Sale of Immovable Property (Specific Performance) Law amended

The Sale of Immovable Property (Specific Performance) Law allows purchasers who deposit a stamped agreement for the sale and purchase of immovable property in Cyprus with the relevant District Land Registry within specified time limits to obtain specific performance of the contract if the seller subsequently fails to cooperate.

The deadline for filing was originally two months. The new Sale of Immovable Property (Specific Performance) Law (Law 81(I) of 2011) extended the two-month deadline to six months and allowed a six month "amnesty" period, expiring at the end of January 2012, during which contracts which had previously missed the deadline could be filed to obtain the benefits of the Specific Performance Law.

A  law amending Law 81(I) of 2011 has now been enacted which further extends the amnesty period. It provides that stamped sale and purchase contracts which have not been deposited may be filed with the District Land Registry to obtain the benefits of the Specific Performance Law regardless of the date of signing and regardless of whether the deadline for their submission has elapsed, provided that filing takes place before 5 July 2012.

For more information please contact Christos Vezouvios.