The conditions of the sale of a property are outlined in a Contract of Sale, making it an extremely important document. Once a contract is signed by both seller and buyer, it becomes a binding document therefore it’s highly advisable that a legal representative is conducted before signing takes place. Independent legal advice is even more important when the offer the buyer makes is dependant on other conditions, such as selling another property or finance.
A contract is drawn up after negotiations between buyer and seller regarding a specific property has been finalized. It’s in your best interest as a buyer to ensure that any special conditions you have agreed on with the vendor are included in the contract.
Although the term “contract of sale” is usually associated with the document drawn up by a legal representative with the aim of finalizing the sale of real estate, it’s worth noting that there are also other meanings to the word “contract”. While the word is usually associated with a document that seals an agreement, and which contains a number of conditions as agreed between the two parties and is drawn by a legal representative, by contract we also mean a verbal agreement between a buyer and a seller.
At this point, a distinction needs to be made between movable and immovable property as they are perceived in civil law in Cyprus. The term “moveable property” refers to personal property, while real estate property along with its associate rights and obligations is classified as immovable property.
In everyday life we perceive the term “property” as something materialistic in the ownership of a person or a legal body. When viewed under strict legal terms however, the word takes a whole new meaning, encompassing a combination of rights guaranteed and protected by government legislations. In the legal sense of the word, property also signifies the right of use and enjoyment, rather than strictly ownership and possession.
According to Cyprus Law, private ownership of land also includes the surface and the substance of the earth as well as the open space above the surface which reaches as far as necessary for the enjoyment of it. It also signifies what is beneath the surface or at least what ever is reasonably required for the enjoyment of it as well as its cultivation. Rights to minerals are however excluded.
In Cyprus, and in regards to absolute ownership in immovable property, a person has the right to hold or hold or to claim the property as their own, as well as the right to possess it. Furthermore, they have the right to use the property, the right to occupy and enjoy the property and the right to collect fruit from it. Finally, a person has the right to dispose the property.
In the case of one of the above is missing, this is considered as a restriction put on the rights of a person to absolute ownership of the immovable property.
