Enhancing Buyer Protection in Real Estate Transactions
The updated real estate laws have introduced several measures to enhance buyer protection in property transactions. Sellers are now required to provide an uptodate search certificate at contract signing, clear declarations of any property encumbrances are mandatory, registration at the Land Registry must include seller and mortgagor declarations, and a procedure for mortgage discharge upon sale completion has been outlined. These changes aim to provide buyers with more transparent information, protect them from hidden encumbrances, and ensure their investment goes towards securing their new property rather than settling unrelated debts.