REAL ESTATE BREAKING NEWS: New Luxembourg law on commercial lease contract has just been passed!
This Wednesday 17 January 2018, the Chamber of Deputies has voted bill n°6864 on the commercial lease contract and modifying some dispositions of the Civil Code.
The new law is the result of a long series of discussions – some of them arduous – between representatives of the concerned parties as well as numerous amendments of the bill since its first version on 3 September 2015.
The new law will apply from the 1st day of the month following its publication in the Luxembourg Official Journal (Mémorial A). It modifies and replaces Articles 1762-3 to 1762-8 of the Civil Code and adds new Articles (1762-9 to 1762-13).
Key changes of the new law concern definition of the lease contract, duration and termination by the lessor, prohibition of leasing rights, amount of guarantee, sub-lease rent, suspended eviction of lessees, preferential renewal and pre-emptive right in the case of sale of the leased premises.
In the coming weeks, we'll come back with further details on each of the above modifications. Stay tuned!
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