Cyprus – Real Estate Lease and Sales Contracts Only to be Drafted by Advocates?
In 2021, the House of Representatives passed a bill amending section 2(1) of the Advocates Law Cap. 2 which provides that drafting of contracts of sale, and rent of immovable property shall only be prepared by practising professional advocates. After being referred back by former President Nicos Anastasiades, the matter was placed on hold without further discussion.
Recently, a Bill was submitted that mirrors the abovementioned amendment. It proposes to grant only advocates the authority to draft real estate lease and sale contracts.
As of today, the drafting of legal documents related to renting or buying real estate in Cyprus is not clearly regulated by legislation.
In our opinion, the proposed amendment to the law seeks to address problems arising from using real estate agents drafting contracts which clearly is not part of their training and professional qualifications. Advocates are trained professionals in drafting contracts, have a solid understanding of legislation and case laws, and most importantly have experience in litigating cases that may arise out of contractual obligations. On the other hand, real estate agents have more practical experience in purchasing, selling and renting properties, and their area of expertise is essentially brokerage which they should focus on. This amendment ensures that only practising advocates have the necessary expertise to draft legal documents related to the sale and rental of immovable property and bear the legal responsibility of professionals.
The proposed amendment to the law aims to protect buyers, sellers, landlords, and tenants in order to ensure that they obtain expert advice on matters which clearly require legal expertise.
We can advise and assist you on immovable property matters, including the purchase and/or sale of residential or commercial property, tenancy agreements, mortgage agreements with banks, and disputes related to immovable properties.
For further information and clarifications please contact us via email at info@zambartaslegal.com or via telephone +357 22262108