The current version of Cyprus Specific Performance Law for real estate went into effect in 2011, improving on the previous version and closing certain loopholes.
Specifically, the new (current) version of the law helps protect property buyers in Cyprus and assists them with properly acquiring title deeds during a sale.
Before this update, the Specific Performance Law wasn’t sufficient for preventing thousands of sales where the buyer would purchase property that was mortgaged by the seller. These situations led to an astonishing seventy thousand buyers finding themselves stuck in a terrible financial situation in regards to their purchased property.
The current law grants a total of half a year as the time frame within which a signed property sale agreement must be submitted to the Cyprus Land Registry, as well as adding a six month grace period for agreements that were pending submission to be submitted without an order from the court and without regard to how old they are. Yet after the grace period passed the courts ruled that agreements with dates prior to the new Specific Performance Law taking effect would not be accepted for submission into the Land Registry.
This issue was finally resolved this year with an amendment that allows parties who were prohibited from submitting their agreements to the Land Registry to request a court order that will allow them to do so. Courts will make the decision in each case whether the request is reasonable, and should the decision be in favor of the buyer, they will be able to submit their agreement to the registry without further hinderance, no matter how old the document may be.