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)

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