How to safeguard your rights arising from the purchase of immovable property in Cyprus under a Sale Contract.
The Sale of Land (Specific Performance Law) No. 81(I)/2011 provides the necessary protection to both purchasers and vendors.
On the one point of view, the law provides that a buyer of immovable property may safeguard its interests by submitting a duly stamped copy of the contract to the Cyprus Land Registry within six months from the date of its execution. Consequently, the provisions of the law impede the vendor from transferring the property elsewhere or charging it as long as the contract is valid and legally effective. In case the seller does not transfer the property, then the purchaser may apply to the Court for an order to transfer the property into his/her name.
On the other point of view, the provisions of section 15 of the law protect the vendor from any breaches of contract. For instance, if the purchaser is late in making a payment or refuses to pay the purchase price or any part of it, then the vendor may take legal actions against the purchaser. Prior to taking any legal action, the vendor must send a written notice to the purchaser asserting that if the purchaser fails to pay within a specific time period, then the vendor will take legal actions against the purchaser.
According to section 3 of Law 81(I)/2011, in case the property is part of a jointly owned property, such as a flat or a percentage of land, and there is not a separate registration in the District Land Registry then all the property owners must duly sign a distribution statement. The signatures must be duly certified. Afterwards, the distribution statement will be submitted to the District Land Registry and it will enable the sale of the property. Note that the distribution statement will be taken into account upon the issuance of the title deed.