On 12.12.2023 the Sale of Land (Specific Performance) (Amending) Law of 2023 (L.132(I)/2023) came into force, which was also published in the Official Gazette of the Republic. This law aims to safeguard the interests of buyers in real estate transactions.
Specifically, the inclusion of a Search Certificate by the seller for the Property that is the subject of the Sale Agreement is mandatory for Sale Agreements concluded and deposited at the Land Registry Office after 12.12.2023. It is crucial that the Search Certificate is not issued more than five (5) working days from the date of execution of the Sale Agreement.
In accordance with the aforementioned amendments, in cases where the Property is burdened by a mortgage that is already registered with or by another deposited Sale Agreement, the deposit of the Sale Agreement will be accepted by the Department of Lands and Surveys only if it is accompanied by a written statement from the mortgagee and the seller, which confirms that, if and when 95% of the agreement is paid, the mortgagors undertake to release the Property from the said mortgage (Type A) and issue a relevant payment certificate (Type B) or by written confirmation of the buyer, who confirms and accepts the deposit of the agreement with the Department of Lands and Surveys without presenting Type A form (Type C).
Ιn the event of non-compliance with the said obligations, the director of the Department of Lands and Surveys is given discretionary authority to impose an administrative fine of up to ten thousand euro (€10,000) (Article 4(1A) of Law 132(I)/2023).
Our firm specializes in providing services related to the purchase and sale of Property. This article does not substitute the provision of bespoke legal advice. For legal expertise, you may contact Mr. Nicolas Mouktaroudes, at nicolas@mouktaroudes.com or Ms. Nikoletta Svana, at nikoletta@mouktaroudes.com
