Following the amendment to Contract Law, Cap 149 by Law 99(I)/2013, a penalty fee is now imposed on purchasers of immovable property in the event that they delay filing their contract of sale at the District Land Registry Office.
Under the provisions of the amending legislation published on the 09.09.2013, purchasers of immovable property who fail to deposit their contract of sale within 6 months from the date of its execution will be subject to an increased transfer fee of 10% above the standard transfer fees applicable at the time.
It should be noted that the provisions of the amending law apply only to contracts of sale executed following the 09.09.2013.
Our firm routinely answers queries from individuals and corporate clients on a wide range of property law matters. If you have a property law query or wish to receive further information, please contact us using [email protected]
Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.