If the property is part of a jointly owned property, for example, an apartment, flat or a percentage of land, then an agreement must be entered into between the joint owners which will allow the sale of the property. The joint owners of the communal areas of the property will sign a distribution statement which will be deposited to the District Land Registry, this distribution will be taken into consideration upon the issuance of the title deed. In the event of an issue or non performance arising, after the submission of the agreement an application can be brought before a competent court in Cyprus, the court could issue an order requiring the parties to the agreement to perform their respective obligations under the agreement.
The application to the competent court for the issues of an order for Specific Performance may take several forms, for instance it may be an order requiring the completion of the sale and purchase agreement and/or any clause in the agreement or it may be an order to remove a mortgage attached to the property, subject to the court being satisfied that the debt for which the mortgage is made has been satisfied.
For the avoidance of doubt, immovable property or property includes land, buildings, fixtures, cartels affixed to land, rights and easements attaching to land. The law also provides that the agreement must be made in writing and incorporate the contracting parties details, a description of the property and it must be signed by each party to the agreement.
Contrary to the risks inherent in the purchase of the property in some countries, Cyprus has never been involved in the nationalisation of any sector of the economy or in the expropriation of property owned by non–Cypriots in line with the Cyprus government’s efforts to create a favourable climate for such investments.