Estate agents’ council reacts to legal changes
The property market in Cyprus is facing renewed discussion after the Council for the Registration of Estate Agents expressed concern over changes affecting how property buyers are informed about encumbrances and memos.
The reaction follows a court ruling and a legal opinion by the Attorney General regarding the termination of the practice of providing certain information when sale contracts are filed at the Land Registry.
Transparency in Cyprus property market highlighted
In its announcement, the Council stressed that transaction security and full disclosure to buyers are fundamental pillars of a healthy and credible property market in Cyprus.
It added that clear and immediate information about any charges, mortgages or memos on a property is essential for buyers to make informed decisions and avoid future legal or financial complications.
Calls for stronger safeguards
The Council noted that although legislation requires a search certificate as part of a sale agreement, there is still a need to strengthen mechanisms that ensure proper public protection and transparency.
It urged all relevant stakeholders to carefully assess the implications of the new framework and take steps to safeguard trust, transparency and reliability in the property market.
Role of licensed professionals
The announcement also highlighted that working with licensed and registered estate agents and assistant estate agents remains an important safeguard for anyone buying or selling property.
The Council emphasised that professional oversight plays a key role in protecting transactions and ensuring compliance within the property market in Cyprus.
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