The Cypriot Parliament approved amendments to the "Law on the Sale of Immovable Property", which were drafted by the Ministry of Finance in cooperation with the Land Registry Department.
The new rules require sellers to ensure in advance that the transfer of purchased real estate is carried out immediately after the buyer fulfills his contractual obligations.
Note that the bill was proposed to address a serious economic, property and moral problem that has existed for many years. In particular, according to the Ministry of Finance, there are plenty of examples where real estate buyers who have fully fulfilled their contractual obligations to the seller cannot access the property they have purchased because the seller is not allowed to transfer the property into a new name due to the existing encumbrances on it. The innovations are expected to avoid cases of imposing various legal fees and lengthy procedures on buyers.
In other words, the main purpose of the amendments is to protect the interests of buyers of real estate and accelerate the procedure for issuing title deeds to new owners.
Now buyers in Cyprus will be able to count on the rapid transfer and registration of property in their name, if they fulfill all contractual obligations to the seller.
By the way, previously, before the registration of the contract of sale of real estate in the cadastral department of Cyprus, the seller had to remove all credit obligations, as well as any other types of debts. Now, if the buyer decides to buy the property pledged to the bank for a loan, he will pay up to 80% of the value of the property to the bank, not the seller of the property.
The purpose of the government bill is to create a mechanism to protect the interests of real estate buyers by ensuring in advance that the transfer of real estate will be carried out immediately and as soon as the buyer fulfills his contractual obligations, - said the legislators.
Thus, thanks to the new regulation, the transfer of property rights in Cyprus will be carried out quickly and smoothly, thereby strengthening the real estate market, increasing legal certainty in the interests of all home buyers, individuals and legal entities, as well as professionals in the industry.