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Protecting Buyers

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02-07-2016

Protecting Buyers

New property legislation was passed in 2015, ramping up protection for buyers in Cyprus, allowing owners to apply for their own title deeds. A contentious issue for years, the new property law is a welcome move, and aims to correct the failures of previous years of not issuing title deeds to people who have paid for property, either because the property was mortgaged by the developer, or the state could not go ahead with the transfer because of outstanding taxes. The new law grants the head of the land registry department the authority to exempt, eliminate, transfer and cancel mortgages and or other encumbrances, depending on the case and under certain conditions. Thanks to the new amendment, the process is set to become more efficient while giving prospective buyers more peace of mind and security.
 

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