SPA

A Sale and Purchase Agreement (SPA) is a legally binding document that sets out the full rights and obligations of the buyer and seller in a real estate transaction.

A standard SPA typically specifies: property description, price and payment schedule, handover date, the developer's quality commitments, and terms for handling breaches by either party.

For off-plan real estate transactions, the SPA is particularly important because it protects the buyer against risks such as delays or deviations from initial commitments. Penalty and refund clauses must be clearly defined.

Foreign investors should have an independent lawyer review the contract before signing, as this document determines all legal rights during and after the transaction.

Learn about property types and legal considerations when transacting via our article on Cyprus property by type.