Decision 28 of 2021

The decision amends Article 1 of Council of Ministers Decision 5 of 20 January 2020, which barred the public bodies that keep property and vehicle ownership registers — and notaries — from authenticating a sale contract, or a power of attorney amounting to an irrevocable sale, before a notice evidencing payment of the price, or part of it, into the owner's bank account is attached.

Decision 28 resets the minimum value of the bank notices issued for property and vehicle sales, distinguishing residential and commercial property and vehicles from land.

1. Transfers between accounts only — payment must move between the buyer's and seller's bank accounts (or their lawful representatives'), and the bank notice must carry the full transfer details.
2. Part of the price is held — SYP 500,000 remains in the seller's account for at least three months after the sale proceeds are credited.
3. Publication — a copy of the decision is displayed prominently in the bank and published on its website.

The minimum transfer amounts set out in Article 1 are stated in the original decision attached below, which is the authoritative reference.