Cyprus Property Forum for Buyers, Sellers & Investors

Hello.

have just joined this informative forum and would appreciate some advice.
We recently sold our apartment. Contracts signed, deposit paid by buyer.
we should have completed on 2nd November.
The buyer is refusing to complete, our lawyer either can't get hold of him or he lies and gives a different reason each Time.
Our Lawyer has extended till 18th December then she will rescind the contract.
it would help us to know what will happen then.
We thought we would get his deposit, but the lawyer says it will have to go through the court first and the buyer will also pay damages.
also would it be legal to resell the property once this contract is rescinded. I couldn't get a clear view of this from the lawyer, possibly as it was a phone call from her and I didn't quite grasp what she said. We do have another interested party willing to buy.

Really what I am looking for is a second opinion on what happens with breach of contract., we would be grateful for any help you can pass on to us.

Thanks

Ladybird

Hi Ladybird,

It's unfortunate you couldn't grasp what you lawyer said - maybe worthwhile speaking with her again (in person.)

Once the contract has been rescinded, you can sell the property to the other interested party.

As for suing for damages, it sounds as if the other party has not signed the contract - and even if they had any damages awarded by a court would be based on your financial loss - and you haven't lost anything. You still have the property.

Hopefully the court will award you the deposit and legal costs, but that's about it I believe.

Regards,

Nigel

The buyer HAS Signed the contract. Paid his deposit and stamp duty.

I am not interested in suing him, would rather he bought it but the lawyer says as the contract is signed he is in breach so therefore he will loose his deposit But it will have to go through the court first.

as you have confirmed that once the contract is rescinded we can resell then that is fine.

As for speaking to the lawyer, we shall of course be paying her a visit to clarify things unless there is a solution this week
thankyou

Ladybird

Hi Ladybird

I hadn't appreciated your reneging purchaser had signed the contract & paid stamp duty - hopefully the court will not take too long to hear the case.

Regards,

Nigel

Things are clearer now, so thanks very much

we are still hopeful of a successful outcome, we have a few weeks to go yet

Regards

Ladybird