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ARTICLE · 02 OCTOBER 2017

Publication For Commercial Real Estate 2018

G. Vrikis & Associates LLC
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A Lease Agreement falls within the ambit of the Cyprus Contracts Law, Cap. 149 and, as such, follows the general rules and principles of contracts.

CyprusReal Estate and Construction
G. Vrikis & Associates LLC
G. Vrikis & Associates LLC
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LEASING

Practical points

  1. Securing the premises

A Lease Agreement falls within the ambit of the Cyprus Contracts Law, Cap. 149 and, as such, follows the general rules and principles of contracts. In this respect, it is worth noting that since the Cypriot legal system is based on the Anglo-Saxon common law principles, there are a number of similarities with a UK-jurisdiction Lease Agreement.

A matter worth noting is the requirement for a Lease and/or Rental Agreement to be signed by the parties in the presence of two (2) competent witnesses in order to be legally binding (if its term is of one (1) year and above – Section 77 of Cap. 149), as opposed to a Purchase Contract for Immovable Property, which does not require any witnesses.

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