Cyprus Mail
Cyprus

Property questions: Do we have to give back what we found in the house?

We have just bought an old house with a garage. After taking possession we found out that there is an antique Mercedes in the garage and now the ex-owner is asking us to return it. Is he entitled?

Better ask the advice of an advocate but for me it is a difficult question to answer. If the car is not registered, it is one way to claim it, but if it is so registered to another person you will need a separate sales agreement in order to transfer the car to your name. At the end of the day, check how much the car is worth. If it is not much let him have it but it is of value then the situation becomes difficult.
If your house sales contract refers to the building and its contents, the situation will become easier for you.
Regards,
AP Loizou

 

We have sold our apartment for €200,000. We received a €20,000 reservation fee and the rest upon transfer. We were told that once we sign a sales contract and the buyer deposits the contract with the Lands Office and then he does not pay us for the balance we will have a job to cancel the sales contract. We are in a hurry to sell but we are concerned if something goes wrong.
Cloudy Fady

You must prepare a sales contract where you stipulate the amount and payment terms. You should record that possession of the property is to be given only upon full payment of the balance and transfer. This will provide some security for you regarding the possession. Some clients of ours opt for the sales contract/reservation to be paid and kept by a mutual trusted person (e.g. an advocate, estate agent etc) without any party having a copy, so that the contract is not deposited with the Lands Office.
The deposit of the contract can take place within six months from the sales agreement. There are other parameters but this is a start (on the other side the buyer must be certain that you pay for the ownership taxes, Municipal charges etc and of course if mortgaged to secure a release (lack of title in addition).
Regards,
AP Loizou

Property valuers, project managers and chartered surveyors Antonis Loizou respond to real estate related questions each week. Questions can be sent to [email protected] or [email protected]



Related posts

Education ministry seeks better fee deal for soldiers planning to study in UK in 2021

George Psyllides

Turkish Cypriots deny CMP work has been halted

Nick Theodoulou

Coronavirus: Three new cases (updated)

George Psyllides

MPs discuss future of Natura 2000-protected Cape Greco

Nick Theodoulou

Two arrested in connection with gangland murder

George Psyllides

Mouflon wanders into mountain coffeeshop

Evie Andreou