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Terms & Conditions
Terms And Conditions
The Cyprus Common Auction Conditions
The Cyprus Common Auction Conditions are based upon the Common Auction Conditions (Edition2) produced by the Royal Institution of Chartered Surveyors (RICS) and adapted to comply with Cyprus law and practice . They have three main sections:
This gives special meanings to some words used in the rest of the conditions
2. The conduct of the auction
These conditions regulate the conduct of the
auction. If you read our catalogue, the use of our website, or attend the auction you do so on the basis that you accept them
3. Conditions of sale
If you buy a lot you will sign a preliminary contract of sale or a preliminary sale agreement under which you agree to be bound by the conditions of sale that apply to that lot. These conditions are:
• General Conditions that apply to all lots
• Any extra General Conditions in the catalogue or an addendum
• Special Conditions that only apply to the lot you are buying (and which may vary the General Conditions)
The conditions are legally binding.
A prudent buyer will, before bidding for a lot at an auction:
• Take professional advice from a conveyance and, in appropriate cases, a chartered surveyor and an accountant
• Read the conditions
• Inspect the lot
• Carry out usual searches and make usual enquiries
• Check the content of all available leases and other documents relating to the lot
• Check that what is said about the lot in the catalogue is accurate
• Have finance available for the deposit and purchase price
The conditions assume that the buyer has acted like a prudent buyer.
If you choose to buy a lot without taking these normal precautions you do so at your own risk.
In the conditions wherever it makes sense:
• singular words can be read as plurals, and
• plurals as singular words
• a ‘person’ includes a corporate body
• words of one gender include the other genders And where the following words appear in
blue they have the specified meanings:
An amendment or addition to the conditions whether contained in a supplement to the
Catalogue and or Website, a written notice from the auctioneers or an oral announcement at the auction
A Cyprus clearing bank
The auction advertised in the catalogue and website
The auctioneers at the auction
Any day except (a) Saturday or Sunday (b) a bank holiday in Cyprus (c) Good Friday or Christmas Day
The person who agrees to buy the lot or, if applicable, that person's personal representatives: if two or more are jointly the buyer all obligations can be enforced against them jointly or against each of them
The catalogue to which the conditions refer including any supplement to it
The website to which the conditions refer including any supplement to it
Completion to buy
The date when the preliminary contract of sale or preliminary sales agreement is
signed, normally the same date as the auction.
Completion to Take Possession
The date the full balance of the purchase Price is paid, normally within 60 days of the
Completion to Transfer
The date the Title Deeds are transferred to the buyer.
a) the date the title deeds are transferred, in cases where the title deeds are available
b) the date the final contract is signed in cases where no separate title is available
This glossary, the conditions for the conduct of the auction, the general conditions, any extra conditions and the special conditions.
Preliminary contract of sale
The contract by which the seller agrees to sell and the buyer agrees to buy the lot to be used where the seller is named on the individual Title Deed.
Preliminary Sale Agreement
Preliminary sale agreement by which the original buyer who sells agrees to sell and
the new buyer agrees to buy the lot, to be used where the seller is named on the “contract of sale” as the buyer and he proves that he is the buyer and he has the right to sell
The date of the auction or, if the lot is not sold at the auction,
a) the date the preliminary contract of sale or the preliminary sale agreement (in cases where separate title deed is not ready yet) is signed by both the seller and buyer or
b) if contracts are signed, the date of signing.
Documents of title deeds (including, if title deed is held by the seller or the developer and is registered, the entries at the District Lands’ Office) and other documents listed or referred to in the special conditions relating to the lot
The Cyprus Common Auction Conditions
Any additions to or variations of the conditions that are of general application to all lots
If not specified in the special conditions, 2% above the base rate from time to time of The Bank of Cyprus
Each separate property described in the catalogue, website or (as the case may be) the
property that the seller has agreed to sell and the buyer to buy
The section of the catalogue that contains descriptions of each lot
The price that the buyer agrees to pay for the lot
The person selling the lot
Value Added Tax or other tax of a similar nature
We (and us and our)
You (and your)
Someone who has a copy of the catalogue, uses our website or who attends or bids at the auction,
whether or not a buyer
The catalogue and our website is issued and used only on the basis that you accept these conditions relating to the conduct of the auction. They override all other conditions and can only be varied if we agree.
As registered & licensed agents for each seller we have authority to:
• prepare the catalogue, list on our website & advertise information supplied by or on behalf of each seller
• offer each lot for sale
• sell each lot
• receive and hold deposits
• sign each preliminary contract of sale (provided we have power of attorney)
• sign each preliminary sale agreement (provided we have power of attorney)
• treat a contract as repudiated if the buyer fails to sign a sale memorandum or pay a deposit as required by the conditions.
Our decision on the conduct of the auction is final.
We may cancel the auction, withdraw lots from sale, or alter the order in which lots are offered for sale. We may also combine or divide lots.
You acknowledge that to the extent permitted by law we owe you no duty of care and you have no claim against us for any loss.
Bidding and reserve prices
We may refuse to accept a bid. We do not have to explain why.
If there is a dispute over bidding we are entitled to resolve it, and our decision is final.
Unless stated otherwise each lot is subject to a reserve price. If no bid equals or exceeds that reserve price, the lot will be withdrawn from the auction. The seller may bid (or ask us or another agent to bid on the seller's behalf) up to the reserve price but may not make a bid equal to or exceeding the reserve price.
Where a guide price is given that price is not to be taken as an indication of the value of the lot or of the reserve price.
The particulars and other information
We have taken reasonable care to prepare particulars that correctly describe each lot.
However the particulars are based on information supplied by or on behalf of the seller and we are not responsible for errors. The particulars are for your information but you must not rely on them. They do not form part of any contract between the seller and the buyer.
If we provide any information or a copy of any document we do so only on the basis that we are not responsible for its accuracy.
The conduct of the auction
The Cyprus Common Auction Conditions
A successful bid is one we accept as such. If you make a successful bid for a lot you are obliged to buy that lot on the terms of the preliminary contract of sale . The price will be the amount you bid plus VAT (if applicable). You must before leaving the auction:
• provide all information we reasonably need from you to enable us to complete the preliminary contract of sale or preliminary sale agreement (including proof of your identity)
• sign the completed preliminary contract of sale or preliminary sale agreement and
• pay the deposit
Deposits must be paid by cheque or by bankers' draft drawn in our favor on a
Cyprus clearing bank. We may retain the preliminary contact of sale or preliminary sale agreement signed by or on behalf of the seller until we receive the deposit in cleared funds. If you make a successful bid for a lot:
• You are personally liable to buy it even if you are acting as an agent. It is your responsibility to obtain an indemnity from the person for whom you are the agent
• Where the buyer is a company you warrant that the buyer is properly constituted and able to buy the lot
• If the buyer does not comply with its obligations under the contract you are personally liable to buy the lot and must indemnify the seller in respect of any loss the seller incurs as a result of the buyer's default.
The general conditions apply except to the extent that they are varied by the extra
conditions, the special conditions or by an addendum.
1 The lot
1.1 The lot, including any rights granted and reserved, is described in the special conditions
1.2 The lot is sold subject to any tenancies disclosed by the special conditions, but otherwise with vacant possession on completion.
1.3 The lot is sold subject to all matters contained or referred to in the documents and to such of the following as may affect it, whether they arise before or after the contract date and whether or not they are disclosed by the seller or are apparent from inspection of the lot or the documents.
1.4 The buyer buys with full knowledge of
a) the documents whether or not the buyer has read them
b) the physical condition of the lot and what could reasonably be discovered on inspection of it, whether or not the buyer has inspected it.
1.5 The buyer is not relying on the information contained in the particulars or in any replies to preliminary enquiries but on the buyers own verification of that information. If any information is not
correct any liability of the seller and any remedy of the buyer are excluded to the extent permitted by statute.
2.1 The amount of the deposit is the greater of
a) £2,000 (or the total Price if less than £2,000) exclusive of VAT
b) 10% of the PRICE exclusive of VAT.
c) No deposits are refundable if purchaser fails to proceed
2.2 The deposit must be paid to the auctioneers by cheque or banker’s draft drawn on an approved bank
2.3 Where the auctioneers hold the deposit as stakeholders they are authorized to release it and any interest on it to the seller on completion or, if completion does not take place to the person entitled to it under the conditions.
2.4 If for any reason the deposit is not received by the auctioneers in cleared funds within ten business days of the contract date the seller is entitled to treat the contract as at an end and bring a claim against the buyer for breach of contract.
2.5 Interest earned on the deposit belongs to the seller unless the conditions provide otherwise.
3 Title Deed & Ownership
3.1 The seller must provide, a copy of The Title Deed or in the case the seller is not the registered owner, provide a copy of the following;
a) The Sales Contract
b) Architects Plans
c) Planning permission
d) Building permission
e) Letter from the developer stating that they have no objection to sign final contracts
f) Certificate of approval (if available)
g) Copy of water bill
h) Copy of electricity bill
3.2 There shall be two types of sale
3.2.1 The sale of a property for which a separate individual Title Deed exists. The buyer and the seller will sign a final and binding contract (The contract of sale) which will commit both parties on;
a) the property to be sold (the lot)
b) the seller
c) the buyer
d) the sale price
e) the terms of payment
f) the delivery time
g) transfer date
3.2.2 The sale of a property for which no individual separate Title Deed exists and the property forms part of a development to be built, completed and sub-dived. The buyer and the seller will commit on a preliminary basis by both parties signing a preliminary sale agreement which shall cover the following;
a) The property to be sold (the lot)
b) The sale price
c) Time required for the existing contract cancellation and the subsequent new contract to be signed
d) The delivery date
4 Preliminary sale agreement terms
4.1 The Special Terms in the contract will state
4.1.1 The Contract date and developer under which they have legal right of possession and the right to dispose of such a possession through a new Contract of Sale with the registered owners
4.1.2 The cost of such a procedure will be paid by the vendor
4.1.3 The vendors undertake to have their said Contract of Sale cancelled and a new contract to be signed with the purchaser.
4.1.4 Any taxes as from the date of delivery will be the sole responsibility of the purchasers.
4.1.5 In the event that the purchaser fails to meet the obligations under the contract on the agreed time and
provided the vendor is ready to execute theirs, then the deposit paid in virtue of this agreement will be
kept by the vendor less reasonable expenses to the auctioneers as nonrefundable and this agreement will
be considered null and void
4.1.6 In the event that the contract between the developer and the vendor cannot be signed by the agreed time the vendor will refund the deposit to the purchaser in case he doesn’t refund within 30 days from request he pays 3% interest from the date of request until date of payment
4.1.7 The vendor will provide the purchasers solicitor with copies of the tax clearance certificates for any
capital gains tax liability, supply electricity and water bills to enable the purchaser to connect these
utilities in the purchaser’s name, as from the date of delivery, and withdraw the contact of sale from the land registry in order to enable the new contract to be lodge
5 Preliminary contract of sale terms
5.1 The Special Terms in the contract will state
5.1.1 The property is free of any impediments and the agreement may be lodge with the Land Registry Office
5.1.2 Any taxes from the date of delivery will be the responsibility of the purchaser
5.1.3 The vendor will provide the purchasers solicitor with all the tax clearance certificates showing that
that there is no tax liability at the stage of signing the contract. In this respect the purchasers solicitor will
provide the vendors solicitor with a copy of the stamped agreement
5.1.4 Any dispute between the parties of this agreement shall be resolved under The Laws of Cyprus and the relevant District Court will have exclusive jurisdiction.
5.1.5 The purchaser will have the right to sell the property to any third party and the vendor will consent to a new agreement to be signed between him and the new buyers, provided that the new contract will be under the same Terms and conditions.
6.1 Completion stages will take place as follows
6.1.1 Completion to buy - Occurs when final contracts are signed
6.1.2 Completion to take possession - Occurs when the full purchase price is paid, usually 60 days after
6.1.3 Completion of transfer – Occurs when the Title Deeds are transferred into the name of the buyer,
provided that the buyer obtains the permits from the Cypriot authorities (if required), at a time in the future determined by the availability of the Title Deeds
7.1 Where the conditions require money to
be paid the payer must also pay any VAT that is chargeable on that money, but only if given a valid VAT invoice.
VARIATIONS TO COMMON AUCTION CONDITIONS
Clause 2 of the general conditions of Sale is varied to the extent that the deposit will be held by the auctioneers as agents for the seller except if the Special conditions of Sale stipulate otherwise. Without prejudice to General Condition
2.4, in the event that any cheque given as deposit is dishonored upon presentation or the buyer fails to pay the deposit on the date hereof then without notice the seller shall if he so chooses have the right to deem the conduct of such buyer as a repudiation of the agreement between the buyer and the seller and may resell without notice and/or take steps which may be available to it as a consequence of the buyers breach but without prejudice to any claims it may have against the buyer for breach of the agreement or otherwise.
Any description of the lot which includes reference to its use does not imply or warrant that it may be legally used for that purpose.
Money Laundering Regulations
If the buyer is unable to provide adequate means of identification in the auction room either for himself or for the contractual buyer (if this is different) the auctioneer may retain the sale memorandum signed by or on behalf of the seller until such identification is produced and in the absence of its production may (as agent for the seller) treat this as the buyers’ repudiation of the contract and re-offer the lot for sale.
Liability of the auctioneers
The auctioneers shall be under no financial liability in respect of any matters arising out of the auction or the particulars for any lot or any of the conditions relating to any lot.
No claims shall be made against the auctioneers by the buyer in respect of any loss or damage or claim actually or allegedly suffered by or made against the buyer by reason of the buyer entering into the contract.
Signing Auction Contract
By participating in the auction the successful bidder undertakes to sign the auction contract of sale or preliminary contract of sale immediately following the fall of the hammer on his/her bid, and in any
event the buyer gives to the auctioneer the irrevocable and binding authority to sign the auction contract on his/her behalf.
Buying Before Auction.
Because of the intensive marketing, a percentage of properties will sell prior the auction.
You can place a bid before an auction by contacting the auctioneer and place an offer. The vendor may accept this offer, to save themselves the trouble and time going to auction.
On completion of the sale there is an administration cost of 1% of the sale price payable by the buyer (plus VAT), and the Vendors Charges as agreed (plus VAT).
Whilst reasonable care is taken to ensure that the information contained on this website is accurate, we cannot guarantee its accuracy and we reserve the right to change the information on this website (including these terms and conditions) at any time without notice. You must check these terms and conditions for changes each time you intend to use this website.
This website on an "as is" basis and makes no representations or warranties of any kind with respect to this website or the content contained on it (including any text, graphics, advertisements, measurements, links or other item) and disclaims all such representations and warranties. Opinions expressed on this website are not statements of fact. In addition, neither we nor any other contributor to this website make any representation or give any warranty, condition, undertaking or term either express or implied as to the condition, quality, performance, accuracy, suitability, fitness for purpose, completeness, or freedom from viruses of the content contained on this website or that such content will be accurate, up to date, uninterrupted or error free.
Nothing on this website shall be regarded or taken as financial advice. The information contained on this website is not an invitation to invest and may not be relied upon in connection with any investment decision.
We make no representations or warranties of any kind with respect to this website or the content contained on it, including any text, graphics, advertisements, links or other items. Furthermore, neither we nor any other contributor to this website make any representation or gives any warranty, condition, undertaking or term either expressed or implied as to the condition, quality, performance, accuracy, fitness for purpose, completeness or freedom from viruses of the content contained on this website or that such content will be accurate, up to date, uninterrupted or error free.
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