Contract of Sale - Property Under Development

This document is a template contract of sale for the sale and purchase of property under development. Its is made in English and is governed by Cyprus law.  It is customarily entered into between a buyer and a developer. This particular draft assumes the subject matter property is an apartment in an apartment complex. It also assumes that payment will be made  largely up front and that,  as security for the perfromance of the obligations of the developer,  a bank guarantee will be issued in favour of the purchaser which will provide, inter alia, gradual reduction of the guaranteed amount in line with construction stages which are completed.  Finally this draft assumes that there are no morgtgages or encumbrances on the land where the complex is built and thus there are no provisions for bank waiver to be issued, prior to any payment.   With proper adjustment it can apply to a variety of facts and circumstances.