While proceeding with a property transaction the document that will declare and clarify all the contitions of the sale is ofcourse the Contract of Sale. By the time negotiations between you and the vendor have reached to a final yet desirable stage the vendor's consultant (an authorized lawyer most probably) will prepare a Contract. By this document your offer on the specific property of your choice along with all the terms and special deals previously discussed between you and the vendor will be clearly stated. However it is the buyer's responsibility to double check whether all the agreed conditions are included in the Contract. Thus you are advised to take a copy of the Contract and discass it with your own indepented lawyer in order to avoid finding yourselves trapped in a contract that is in any way unfair to you.
The basic principals of Contract Law apply in the juristiction of the Republic of Cyprus. Despite that there is some specific legislation in Cyprus regarding formalities of a contract of sale for property sales. According to the Sale of Goods Law No.10 (1) 1994, a contract of sale of goods can be formed either in writing or verbally, either party writing and partly verbally, or it can be a result of both parties behaviour. Consequently a contract can be formed through correspondence. This also means that a signed or sealed contract is not obligatory by the law.
When you are purchasing "off plan" properties which in most of the cases do not come with title deeds you must submit your contract of sale to the Land Regisstry Department. In such case the contract needs to be concluded in writing, signed both by the vendor and the purchaser in the witness of an independed person.
Further more ad in accordance to the Contract Law Cap.149, any contract must be the result of the free agreement of both parties involved in the transaction. Please note that both paties must be competent to contract which means that they should be of sound mind and not confronting any legal obstacle to contract.
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