Law On shared construction of real estate come into force in Turkmenistan
Turkmenistan, Ashgabat, April 21 /Trend H.Hasanov/
The law On shared construction of apartment houses and other real estate came into force in Turkmenistan, the official Turkmen source said on Saturday.
The law establishes the legal, economic and institutional frameworks for shared construction, regulates the relations with regard to the joint construction of houses and other real estate by attracting funds of individuals and legal entities, and establishes safeguards for the protection of the rights and lawful interests of real estate investors and developers.
State regulation and control of shared construction carried out by the Cabinet of Ministers of Turkmenistan, as well as the competent authority in the field of construction and local bodies of executive power, on the territory of which the shared construction of apartment buildings and (or) other real estate is implemented.
According to Article 13, the mandatory requirements for the content of the agreement imply that an agreement on joint construction shall contain the name of the object of shared construction, the timing of commissioning a dwelling house and (or) other property, the value of the shared construction, rights, duties and responsibilities of the parties, the size of and terms of payment of the cost of the object share construction, information about the license to perform construction work from the developer (contractor), quality assurance of shared construction facility, as well as details of the parties.