New Legislation on Title Deeds
A Solution for Trapped Property Buyers in Cyprus. New Legislation on Title Deeds
Cyprus title deed lawyers G Kouzalis LLC will inform you about The Digital Identity in Cyprus: New Legislation on Title Deeds: A Solution for Trapped Property Buyers in Cyprus
In recent days, the Cypriot Parliament unanimously passed new legislation that reopens the path for thousands of property buyers to obtain Title Deeds. Many of these individuals had fully paid for their homes but remained “trapped” due to legal or financial obstacles affecting the seller, such as mortgages or court prohibitions.
What the New Law Provides
- Eligibility
- Applies to buyers who submitted their sale agreements to the Land Registry before the end of 2014.
- Also applies if there were registered encumbrances (e.g., mortgages) on the property prior to the sale.
- Handling Lender Objections
- If lenders refuse to cooperate in transferring the title, the buyer can apply for a court order to override that refusal.
- There is a 45-day deadline to file the application, and all legal actions are suspended until a decision is made.
- Proof of Payment Required
- Buyers must present clear evidence that the purchase price has been fully paid. This may be through a bank document or a court decision.
- Deadlines and Process
- Buyers who haven’t yet received their Title Deed have 8 months to submit required documentation.
- Once submitted, the process should be completed within 2 years.
Scope and Current Statistics
- Approximately 9,497 buyers are still considered trapped.
- So far, 4,080 of them have successfully received Title Deeds, while 5,417 cases remain pending.
- According to the Ministry of Interior, around 1,930 pending cases could be resolved immediately under the new law.
Legal Background and Challenges
- The previous 2015 law that aimed to address this issue was declared unconstitutional by the Supreme Court in June 2024.
- The new legislation addresses the court’s concerns by ensuring judicial oversight and creditor rights while still protecting bona fide buyers.
- However, lawmakers recognize that this reform is only the first step. Additional legislation is needed for cases involving building irregularities caused by developers.
Next Steps for Buyers
- The Land Registry will soon send letters to eligible buyers with step-by-step instructions.
- Buyers must act promptly to gather and submit the necessary documents within the designated timeline.
- If lenders block the title transfer, legal action may be necessary to obtain a court order.
Conclusion
This new legal framework is a significant step forward in resolving one of Cyprus’s longest-standing property issues. By offering clear procedures, deadlines, and legal remedies, it enables thousands of buyers to finally secure ownership of the homes they have long paid for.
However, more reforms are needed to address cases involving planning violations and developer negligence. Trapped buyers are advised to closely follow updates from the Land Registry and take proactive steps to protect their property rights.
If you would like more information about New Legislation on Title Deeds: A Solution for Trapped Property Buyers in Cyprus , please do not hesitate to contact us, your lawyers in Cyprus, at G KOUZALIS LLC, lawfirm@cytanet.com.cy, or by phone at 00 357 23811788.
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.