe.
Additionally, the law empowers the Director of the Department of Land Registry and Surveying to levy administrative fines on sellers and mortgage lenders who fail to comply with specific provisions of the legislation. This measure ensures accountability and promotes adherence to the law.
These updates aim to empower you, the buyer, with enhanced legal protections and greater transparency throughout the property purchasing process. At Sweet Home Estates, we are dedicated to keeping you well-informed and empowered at every stage. Stay tuned for further updates and insights to assist you in making informed decisions in the Cyprus property market.