Return of deposit on property purchase?

[trevnhil]

As mentioned in the past.... I was sued by a restaurant in the past for 'Damaging their Character and losing them trade' by posting on the internet.
They claimed up to 20,000 euros..
I had to hire a lawyer and we went to court... Each time when we appeared there it was cancelled to another date. This happened a number of times... Eventually both parties quit and we paid our own expenses ie the Lawyer... But it was not just the money but the worry of going there every 6 moth or more

[lotus]

If your in the right don't give in to them,otherwise you will be another one of the hundreds stitched up over here,good luck

[CYWALL]

Cyprus is in the EU right, let this Cypriot chap take you to court, if your not happy then take it higher, to the european courts, he would have to pay all court cost as he started it if i'm right, I stand to be corrected. I think he would back down before it got that far.

[Chaddy]

Thanks to everyone showing an interest in my original posting......NOW,there has been further developments in the ( SAGA ) as lincoln rightly calls it.
I will disclose later but dont miss it because it effects everyone on the island who may sell or buy property here...Nowt too serious but you will need to be informed.

[Chaddy]

Here it is,and lets all learn off it......the placing of a deposit on a property here although " non refundable " does not add up to much.
The buyer who places the deposit,be it 5/10/20 or a zillion euros can demand it back and cancel their purchase any time they like.The seller who as gone to some expence can during the process can deduct the amount off the deposit but it has to be proven.
The fact that the seller and estate agent took the property off the market when the buyer placed their deposit and lost potential sales during this period means nowt.....Tough luck.

The bottom line is this.If you are a seller,make it clear to the buyer that although a deposit has been handed over you have the right to continue to market the property and return their deposit should you get a better deal.

The above of course is in my humble opinion only...Been there done it and got the T shirt!!

[Chaddy]

Thanks Chaddy. But I note you say "in your opinion only". What matters in all these things is the rule of law, not any one individuals' or organisations' interpretation of the law, or what has gone on before. I wonder if this practice has been tested in the Cyprus courts?

If I took a "no refund" deposit from a purchaser on the sale of our house I would expect that to be a binding contact and I would also expect any lawyer I engaged to support that stance.

What you say is correct HIC,but i,m talking about real life and what happens not what should happen.

[Uncle D]

If this is correct surely the estate agent would know it and advise you not take it off the market. Seems they don't know their job very well.

[PhotoLady]

Where is the deposit held? Surely this should be with the lawyer so what do they say about it?
It's not up to your family to be chasing their tails, the lawyer should be the one giving advice and dealing with it.

[DavidatLWH]

Where is the deposit held? Surely this should be with the lawyer so what do they say about it?

You'd think so, but several years ago we were warned off using one Paphos firm of estate agents who apparently insisted that deposits be paid to them!

[mike strand2]

I suggest reading this article by George Coucounis, an experienced lawyer practicing in Larnaca, who makes reference to a case in a Cyprus court. It is too long to repeat here.
http://www.buy-cyprus-property.co.uk/ar ... posits.php

[Chaddy]

Mike.thank you very very very much.This is what i have been trying to convince everyone all along.A deposit in reality means nothing,refundable or not.
But at least it has learned us all something.