The purchase and sale of real estate in Cyprus now takes place under stricter control by the Land Registry. The seller is obliged to attach to the contract a fresh certificate on the property — indicating mortgages, restrictions, and other encumbrances. The document must be issued no earlier than five working days before the signing of the deal.

For the absence of such a certificate, the seller may face a fine from €500 to €10,000 — depending on the value of the real estate.

Separate sanctions are provided for banks and other mortgage lenders if they do not perform the actions prescribed by law to remove the encumbrance after receiving the necessary amount. In such cases, the fine can reach €100,000.

The new rules are designed to reduce the risk of situations where the buyer pays for the real estate but, due to the seller’s debts or mortgage, cannot register it in his own name.

@cyprus_kipr