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ARTICLE · 19 MAY 2021

New Amendment On Real Estate Agreements

Michael Chambers & Co LLC
Michael Chambers & Co LLC
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Michael Chambers & Co LLC

Michael Chambers & Co LLC

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The House of Representatives announced on the 2nd of April a new amendment regarding contracts of sale for real estate. The bill refers to the meaning of practising the profession as defined...

CyprusReal Estate and Construction
Michael Chambers & Co
Michael Chambers & Co

The House of Representatives announced on the 2nd of April a new amendment regarding contracts of sale for real estate. The bill refers to the meaning of practising the profession as defined in the Advocates Law Cap.2. It states that only registered lawyers should draft sale agreements of real estate or other documents relating to property transactions. The suggestion was made by a member of the House and 32 other members voted in favour of it.

The New Bill

This step constitutes a big development in the sector of Real Estate. Up until now, any person could offer advice or draft legal documents regarding renting or buying immovable property. It was often the case that people lacked a clear understanding of the law and were wrongful in its application. This resulted in violations of the rights of the contracting parties. The amendment intends to prevent people who do not possess the necessary expertise on the subject from appearing as professionals.

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