The Cyprus Parliament voted in favor of a very important amendment in the Advocates’ Law, according to which only Cyprus attorneys shall have the exclusive right to draft real estate sale and purchase agreements. The suggestion amending the term “law practice” was welcomed by the majority of the Members of Parliament, the aforementioned type of contract drafting into a competence attributed solely to legal professionals who have the knowledge and experience in the field, while carrying the appropriate share of responsibility deriving from such services.
Interestingly enough, it was clarified that this amendment is applicable only to cases when the interested person decides to turn to a professional for the conclusion of such acts, both for sale and purchase agreements, as well as rental agreements. Consequently, the Law is not applicable to individuals who, for their own personal reasons, do not wish to seek the services of a professional for the aforementioned type of acts.
It has been strongly argued that such an amendment to the current legislation shall establish a solid foundation of protection within the real estate market, both for the sellers as well as the purchasers. More concretely, it was stated that such initiative shall prevent the violations of the purchasers rights, while the contracts shall be more clear, leaving very little room for misinterpretation. Last but not least, a key element of this amendment is based on the legal responsibility of the advocate drafting the contract, as it shall enhance the legal protection of both sides of the agreement.
The present article is for informational purposes only and does not, under any circumstances, constitute legal advice. For further information on the subject, please contact our firm and one of our attorneys shall be glad to assist you.
N. Kalifatidou
Advocate – Legal Consultant
Arsen Theofanidis LLC