An agreement between the buyer (security provider) who has filed his sales contract and a third party (creditors/security sellers) transfers the rights of the buyer of the sales contract to the creditor in order to ensure his monetary policy commitment to the creditor. Although a similar provision is found in the common law, the principle today is that the terms of payment of the price, while essential, have been met by equity, since the parties to an agreement are supposed to intend to conclude the agreement and not be exempt from their obligations. On this basis, compensation is assessed as if the agreement had been reached. Once all the previous steps have been completed, it is time to sign a sales contract to seal the deal. In this article, you will learn how to do it successfully. However, it should also be noted that any clause in the shareholder contract that violates a legal provision of the Law Cap.113 is considered invalid after Cyprus Law.In, in addition to this point, a shareholders` pact and the statutes of a company should be compatible. The development of a shareholders` pact should be carried out by an experienced lawyer, able to provide appropriate advice and assistance, tailored to the specific facts of each case. That is what we are trying to ensure in the Vasiliou Act. If the property is subject to a mortgage, it is advisable to ask the seller to inform him of the value report of the property for sale in order to know the part of the loan allowance allocated to him. The buyer has the right to pay an amount corresponding to the value of the property he has acquired (part of the mortgage debt) directly to the mortgagee and not to the creditor of credit and the mortgagee is legally required to receive them. If this is paid and the seller refuses the transfer or is unable to proceed with the transfer, the buyer may apply to the Court for a court injunction of the special benefit to be registered as an owner, regardless of an existing charge, and his property is therefore exempt from such a charge. The details from a civil law complaint are distinctive and useful to be mentioned with the result. The seller owned two lots in a village in the Larnaca district and signed a contract to sell to a buyer at a certain price, with $500 to pay in advance and the rest on the day of the transfer.
The deposit was paid and the buyer filed the sales contract on the register. The seller challenged the closing of the sale on the grounds that the price mentioned in the sales contract for the two pieces was not the actual price, since the buyer will pay him an additional amount in cash « under the table ». He told the Tribunal that he wanted legal advice on the validity of the case. After seeing his lawyer, he decided not to pursue the conclusion of the sales contract. A good example is a land sale agreement that provided for the payment of a certain amount in the form of a surety and the balance agreed at the time of the transfer. The deposit was paid, but not the balance, although the sale contract was deposited with the land registry. As soon as the deadline expired, the sellers sent the buyer a written notification requesting the balance of the purchase price and gave him ten days to pay it. The Court found that the 10-day termination and subsequent termination were appropriate.
It was found that the sellers did not waive their right to terminate the contract if the payment of the price had not been made and that they did not allow time to calculate interest before taking steps to terminate the contract.