Recent amendments to Cyprus’ title deed and property laws aim to enhance legal protection for property buyers, particularly regarding title deed transfers. One key change is the mandatory inclusion of a Search Certificate in the contract of sale, which must detail any encumbrances on the property, like mortgages. This certificate must be dated no more than five working days before the contract is signed, ensuring transparency in the transaction.
Additionally, the law requires that if a property is subject to a mortgage, the sale contract must include written declarations from the mortgagee and the seller. This confirms that, upon payment of 95% of the purchase price, the property will be released from any mortgage. These changes are particularly crucial in preventing cases where buyers get “trapped” by developers who have mortgaged land without fully informing them(
The Director of the Department of Lands and Surveys now has the authority to impose administrative fines, up to €10,000, on sellers who fail to comply with these new requirements. This adds an extra layer of buyer protection, ensuring that all parties adhere to the legal obligations(
These reforms aim to resolve long-standing issues in Cyprus’ property market, ensuring that properties can be transferred without hidden financial liabilities or delays, enhancing buyer confidence.
