Lease agreements and acquisition of real estate chapter 5 cy
National law – CY – Legal system – module 5
A lease agreement is a legal agreement used by landlord to rent out their property for those who will be using the property. The lease agreement is in writing and is signed by all parties involved. In relation to this, rent control is the price limit that controls how much a property owner can charge for renting out a property, it is used to prevent greedy landlords to charge over a certain amount. Rent control courts from the special jurisdiction courts have the authority to decide the fate of any disputes lease agreement. It is the jurisdiction of rent control courts to decide matters related to property and real estate issues. In Cyprus, rent control court is responsible to sort out disputes between tenants and landowners pertaining to the lease. In case anyone has to rent a place, or has to lease a property, the agreements are prepared by referring to this particular body of law. Rent control court is the supreme authority in such cases.
In case of acquisition of real estate in Cyprus, the buyer and the seller are bound once the sale contract becomes valid. Under the provisions of stamp law, once the contract of sale of immovable property is stamped and it is submitted to the department of lands and surveys, the contract becomes valid. According to the law, the buyer is bound to submit the contract within six months of the time it was signed. Title passes when title deeds are issued by the land registry.
In case of any lease agreement or any acquisition of immovable property in Cyprus, there must not be any misrepresentation or any type of fraud involved in the process. In case any misrepresentation is reported or there is any kind of fraud in dealing, the dispute can be referred to the rent control court. In case there is some fraud or misrepresentation, the contract can become void according to the law of Cyprus. Sellers offer some warranties to the buyers in case of acquisition of immovable property and lease agreements. Sometimes personal guarantees and bank guarantees are added to the deal between the seller and the buyer as per the rent control court of Cyprus.
Nikitas Hatzimihail. and Antria Pantelidou., Evidence In Civil Law – Cyprus (Institute for Local Self-Government and Public Procurement Maribor, 2015)
A lease agreement is a legal agreement used by landlord to rent out their property for those who will be using the property. The lease agreement is in writing and is signed by all parties involved. In relation to this, rent control is the price limit that controls how much a property owner can charge for renting out a property, it is used to prevent greedy landlords to charge over a certain amount. Rent control courts from the special jurisdiction courts have the authority to decide the fate of any disputes lease agreement. It is the jurisdiction of rent control courts to decide matters related to property and real estate issues. In Cyprus, rent control court is responsible to sort out disputes between tenants and landowners pertaining to the lease. In case anyone has to rent a place, or has to lease a property, the agreements are prepared by referring to this particular body of law. Rent control court is the supreme authority in such cases.
In case of acquisition of real estate in Cyprus, the buyer and the seller are bound once the sale contract becomes valid. Under the provisions of stamp law, once the contract of sale of immovable property is stamped and it is submitted to the department of lands and surveys, the contract becomes valid. According to the law, the buyer is bound to submit the contract within six months of the time it was signed. Title passes when title deeds are issued by the land registry.
In case of any lease agreement or any acquisition of immovable property in Cyprus, there must not be any misrepresentation or any type of fraud involved in the process. In case any misrepresentation is reported or there is any kind of fraud in dealing, the dispute can be referred to the rent control court. In case there is some fraud or misrepresentation, the contract can become void according to the law of Cyprus. Sellers offer some warranties to the buyers in case of acquisition of immovable property and lease agreements. Sometimes personal guarantees and bank guarantees are added to the deal between the seller and the buyer as per the rent control court of Cyprus.
Nikitas Hatzimihail. and Antria Pantelidou., Evidence In Civil Law – Cyprus (Institute for Local Self-Government and Public Procurement Maribor, 2015)
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