Legal Issues
Example of Sales Contract
THIS AGREEMENT made on the __________ between __________ , registration number __________ from __________ (hereinafter called the Vendor) of one part and Mr / Mrs __________ , of __________ , passport number __________ (hereinafter called the Purchaser) of the other part. Mail address: __________ Telephone numbers: Home __________ Work __________ Mobile __________ E-mail __________
A) WHEREAS The Vendor is the registered owner of the plot of land number __________ under registration number _________ , Sheet __________ plan of the locality of __________ in the town of __________ (hereinafter called 'the plot of land').
B) AND Whereas the Purchaser offers to buy the __________ shown on the attached plan __________ on the __________ coloured in __________ (hereinafter called the __________ ) (The __________ will form part of the building known as __________ ) [Applicable additions/amendments where appropriate]
C) IT IS HEREBY AGREED AS FOLLOWS:
1. The Vendor agrees to sell and the Purchaser agrees to buy the above __________. The selling/purchase price is agreed at CYPŁ __________ ( __________THOUSANDS CYPRUS POUNDS) PAYABLE AS FOLLOWS:
A) The sum of CYPŁ (__________ CYPRUS POUNDS) holding deposit has been paid on __________ .
B) The sum of CYPŁ (__________ THOUSAND CYPRUS POUNDS) to be paid on __________ .
C) The sum of CYPŁ (__________ THOUSAND CYPRUS POUNDS) to be paid on __________ .
D) The sum of CYPŁ (__________ THOUSAND CYPRUS POUNDS) to be paid on __________ .
2. The Vendor will construct and complete the __________ sold and provided that the Purchaser shall have fulfilled his obligations will give possession to the Purchaser on or before the __________. If construction/completion or delivery is delayed due to reasons outside the control and/or power and/or blame worthiness of the Vendor, the latter will be entitled to postpone the delivery accordingly having regard to the time lost. It must also be taken into account the difficulty of the position of the project and the delays that might occur because of that.
3. The Vendor at his own absolute discretion will have the right to modify the plans and/or effect alterations if he considers it necessary provided always that the __________ will not be effected substantially/materially.
4. The property will be developed and construction of the __________ will be made according to plans, technical specifications and materials of the absolute discretion, choice and approval of the Vendor. The Purchaser may ask for any extra work or modification or addition or other materials provided that the Vendor will undertake and accept any such extra work etc., and the parties will enter into a collateral agreement in writing. It is always understood and agreed that nothing in this paragraph is binding or if the Purchaser is not ready to pay any additional amount will be asked by the Vendor or if such work etc., will delay the construction and/or completion of the building or the __________ .
5. A separate Title Deed for the __________ will be issued by the Land Registry Office at the expense of the Vendor and transfer of ownership into the name of the Purchaser will be effected upon issuing of the said Title Deed provided that prior to transfer, the Purchaser shall have fulfilled all of his obligations and payments under the present and/or any other collateral agreement. The transfer fees and expenses shall be borne and paid by the Purchaser. It is understood and agreed that all ownership's will be transferred under and/or subject to any conditions/obligations/terms that may be imposed by the appropriate Authority and/or the Land Registry as to the use and/or possessing of each and every ownership and the commons of the building. The Vendor has and/or retains the absolute right to prepare, fix and deposit to the appropriate Authority and/or the Land Registry, any document and/or Agreement (referred as 'The General Agreement') and to sign (if necessary) the said document/agreement on behalf of the Purchaser and/or which the Purchaser undertakes to accept and sign.
6. The Purchaser undertakes to take any necessary steps and acquire any necessary permission and/or licence etc. required by the law or custom in Cyprus, to enable transfer into their name(s) and in omission, the Vendor may act for the purpose and authorise any lawyer to act upon this matter while the Purchaser will be debited with relevant costs and expense.
7. Any notice to the Purchasers shall be good and effective if given to Purchasers themselves or posted to the address mentioned in this agreement or to any other address of the Purchasers.
8. Until after the transfer of the __________ into the name of the Purchaser, the latter shall not be allowed to effect any alterations to the __________ , and in any event he shall not be entitled to change or modify the outside shape and/or appearance of the __________ [if applicable]
9. The law applicable to this Agreement is the Cyprus law.
10. The Purchaser undertakes to pay all connection fees concerning the meters of the sold property to the Electricity Authority, Cyprus Telecommunications Authority and Water Board Department.
11. After possession is given to the Purchaser and/or from the time the __________ will be completed, the Purchaser shall be liable to pay and/or debited with his share to any common expenses in running the building that may be calculated by the Vendor or otherwise imposed [if applicable]
12. The time and/or payment of the purchase price, instalments, interest and of any other amounts under this and/or any collateral Agreement shall be the essence of the Contract and any breach or failure on the part of the Purchaser to comply with, will entitle the Vendor to terminate this Agreement together or not with any other collateral Agreement and/or to demand that all outstanding amounts (whether due and payable or not) be paid immediately and 9% interest will be charged on every balance as agreed damages. In case of termination the Vendor shall be entitled automatically to the other income, shall belong to him and be collected by him. So far as the Purchaser retains or refuses to deliver up vacant possession of the __________ the Purchaser shall be liable to pay the Vendor Ł25 per day from the Date of Termination as pre-estimated and agreed menses profits until the possession will be given to the Vendor.
In addition to the above, the Vendor will have the right at his discretion to resell the __________ either by public auction or private contract and to receive from such resale any balance or other amounts under this Agreement plus 5% commission for such resale and 1% agreed cost and expenses that the Vendor has suffered from preparing and entering the present Agreement as well as any other expenses, lost and damage for the termination and the resale. Any deficiency that may arise out of such resale shall be made good and paid by the Purchasers. Notwithstanding anything contained in the above paragraph, the Vendor may choose to take any other and/or further legal steps or act otherwise under the contract law.
13. In this Agreement the expressions 'Vendor' and 'Purchasers' shall mean and include their successors or permitted assignees or other person deriving title under them.
SIGNED and WITNESSED
Published for guidance only
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