proposed resale conditions

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freghufe
Posts: 1
Joined: 31 Dec 2022 00:12

proposed resale conditions

Post by freghufe »

Dear All,

Merry Christmas and Happy New Year!

Could you, please advise whether the following terns of a proposed resale conditions are within a normal Cypriot market conditions (for a 250.000 euro apartment)?

- Upon signing of the sale agreement, an amount of 200.000 euro should be paid
- The rest 50.000 will be paid simultaneously with the transfer of the title
- Delivery of the apartment will be made upon transfer of the title in the names of the purchasers
- In case the purchasers will not be able to obtain the ministers permit, a part of the purchase price in the range of 3%-4% will be retained by the Saler in order to cover any amounts of taxes and other expenses that the vendors will incur

If not, kindly explain if possible.

Many thanks in advance!
Nigel Howarth
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Re: proposed resale conditions

Post by Nigel Howarth »

Happy New Year freghufe and welcome to the forum.

I hope you've instructed an independent lawyer to carry out the due diligence on your behalf and represent your interests throughout the process, prepare the contract, etc.. Please refer to my Property buyers’ check-list.

As for the conditions, the money you pay should go into an 'escrow' account and should only be handed over to the vendor's lawyer after your lawyer has carried out the due diligence (which will include checking there are no charges lodged against the property and no illegal additions of extensions have been made) and an independent survey of the property finds no 'nasties'.

I would say that paying the €200,000 should be done at the same time your contract is deposited at the Land Registry. (If you hand over the €200,000 on signing the contact, there's nothing to stop the vendors running off with your money.)

Note that if you are an EU citizen, there is no requirement for you to obtain Council of Minister permission.

Regards,
Nigel Howarth
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Pantheman
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Joined: 26 Jan 2008 14:44
Location: Famagusta District
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Re: proposed resale conditions

Post by Pantheman »

Paying 200,000 up front is a no no.

Pay a reservation fee 5000, get the tax clearance whilst waiting for the CoM permission. Have a clause that states if CoM is not obtained you have a right to withdraw. Any taxes paid will be in the system for his next buyer.

They can either do the deal or find another buyer. Even if you deposit the contract at the Land registry, without the CoM permission you cannot transfer title to your name.

Seems to me you are not currently using a lawyer, so get proper legal advice before you make an expensive mistake.
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qwertydsa
Posts: 2
Joined: 20 Jan 2023 19:25

Re: proposed resale conditions

Post by qwertydsa »

Nigel Howarth wrote: 31 Dec 2022 10:45 I would say that paying the €200,000 should be done at the same time your contract is deposited at the Land Registry
Dear Nigel, our situation is similar, and I do have a lawyer (old style), who is saying that its all up to me to accept to to refuse any contract's terms. Not much of a help :lol:

Given that the stamping via JCC will take approx. 3-4 working days, and that without stamping I wont be able to deposit the Agreement - (theoretically), there is still a risk that within those 4 days, the buyer could accept a prior deposition and/or make another transfer..

Do you suggest that, firstly, we sign the agreement, we stamp it, and on the day of the deposition, we transfer the said 200.000 (which is a first amount under the contract) to the buyer, and immediately after that, we deposit the Agreement?
Is this workable solution and usual practice in Cyprus?
Nigel Howarth
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Re: proposed resale conditions

Post by Nigel Howarth »

Hi qwertydsa

Apologies for the delay - your username led me to believe you were spamming.

Your 'old style lawyer' is supposed to be protecting your interest. His up to you to accept or refuse is, in my opinion, a dereliction of duty.

I suggest you get a decent lawyer who is prepared to act on your behalf.

The UK FCDO has a list of English-speaking lawyers who should be able to help. See https://find-a-professional-service-abr ... try=cyprus

Regards,
Nigel Howarth
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sefikaalimehmet
Posts: 1
Joined: 24 Feb 2023 19:11

Selling permission

Post by sefikaalimehmet »

Hi I currently live in uk and have land/property in Larnaca Cyprus that I would like to sell….my lawyer applied for selling permission in June 2022 we are now currently in February 2023 and it still has not been issued …is this normal and what can I do to push things along?
Thank you 🙏
Nigel Howarth
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Re: proposed resale conditions

Post by Nigel Howarth »

Hi sefikaalimehmet and welcome to the forum

I guess from your name that you're of Turkish Cypriot origin? If that's the case, I'm not sure how the approval process works. I suggest you contact your lawyer to see if he/she can find out what's stalling matters.

Regards,
Nigel Howarth
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