Option Agreement Restriction On Title

The provisions of the 2002 Basic Law generally apply to restrictions registered under the 1925 Basic Law, in the same way as to restrictions introduced subsequently (Paragraph 2 (2) of Annex 12 to the 2002 Basic Law). If a restriction is entered in a register in Form LL, the certificate required to comply with the limitation must be signed by a carrier in his own name and not in the name of his company or employer (Rule 217A(2) of the Cadastre Regulation 2003). Certificates signed by an employee of the proponent are not acceptable, even if they are signed on behalf of each proponent. The certificate must specify “I certify”, not “We will certify”. The conveyor must sign the certificate in person with wet ink. Such a certificate is normally required for an application to lift or cancel this restriction. An agreement with a lessor or a management company, whether it is a lease, a contractual act, a transfer or otherwise, which expressly limits the powers of disposition of the registered owner, may be reflected in the registration of a restriction. However, given the inconvenience and costs that both parties may incur in terms of compliance, it is always necessary to carefully consider whether a restriction is really necessary. The request for limitation can be submitted in Form RX1. With regard to restriction, agreements contained in a lease agreement may be requested in clause LR13 of a compulsory lease. . . .

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