If you are the Purchaser or the Seller of real estate in Cyprus, you should know your rights / obligations and be rather diligent as to the transaction you are entering into.
The Specific Performance Law (81(I)/2011) safeguards the Purchaser of an immovable property, especially when the actual transfer of the Title Deed in his name shall take place at a later stage.
According to the provisions of the Law, the Purchaser may secure the transfer of the acquired property onto his name, by submitting a duly signed and stamped copy of the Sale – Purchase Agreement with the Land Registry, within six (6) months from signing.
By this strategic action, the benefits of the Purchaser are:
(a) The Seller cannot transfer the property elsewhere, for as long as the Agreement is valid and legally effective.
(b) No burdens, charges or encumbrances can affect the right of the Purchaser.
For the specific requirements of the Law in relation to this subject, book your appointment with our Specialists at https://www.gclawfirm.eu/contact-us/