Cyprus Property Forum for Buyers, Sellers & Investors

i am in the process of selling my villa in peyia. the developer asked for a payment of 12k euros to cancel the contract and pay immovable property tax.
we bought the property over 9 years ago but were told that it would be at least another 2 years before titled deeds would be issued.
we sold for about 300k euros , a similar figure to our original purchase price , and after negotiating we agreed to pay the developer 7.5k fees.
i asked our solicitor for proof of the property tax that the developer had paid on our property but she said they just pay a lump sum for all of their properties .
i have since read on this site that cancellation fees are illegal, do i have any chance of getting my fees refunded, my solicitor has already paid them out.
would be very grateful for any advice

Hi sickofcyprus and welcome to the forum.

I'm afraid that now you have handed over the money, getting it back will prove very difficult if not impossible.

Earlier this year the Specific Performance Law was re-written and it now enables you to assign your rights under the contract to someone else - i.e. your purchaser. This assignment does not involve the property developer and I am surprised that your lawyer wasn't aware of it as it may have saved you a considerable amount of money.

More information at An end to greedy developers extorting cancellation fees.

Maybe you should take this matter up with your lawyer?

Regards,

7.5k fees is outrageous. He has taken advantage. Does you contract not mention any capping to this charge?? Was your lawyer initial EL, if so you got stuffed.

Eitherway, not all developers are like this. Some do not charge, some as little as 1.5k. But for the figure you mentioned, well that juat takes the bicuit. Sorry you had to go through that.

Barstewards!

Who was the developer btw??