Resumption of Legal Times for Promise of Sale Agreements(konvenji)
The order for the indefinite suspension of promises of sale has been revoked according to a legal notice published this morning by the Ministry of Justice, Equality and Governance, and the Superintendence of Public Health. This new directive is effective immediately.
All agreements have had their validity extended by 20 days.
Moreover, to ensure a more streamlined return to normal of notarial work, contracts will be extended by an additional period calculated on the number of days between the beginning of the suspension on 16th March 2020 and its lifting today or the contract’s expiry date, whichever comes first.
- Example 1: A promise of sale that expired on 16th March 2020, will only be extended by the 20 days provided for by the legal notice.
- Example 2: A promise of sale that expired on 6th April 2020, will be extended by the number of days elapsed from the start of the suspension—21 days—and an extra 20 days, for a total of 41 days from the 22/05/2020 (the day the suspension was lifted)
- Example 3: A promise of sale that hasn’t expired yet will be extended by the entire duration of the suspension—67 days—and an extra 20 days, for a total of 87 days from the expiry date.
Due to remaining COVID-19 restriction measures and the backlog of contracts accumulated, it is expected that banks will offer limited appointments for the signing of contracts in the foreseeable future.
Clients are advised to refer to the terms of their loan agreements and contact their bank in case of any difficulty.