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The Cyprus Consumer Protection Service announced the adoption of an administrative decision against two land and residential building developers for violation of the Unfair Commercial Practices of Enterprises to Consumers Law of 2007 (L. 103 (I) / 2007).
The Decision relates to an investigation carried out by the Office in relation to commercial practices used by companies in the sale of immovable property to consumers, which has shown that the companies have sold a property by concealing from consumers essential information which, if they knew, they would not sign the contract for buying and selling.
In particular, the companies did not inform consumers at the time of sale of the existence of a pre-existing mortgage on the land on which houses and apartments would be developed, while consumers were also bound by the contract of sale, with obligations not specified for which they had no real possibility of knowing before the conclusion of the contract.
After evaluating the material and all available data, the Cyprus Consumer Protection Service found that there had been unlawful and misleading practices in violation of Articles 5 and 6 of the Law and imposed the two companies with an administrative fine of €50,000.
It is highly important that prior to any real estate purchase in Cyprus, or elsewhere, you need to consult a property lawyer in order to ensure that such, and many other, unfair clauses and provisions are not included or imposed against you.
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For the Consumer Protection Authority of Cyprus, you may visit their web page here.