The buyer or a third party appointed with a Power of Attorney undertakes transfer of ownership from vendor to purchaser at the Cyprus Land Registry Office.
This procedure, which is merely a formality and is easily carried out by a solicitor, requires permission from the Council of Ministers.
The legal system in Cyprus is based on the British equivalent and safeguards the purchaser’s right in many ways.
The Cyprus Land Registry Office is one of the most advanced and reliable in the world and provides an effective legal instrument called “Specific Performance”.
This means that once the sales contract is signed and a deposit is paid, the contract is registered at the Land Registry Office, which means that the purchasers’ rights are protected until the title deeds are transferred to their names. The depositing of the contract acts as charge on the property.