A heated debate has arisen in Cyprus over a proposal to give exclusive rights to lawyers for drafting property sale and lease contracts. The issue, currently under review by the House Legal Affairs Committee, stems from a bill submitted by independent MP Kostis Efstathiou.

The bill aims to ensure that property contracts are drafted in compliance with legal standards and regulations, thereby protecting buyers from potential losses. Proponents highlight that, under current practices, even kiosks sell standard property sale agreements, raising concerns about their validity and legal soundness.

Initially passed by the House of Representatives in 2021, the law was referred back by then-President Nicos Anastasiades and ultimately expired without further discussion. The reintroduced bill mirrors its predecessor while addressing requirements related to anti-money laundering legislation.

According to Michalis Vorkas, President of the Cyprus Bar Association, the proposed legislation is crucial for addressing widespread issues in the property market. He emphasized the frequent lack of understanding among buyers and sellers regarding the importance of sale agreements. Many buyers fail to register their contracts with the Land Registry, leaving them vulnerable if sellers refuse to transfer property ownership.

Vorkas also raised concerns about the state’s exposure to potential money laundering risks. Without proper oversight, large sums of money exchange hands unchecked. He argued that the Cyprus Bar Association, as the supervisory authority for lawyers, could ensure greater accountability and prevent disputes over ownership and financial transactions.

The Real Estate Registration Council has strongly opposed the amendment to the Advocates Law of 2024, claiming it directly threatens the viability of the real estate profession.

“The proposal, driven largely by lawyer MPs, risks destroying the real estate industry in favor of legal professionals,” the council said.

The council further argued that licensed real estate agents are fully qualified to prepare such documents, adding that individuals entering agreements already have the option to choose whether to be represented by a lawyer or another professional.