What happens if there is late delivery of the property that you have purchased?
As a purchaser you need to be aware that clauses in the contract of sale which predetermine the amount of damages in the event of late delivery of the property will be ignored by the court. These clauses are seen as a penalty being a punishment rather than a means of putting the purchaser into the position that they should have been. The measure of compensation will be determined by looking at damage and real loss caused to the purchaser.
Most contracts of sale contain a clause that entitles the purchaser to a specified sum of money for compensation in the event of late delivery of the property, for example a monthly rate of compensation.
However, it should be noted that in the eyes of the law this clause is viewed as a penalty clause and therefore does not allow the purchaser to demand that they are given the amount stated in the contract. The purchaser is only entitled to claim compensation for the damage and real losses which he has suffered due to the loss of use of the property as a result of its late delivery. The difficulty that the court has is quantifying the actual loss that the purchaser has been subjected to due to late delivery; the court will use the test of reasonableness.
As a purchaser the best method to use to protect yourself and your interests is to be able to provide the court with evidence of the damage and real and substantial loss which has occurred. It is advisable to get this evidence from an expert property valuer as this will be accepted by the court as reliable, acceptable evidence. It is vital that such evidence can be obtained as in reality the losses and damage can be substantial and if the court is not presented with such evidence they will only award nominal damages which may stand in stark contrast to the actual loss, leaving the purchaser in a situation where they suffer severe loss.
The Supreme Court of Cyprus has considered the issue of compensation in cases of late delivery of property and concluded that;
“The normal measure of damages is the value of the user of the land, which will generally be taken as its rental value, for the period from the contractual time for completion to the date of actual completion” (Metallika Iraklis Michaelides Ltd v. G & C Exchaust Systems Ltd (Civ. Appeal 10355) 26 April 20).
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