Dear clients,
The subject of this newsletter is to outline to you the summary of major changes in the area of real estate letting with the emphasis on the commercial leases and residential leases as introduced by the new law. As of January 1, 2014 all lease relations will, as a rule, fall under the regime of the New Civil Code. This means that all existing lease agreements will be governed and interpreted under the NCC (with certain exceptions as described below).
We believe that our Newsletter will be useful for you and can also serve as an impulse for modifications of your existing lease contracts. As the NCC will automatically apply to all lease relations, it is advisable to duly consider with each change of your current lease (or execution of new one) the wording of the agreement and contractually modify such provisions of the NCC, which can be excluded or modified by agreement of the parties and which are unsuitable for your interest.
