Cyprus boasts a vibrant real estate market, attracting both local and international investors. Understanding the legal framework governing land ownership and acquisition is crucial for a smooth and secure transaction. Our law firm offers comprehensive expertise in all aspects of land law in Cyprus, guiding you through every stage of the property acquisition process, from initial due diligence to the final transfer of ownership.

The primary legislation governing land ownership and transactions in Cyprus is the Immovable Property (Transfer and Mortgage) Law, Cap. 224. This law outlines the procedures for property registration, transfers, mortgages, and other dealings with immovable property. The Land Registry (Ktimatologio) maintains a comprehensive record of all land ownership and encumbrances.

1. Acquisition of Property:
   
   • Due Diligence: Before committing to a purchase, thorough due diligence is essential. We conduct comprehensive searches at the Land Registry to verify: 
     • Clear Title: Confirming the seller’s legal ownership and the absence of any encumbrances (mortgages, liens, easements, etc.).
     • Planning Permissions: Ensuring the property has all necessary building permits and complies with zoning regulations.
     • Contractual Review: Scrutinizing the sale agreement to identify any potential risks or unfavorable clauses.
     • Property Boundaries: Verifying the accuracy of property boundaries and any potential boundary disputes.
     • Outstanding Taxes and Charges: Checking for any unpaid property taxes or other charges.
   • Contract Drafting and Negotiation: We draft and negotiate the sale agreement (contract of sale) to protect your interests, including: 
     • Purchase Price and Payment Terms: Ensuring clear and secure payment schedules.
     • Completion Date: Establishing a firm timeline for the transfer of ownership.
     • Conditions Precedent: Including clauses that make the purchase contingent on satisfactory due diligence, financing, etc.
     • Remedies for Breach: Defining the consequences if either party fails to fulfill their obligations.
   • Application for Specific Performance: Under Cyprus law, a purchaser who has paid a deposit and signed a contract of sale has a right to apply to the court for “specific performance,” compelling the seller to complete the transaction. We assist in registering the contract at the Land Registry to protect this right.
   • Transfer of Ownership: We manage the entire process of transferring ownership at the Land Registry, ensuring all necessary documents are prepared and submitted, and that the transfer is legally sound.
   • Financing: We advise on the legal aspects of property financing, including mortgage agreements and security arrangements.
2. Know Your Client (KYC) from Start to End of the Purchase:
   Cyprus law, in line with EU directives, imposes strict KYC (Know Your Client) and AML (Anti-Money Laundering) obligations on professionals involved in property transactions, including lawyers. This process aims to prevent money laundering and terrorist financing. We adhere to these regulations meticulously throughout the acquisition process:
   
   
   • Initial KYC: At the outset, we conduct thorough KYC checks on all parties involved (purchaser, seller, beneficial owners, etc.). This includes: 
     • Identification Verification: Obtaining and verifying passports, ID cards, and other official documents.
     • Source of Funds: Requiring evidence of the source of funds used for the purchase (e.g., bank statements, investment statements).
     • Due Diligence on Legal Entities: If a company is involved, we verify its registration, ownership structure, and the identity of its directors and beneficial owners.
   • Ongoing Monitoring: We continuously monitor the transaction for any red flags or suspicious activity.
   • Reporting Obligations: We are legally obligated to report any suspicious transactions to the relevant authorities.
   • Record Keeping: We maintain detailed records of all KYC and AML checks, ensuring compliance with legal requirements.
3. Other Land Law Services:
   
   • Lease Agreements: Drafting and reviewing commercial and residential lease agreements.
   • Property Development: Advising on the legal aspects of property development projects, including planning permits, construction contracts, and sales agreements.
   • Land Disputes: Representing clients in land disputes, including boundary disputes, ownership claims, and easement issues.
   • Mortgages: Drafting, registering, and enforcing mortgage agreements.

• Expertise in Cyprus Land Law: We possess in-depth knowledge of Cyprus land law and the procedures of the Land Registry.
• Thorough Due Diligence: We conduct meticulous due diligence to protect your investment and minimize risks.
• Compliance with KYC/AML Regulations: We ensure full compliance with all legal requirements, providing a secure and transparent transaction.
• Clear and Practical Advice: We explain complex legal concepts in plain language, empowering you to make informed decisions.
• Efficient and Professional Service: We manage the entire acquisition process efficiently and professionally, minimizing stress and delays.

Whether you are a first-time buyer or a seasoned investor, our firm is committed to providing you with the expert legal guidance you need to navigate the Cyprus property market with confidence.