In Cyprus contracts of sale can have many differences, from the content up to the range of pages included in the contract. Is always good to have in mind, more specific the better. This is because having all of your terms in a written form you know your rights as well as your limits. Therefore, is reducing the possibilities for any misunderstandings and conflicts that can occur between the two parties.
Below you can find a list that highlights some information that can be found in a standard Cyprus Contract of Sale. However, this information may differ from one contract to another as developers, estate agents or lawyers perform business differently. Therefore, you should always read your contract very carefully and make questions on terms that you are unsure about their meaning.
Most Contracts of Sale contain most of the following list:
- Names and details of both parties involved.
- Description of the property.
- The purchase price.
- The transfer date of the title deeds.
- The address of the property and an estimate of the date that the property will be ready to use.
- Details of what is included with the sale of the property within the price.
- When the purchaser takes the ownership of the property.
- Whose insurance the developer's or the purchaser's covers up the property until the closing date.
- Floor plans, site plans, specifications, contraction and architecture plans as well as elevations of the property.
- The general terms of the agreement if you are buying a part into a large development.
- Payment terms.
- Additional costs for which either parts is liable.
- The estimated time-schedule of the contraction.
- Details regarding any possible delays.
- Site visits during construction time of the developer.
- Color / finishing selection made either by the developer or the purchaser.
- Provisions of possible changes you wish to make.
- The property's warranty from the developer.
- Manufacturers warranty on materials used in the property (like tiles, kitchen, bathroom, flooring etc).
Mortgage details such as the terms, amount and rate.
As a closing, many other terms can be applied to a Contract of Sale depending upon the type of the property, the purpose of the property (holiday house, residential, commercial), the location of the property and many other. Therefore, as we suggested before, is always better to read your contract carefully before you make your final decision.
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