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Getting a title will be easier

The Parliament of Cyprus has approved amendments to the “Law on the Sale of Real Estate”, which were developed by the Ministry of Finance in cooperation with the Department of Land Registration.

The new rules require sellers to ensure in advance that the transfer of the purchased property takes place immediately after the buyer fulfills his contractual obligations.

Let us note that the bill was proposed to solve a serious economic, property and moral problem that has existed for many years. In particular, according to the Ministry of Finance, there are many examples where buyers of real estate who have fully fulfilled their contractual obligations to the seller cannot gain access to the property they purchased, since the seller does not have the right to transfer the property to a new name due to existing her burdens. The innovations are expected to help avoid cases of various legal costs and lengthy procedures being imposed on buyers.

In other words, the main purpose of the amendments is to protect the interests of real estate buyers and speed up the procedure for issuing titles to new owners.

Buyers in Cyprus can now expect the property to be quickly transferred and registered in their name, provided they fulfill all contractual obligations to the seller.

By the way, previously, before registering a contract for the sale of a real estate property in the cadastral department of Cyprus, the seller had to remove all credit obligations from it, as well as any other types of debts. Now, if the buyer decides to buy out a property pledged to a bank for a loan, then he will pay up to 80% of the value of the property to the bank, and not to the seller of the property.

The purpose of the government bill is to create a mechanism to protect the interests of property buyers by ensuring in advance that the transfer of property will be carried out immediately and as soon as the buyer has fulfilled its contractual obligations, said legislators. Thus, thanks to the new regulation, the transfer of property rights in Cyprus will be carried out quickly and hassle-free, thereby strengthening the real estate market, increasing legal certainty for the benefit of all home buyers, individuals and businesses, as well as industry professionals.