Cyprus-Forum.com

[friends474]

hi im selling my property in cyprus and ive been having a few problems with the buyer, i reduced the selling price by £20,000 on the conditions that it was dealt with quickly because my business was feeling the recession. well its been 4 months now and it still isnt sold.

she is now saying her lawyer wants a reservation agreement to be signed re confirmation of the deposit.
She also has asked for the documents so that searches can be done at the land registry.
and she has also asked for a survey to be done on the property.

does anyone know what these are for or what they mean? and if they are neccesary and how long these things take to do.

thank

[DT.]

hi im selling my property in cyprus and ive been having a few problems with the buyer, i reduced the selling price by £20,000 on the conditions that it was dealt with quickly because my business was feeling the recession. well its been 4 months now and it still isnt sold.

she is now saying her lawyer wants a reservation agreement to be signed re confirmation of the deposit.
She also has asked for the documents so that searches can be done at the land registry.
and she has also asked for a survey to be done on the property.

does anyone know what these are for or what they mean? and if they are neccesary and how long these things take to do.

thank

all these are valid requests, howeve rthe fact that all this time has gone by and she's only getting round to these means she hasn't got the financing with the bank sorted out yet.

[friends474]

Thanks for your reply, i have had 4 months of excuses, do you now how long this takes to do?

[DT.]

Thanks for your reply, i have had 4 months of excuses, do you now how long this takes to do?

searches don't take so long but a survey could take about a week for the appointment and the report to be given back.

[Sotos]

The land registry search and the survey at the property sounds very reasonable. But what is that about the reservation agreement? Maybe she is trying to secure the property by giving you a small amount now and then delay to give you the rest. Don't agree to it. Tell her that you want all the money when the sale is made and that she should arrange this with her bank.

[friends474]

The land registry search and the survey at the property sounds very reasonable. But what is that about the reservation agreement? Maybe she is trying to secure the property by giving you a small amount now and then delay to give you the rest. Don't agree to it. Tell her that you want all the money when the sale is made and that she should arrange this with her bank.

WHEN SHE AGREED TO BUY THE PROPERTY IN JANUARY SHE GAVE ME A DEPOSIT OF 6,000 I THEN SENT HER A RECEIPT FOR IT. COULD THAT BE COMETHING TO DO WITH THE RESERVATION AGREEMENT?

SORRY FOR SO MANY QUESTIONS BUT WHEN IT COMES TO THIS I JUST HAVN'T DOT A CLUE.

[sarahk]

Hi, my job is to deal with property sales from start to finish and many times beyond that point on a daily basis.

On acceptance of the property being sold by you there should have been an offer and reservation drawn up stating the persons name, address passport details, lawyer dealing with the sale for you and for them, price of the property and stage payment / payment terms to be agreed by both parties and whether the property was being bought for cash or via a bank loan. On this form the reservation amount for the property is stated usually a minimum of around five thousand euros. This can be marked as refundable or non refundable however if the person is serious about buying and knows it is possible to raise the funds they should be happy for it to be non refundable and 20% of the property value should be sent to you within 20 days or on signing of contracts.

The searches stated are all standard and take a week to two weeks to complete. Are you not using a lawyer to deal with this for you?

[old john]

"Are you not using a lawyer to deal with this for you?" asks SarahK.

Mmm, let's see. Is he using a lawyer?
He is asking random people for advice on a website forum.
Is he using a lawyer?
I'm guessing......er No!

[Sotos]

You don't need a lawyer to make a property sale but if you don't know what you are doing and this is the first time you do such things then it might be a good idea.

[friends474]

Hi, my job is to deal with property sales from start to finish and many times beyond that point on a daily basis.

On acceptance of the property being sold by you there should have been an offer and reservation drawn up stating the persons name, address passport details, lawyer dealing with the sale for you and for them, price of the property and stage payment / payment terms to be agreed by both parties and whether the property was being bought for cash or via a bank loan. On this form the reservation amount for the property is stated usually a minimum of around five thousand euros. This can be marked as refundable or non refundable however if the person is serious about buying and knows it is possible to raise the funds they should be happy for it to be non refundable and 20% of the property value should be sent to you within 20 days or on signing of contracts.

The searches stated are all standard and take a week to two weeks to complete. Are you not using a lawyer to deal with this for you?

Hi, thankyou you have clearly answered everything i needed to know.
yes i do have a lawyer but he never replies to my emeails and when he does it makes no sense to me.

I asked him these questions nearly a week ago, with no reply.