Reservation deposit

[Irini]

Hi all,

I'm struggling to understand how the reserve works for buying a resale property. Being from Canada, I intend to have a property inspected before finalizing a purchase. Here, when an offer is made, is it conditional upon inspection. If the inspection doesn't go well, we can cancel the offer.
In Cyprus, my understanding is that you lose the reserve deposit if you cancel the transaction. If a property is found to have a problem, and I no longer wish to purchase, how do I ensure I don't lose my reserve?

[Nigel Howarth]

Hi Irini

You need a clause in your contract of sale that requires your reservation fee to be returned if there are issues.

I suggest you follow the advice from Louise Zambartas. See Top 10 pitfalls to avoid when buying property in Cyprus. (Pitfall 5)

Also, check out my Property Buyers Checklist.

Regards,

[Irini]

Thank you Nigel. Much appreciated!