Notarization of Agreement For Participation in Shared-Equity Construction in Turkmenistan

BUSINESS TURKMENISTAN
Notarization of Agreement For Participation in Shared-Equity Construction in Turkmenistan
If the object of shared-equity construction is an apartment, then registration of such an agreement is free of charge.

In accordance with the Law of Turkmenistan on Shared-Equity Construction of Residential Buildings and Other Real Estate Objects,the state duty is not charged for notarization of an agreement for participation in shared-equity construction, the object of shared construction of which is an apartment.

For notarization of an agreement for participation in shared-equity construction, the object of shared-equity construction of which are objects of socio-cultural, administrative, household and commercial purposes or their separate part, located in apartment buildings, as well as detached objects of socio-cultural, administrative, household, commercial and for industrial purposes or their separate parts, the state duty is levied in the manner prescribed by the legislation of Turkmenistan. 

When does a developer have to submit a notarization of the contract for participation in shared-equity construction to the authorized body for its registration?

The developer, within thirty calendar days from the date of notarization of the contract for participation in shared-equity construction and an additional agreement to it, submits four copies of the specified agreement and an additional agreement to it to the authorized body for their registration.

The authorized body shall register an agreement for participation in shared-equity construction and an additional agreement to it within ten working days after its submission by the developer by affixing a stamp with the Hasaba alyndy (Registered) mark on each copy of the agreement for participation in shared-equity construction and an additional agreement to it and delivers one copy to shareholder and developer personally under signature.

If the object of shared-equity construction is an apartment, then registration of such an agreement is free of charge.

Registration of an agreement for participation in shared-equity construction, the object of shared construction of which are objects of socio-cultural, administrative, domestic and commercial purposes or their separate part, located in apartment buildings, as well as detached objects of socio-cultural, administrative, household, commercial and industrial appointments or their individual parts are carried out for a fee established by the authorized body.

Source: Rysgal newspaper, 09.11.2020