Amended Sale of Property (Specific Performance) Law

G Kouzalis LLC, your Cyprus Property Lawyer would like to inform you that on 12/12/23 the amended Sale of Property (Specific Performance) Law (Law N. 132(I)/2023) came into force to safeguard the buyers’ interests in advance. The amendment allows for the transfer of Title Deeds, under full safety and legal certainty. The Law applies to Contracts signed on or after 12/12/2023 and provides for a mechanism to safeguard the interests of the buyers of immovable property and ensure in advance that the transfer of immovable property shall be executed as soon as the buyer fulfils his/her contractual obligations.

The Law also provides that, for Contracts concluded on and after 12/12/2023, the Seller is obliged to include, as an integral part of the Contract, a Search Certificate of the immovable property that is the subject of the Contract and which is not more than five (5) working days old from the date of conclusion of the Contract. This particular request of the law reflects to the contracts of sale and or purchase any property, but the law does not apply to Contracts of assignment. In addition, discretionary authority is given to the Director of the Department of Lands and Surveys, to impose administrative fines on the Seller and/or the Mortgagee in cases of non-compliance with specific provisions of the new amending Law.

The above is not legal advice and is provided for information only. We accept no liability arising to any person for any loss or damage suffered through using this information.

For more information you may contact our G. Kouzalis contract department for more support in Legal Matters on Contracts and Conveyancing by email on lawfirm@cytanet.com.cy or by calling 00357 23811788. Your Cyprus Lawyers, G. Kouzalis LLC, are here to advise on any relevant legal matter.