The Property Buying Procedure in Cyprus: A Legal Guide

Written by George Kazoleas, Lawyer in Cyprus

The process of purchasing property in Cyprus differs significantly from the corresponding procedure in other countries. Crucially, the transfer of ownership in Cyprus is not subject to a notarial deed (there are no notaries in Cyprus), which necessitates particular attention and thorough due diligence on the part of the prospective buyer.

Paradoxically, within the jurisdiction of the Republic of Cyprus, it is possible to sell a property that does not yet possess a title deed. This practice results in the distinction of property transfers into three (3) main categories:

  • Purchase of property with immediate title deed transfer.
  • Purchase of property via a Sale Agreement (Πωλητήριο Έγγραφο - POE).
  • Purchase of property through the assignment of a Sale Agreement.

Drafting and Depositing the Sale Agreement with the Land Registry

The existence of a property's title deed represents the most secure option for the buyer, as it ensures their registration in the Land Registry. Before the completion of the transfer at the Land Registry, the buyer should obtain and carefully examine the most recent title deed, which reflects the current status of the property.

The conclusion of a Sale Agreement is not mandatory, yet it is highly recommended in all cases. This is because, through its terms, it regulates important matters between the seller and the buyer, such as the property's delivery time, the time and method of payment of the agreed sale price, the time of title deed issuance (when not available at the time of transfer), and other crucial parameters.

It must be noted that the deposit of the Sale Agreement with the Land Registry is of great importance and brings about a series of legal effects aimed at protecting the buyer, especially in cases where a title deed is not yet available. One of the most significant legal consequences is that the deposit of the Agreement activates the provisions of the Sale of Immovable Property (Specific Performance) Law No. 81(I)/2011, which can be invoked if the seller fails to comply with their contractual obligations as stipulated in the purchase agreement.

Legal Due Diligence of the Property

Crucial and therefore essential is the Legal Due Diligence of the property for Encumbrances and Prohibitions before the property's transfer to the buyer. The relevant certificate issued by the competent Land Registry office will show if there are any encumbrances, e.g., a mortgage, a memo (a charge created after the registration of a court judgment), a court order for the sale of the property, another deposited Sale Agreement, etc., that affect the property.

It will also indicate if there are any personal prohibitions against the registered owner, e.g., a Bankruptcy Order or Company Dissolution Order, an Order prohibiting the owner from proceeding with the sale of the property, etc.

All the above information is critically important before the buyer proceeds with the purchase of the property of interest, but it is not the only information required. A comprehensive check also includes vital information from the Town Planning Department (such as any commitments and restrictions burdening the property, whether there is an approval certificate, any impact from development plans, etc.).

Finally, it should be noted that the sale of property in Cyprus may be subject to VAT payment, and transfer fees are payable to the Land Registry.


George Kazoleas is Lawyer in Cyprus, specialized in Real Estate Law

[tel. +357 22507666 / email: gkazoleas@legalexpertscy.com]




(photo freepik.com)

Comments

Post a Comment

Popular posts from this blog

Ombudsman inquiry on Commission President’s text messages is a wake-up call for EU

Image
The European Ombudsman inquiry into the Commission’s handling of a request for text messages between its President and the CEO of a pharmaceutical company is a wake-up call for all EU institutions about ensuring accountability in an era of instant messaging. One year after the initial request by a journalist, the Commission has still not clarified whether messages reported to concern major vaccine procurement deals exist and whether the public is entitled to see them. The Ombudsman had asked the Commission, in a finding of maladministration in January, to conduct a more thorough search for the text messages. The Commission’s recent response failed to say whether it had looked directly and correctly for the text messages and if not, why not. While the response recognised that work-related text messages can be EU documents, it reiterated that the Commission’s internal policy is, in effect, not to register text messages. The Ombudsman has closed  the inquiry  and upheld...
Read more

Access to documents: the Commission decision refusing a journalist of The New York Times access to the text messages exchanged between President von der Leyen and the CEO of Pfizer is annulled (CJEU)

Image
In its Judgment dated 14/5/2025 in Case T-36/23 (Stevi and The New York Times v Commission), the General Court ruled that the Commission decision refusing a journalist of The New York Times access to the text messages exchanged between President von der Leyen and the CEO of Pfizer is annulled. By an application based on the Access to Documents Regulation, [1], Matina Stevi, a journalist working for the daily newspaper The New York Times, requested the European Commission to provide access to all text messages exchanged between President Ursula von der Leyen and Albert Bourla, the chief executive officer of Pfizer, between 1 January 2021 and 11 May 2022.  The Commission rejected that application on the ground that it did not hold the documents covered by it. Ms Stevi and The New York Times requested the General Court of the European Union to annul the Commission’s decision.  In its judgment, the General Court upholds the action and annuls the Commission’s decision. The Court re...
Read more

New President of the European Court of Human Rights

Image
The European Court of Human Rights has elected on 28.4.2025 Mattias Guyomar, Judge elected in respect of France, as its new President.  Mattias Guyomar succeeds Marko Bošnjak, Judge elected in respect of Slovenia. He will take up office on 30 May 2025. Read his bio here Furthermore, the Judge elected in respect of Armenia, Vahe Grigoryan, was formally sworn in in the Court's Main Hearing Room on 28.4.2025. Read as well:  Interventions in Justice System and the role of Artificial Intelligence / article by Giorgos Kazoleas, Lawyer in Cyprus
Read more

An overview of the regulatory framework on Gambling Services in the European Union

Image
written by Efi Thoma * The European Union (EU) does not have a harmonized, single regulatory framework for betting companies. Instead, the regulation of gambling services, including betting, remains largely within the competence of individual Member States.  This results in a diverse and often fragmented legal framework across the EU. While the EU facilitates some level of cooperation and sets overarching principles, the specifics of licensing, operational requirements, and consumer protection measures vary significantly from country to country. Despite the lack of a unified framework, several key principles and EU-level instruments influence the national regulations of betting companies. More specifically, the Treaty on the Functioning of the European Union (TFEU) guarantees the freedom of establishment and the freedom to provide services within the EU. These fundamental freedoms mean that Member States cannot unjustifiably restrict betting companies legally established in ano...
Read more

Imposition of a fine on a bank in Greece for an incident of personal data breach

Image
The Greek Data Protection Supervisory Authority imposed on a Bank, as Data Controller, an administrative fine of EUR 100,000 for violating the principles of accuracy, integrity, and confidentiality of data, and the principles of data protection by design and by default, in conjunction with Articles 32, 33, and 34 of the GDPR, as well as an administrative fine of EUR 20,000 for violating the complainants' right of access. Complaints were submitted to the Supervisory Authority of Greece against the National Bank of Greece for the incorrect linking of a complainant's bank account with the mobile phone number of another complainant in the “i-bank Pay application”, which resulted in money transfers, via “IRIS online payments service”, which were made to the first complainant's account instead of the second's.  In the context of the administrative audit conducted by the Authority, the Bank eventually identified that the issue was due to incorrect configuration during the ...
Read more