On Friday, April 2, a majority of members of the Cyprus Parliament voted to amend the Advocates Law, Cap 2, according to which, the drafting of contracts and documents of the real estate lease or sale in the country should be entrusted exclusively to those who practice law.
This addition essentially renders the drafting of contracts and documents of the real estate lease or sale of immovable property in Cyprus within the exclusive ambit of legal services, hence apart from advocates practising law in Cyprus, no other person shall be entitled to draft contracts and documents of the real estate lease or sale of immovable property in Cyprus.
The amendment is considered a positive development in the field of real estate transactions in Cyprus and is expected to enhance diligence in dealing with real estate matters, thereby safeguarding the legal rights of parties involved.
The amending law shall come into force upon publication in the Official Gazette of the Republic.
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