please help.SELLING CYPRUS PROPERTY contract

[graham 877]

I recently accepted an offer on my property in cyprus.

 

 

We agreed the price and the purchaser placed 2000 euros with the sole agent as deposit .

 

 

it was sold unfurnished,and the CASH purchaser needed to complete ASAP.

 

 

I then instructed my solicitor,

sold all my contents, and flew back to uk , giving power of attorney to my lawyer.

 

 

I signed the contract 3 weeks ago.

 

 

I don't no whether the purchaser signed after me, and I still need to complete.

 

 

My lawyer informed me yesterday that the purchaser's solicitor as requested the purchaser wishes to reduce the price by 1000 euros

and is detailed as 'REDUCED' offer.

 

 

Because of the market down turn in cyprus, my lawyer as advised my to take up the new reduced offer.

 

 

I don't want to do this.

 

 

I feel ripped off.

 

 

What protection is available to me, if the buyers pull out

 

 

.please help

[AndyOrch]

Hi graham and welcome to CAG

 

Some useful legal information in the following link...

 

http://www.buysellcyprus.com/nqcontent.cfm?a_id=2079

 

Regards

 

Andy

[geoff1248]

You already have a lawyer who should be upto date on the legal side in Cyprus, I would suggest he/she is your first port of call.

The purchaser has paid. 2000 euro deposit, find out EXACTLY what this deposit was in respect of, it may be non refundable, it may be on the understanding that he completed at the agreed price.

OK so you feel ripped off but unless buyers were queing up your property is only worth what someone is willing to pay. Indeed there is the possibility that if you agree to his demand then he may do it again for another1000 euro, who knows.

Why not meet him half way and reduce by 500. Euro provided he signs up within say 14 days or the deal is off.

It's a case of whoever blinks first.

[graham 877]

many thanks ,the reply info link from andyorch above states the offer and deposit in cyprus is binding. so thats in my favour, my solicitor did not give me that as an option.

[steampowered]

I imagine it would depend on what contracts the purchaser signed. If the purchaser signed a contract which says he must proceed to buy the property, then he will be legally obliged to purchase it.

 

 

Based on that link it sounds like market practice in Cyprus is for the deposit to be binding, but this will vary from case to case. You do need to ask your Cyprus lawyer about the legal position and whether the proper documentation is in place.

 

 

In the UK, there is a statutory rule that any contracts relating to land must be in writing in order to be enforceable. If the same rule exists in Cyprus then just payment of the deposit is not enough to be legally binding unless you have a signed written contract.

 

 

If the purchaser refuses to complete, and you have a binding contract, then you could sue him if he refuses to complete. The problem is that suing him would be expensive, difficult and would take months. Realistically it would be easier to just keep the deposit but you would have to think about whether the deposit is adequate to cover the difference between what the purchaser is offering and what you could get by selling to someone else.

[graham 877]

many thanks

 

my thoughts of suing the purchaser are the same but could be expensive, cheers

[reallymadwoman]

I don't have any specific legal knowledge relating to property purchases in Cyprus, however my in laws have lived there for a long time and from what they've said in the past I would just add two things for you to think about - the property market in Cyprus is allegedly so bad that you can't give some places away even just to avoid paying charges/taxes, and non-Cypriots going up against Cypriots in the courts have no chance whatsoever of winning.

 

Obviously things might have improved recently, but I know they can't let a flat they own for enough to cover the service charges, never mind sell it, and it's a fairly new build with all mod cons and a pool in a good area - whcih was why they bought it in the first place. Also, unless you speak Greek you won't have a chance in court, interpreter or no interpreter. If it's one person's word against another, then the one who speaks Greek is obviously tellling the truth, same with any documents, if it's not in Greek, it's ignored as clearly it can't have been translated correctly or it would agree with the Cypriot.

[graham 877]

Thanks everyone