On 2nd April 2021, the House of Representatives of the Republic of Cyprus voted in favour of the Bill for the amendment of the Cyprus Advocates Law, Cap 2.
The amendment states that drafting and/or advising on the sale and purchase agreements and/or lease agreements and/or other relevant real estate documentation relating to real estate in Cyprus is now a reserved legal activity that can be exercised only by qualified lawyers who practice law in the Republic and are regulated by the Cyprus Bar Association.
This marks a very significant and positive development in the field of real estate transactions in Cyprus and it is expected to enhance diligence in dealing with real estate matters, thereby safeguarding the legal rights of parties involved.
It will also ensure proper supervision and regulation of real estate lawyers who have the proper legal expertise to prepare the relevant legal documents and who will be held accountable and liable as professionals when providing these services.
The amending law shall come into force upon publication in the Official Gazette of the Republic.
How we can assist?
CHRISTODOULOS G. VASSILIADES & CO. LLC deals with all matters related to real estate situated in Cyprus.
The firm’s services include the following:
- Immovable property due diligence
- Drafting and negotiating of agreements for sale and conveyance of immovable property
- Acquisition of immovable property by non-residents in Cyprus
- Advising on financing the acquisition of immovable property and obtaining necessary permits in residential and commercial properties
- Review, drafting and negotiating construction, rental, and management agreements