ARE THERE ANY LEGAL SAFEGUARDS FOR FOREIGN BUYERS BUYING PROPERTY IN CYPRUS?
Once you have signed the sales contract, you and/or your lawyer will need to deposit a copy of the same with the Land Registry to ensure that your beneficial rights to property ownership are secured. Specific Performance Law safeguards a purchaser of immovable property from a transaction between a seller and a purchaser, especially when the purchaser is not allowed to immediately transfer the acquired property into his/her name even though payment of the consideration has been made. Depositing a copy of the contract to the Land Registry gives the purchaser, according to the above law, the right to seek “specific performance” of the terms and conditions of the contract and thus to register the property into the purchaser’s name. The contract of sale deposited with the Land Registry can be withdrawn only with your consent.
