Sale of property in Cyprus – An unprecedented judgment

Sale of property in Cyprus – An unprecedented judgment

Sale of property in Cyprus – An unprecedented judgment

Promoting a property in Cyprus for which particular person title deeds exist is a reasonably easy process. Aside from the vendor and purchaser and probably their authorized representatives, no involvement of builders or builders is required. There are 2 most important varieties of property in Cyprus, those who have their very own separate title deed and people which might be a part of a growth pending completion of growth and completion of subdivision.

When somebody needs to promote a property for which there isn’t any separate particular person deed, the correct means is to cancel the contract with the developer or builder, then the brand new patrons should signal a brand new contract with the developer or builder. In follow, this requires the primary purchaser to clear any liabilities to the builders or builders, in addition to any capital obligation and different taxes regarding the possession of the property and the potential good points he might make from the sale.

What many individuals do not know when shopping for a property with out particular person title deeds is that the builders or builders would require fee of a payment, generally referred to as a cancellation payment. This payment varies from firm to firm and may be any quantity. The newest follow adopted by builders/builders in Paphos, is to cost the equal quantity that the unique proprietor (vendor) must pay as a switch payment if he had needed to go forward and switch the deeds in his personal identify. The greed of builders and builders doesn’t cease there. Not too long ago many firms are asking for this cancellation payment, regardless of their contracts clearly stating that no cancellation payment needs to be paid if the client decides to promote, earlier than the deeds are made accessible.

Certainly one of these instances, probably the primary within the historical past of the Paphos District Court docket, was taken to courtroom in 2007 and efficiently concluded with a judgment towards the builders for the refund of the cancellation payment. The case concerned a pair from Nice Britain presently dwelling in Paphos. The case was delivered to courtroom towards one of many largest builders in Cyprus. The courtroom case was efficiently concluded in favor of the plaintiffs with prices. Because the ruling, many different attorneys try to do the identical for his or her shoppers.

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