The recent amendments to the Sale of Property (Specific Performance) Law, enacted as Law N. 132(I)/2023, mark a significant milestone in refining the legal landscape surrounding property transactions in Cyprus. These changes, which came into effect on December 12th, 2023, signify a proactive effort to strengthen the framework governing such transactions.

The primary aim of these amendments is to bolster the protection of buyers' interests in real estate deals, with a focus on facilitating secure title deed transfers. Key among these amendments is the mandatory requirement for sellers to include an Immovable Property Search Certificate, issued by the Land Registry Office, in contracts signed after December 12th, 2023. This certificate serves to disclose any encumbrances on the property being sold, ensuring transparency for all parties involved.

Additionally, the amendments grant discretionary authority to the Director of the Department of Lands and Surveys to impose administrative fines on sellers who fail to adhere to this requirement. This enforcement mechanism underscores the commitment to upholding the new regulations and safeguarding buyers' rights.

Furthermore, the amendments introduce provisions for contracts involving properties burdened by mortgages or other liens. These contracts may be submitted to the Land Registry accompanied by Declarations from both the Mortgagee and Seller, providing a pathway for buyers to proceed with the transfer of the property, even in cases where the mortgagee initially fails to release it from the mortgage.

It's worth noting that legal assistance is readily available to guide parties through these new legal requirements and procedures. Detailed instructions and forms in the Greek language are accessible through the Department of Lands and Survey’s Portal, ensuring accessibility to essential resources for navigating property transactions under the amended law.