Deadline For Transferring Shared-Equity Construction Object to Shareholder In Turkmenistan

BUSINESS TURKMENISTAN
Deadline For Transferring Shared-Equity Construction Object to Shareholder In Turkmenistan
If the object of shared-equity construction is ready for transfer, the shareholder is obliged to accept the object within five working days.

In accordance with Turkmenistan’s Law on Shared-Equity Construction of Residential Buildings and Other Real Estate Objects, the developer is obliged to transfer the object of shared-equity construction to the equity holder within the period provided for by the contract for participation in shared-equity construction.

If the construction of a residential building and (or) other real estate object cannot be completed within the time period stipulated by the contract, the developer, no later than two months before the expiration of the specified period, is obliged to send the shareholder relevant information and a proposal to amend the contract for participation in shared-equity construction.

The change in the time period for the transfer of the shared-equity construction object by the developer to the equity developer, stipulated by the contract of participation in shared-equity construction, shall be carried out in accordance with the procedure established by the legislation of Turkmenistan.

The transfer of the object of shared-equity construction to the shareholder is carried out by the developer after he has received permission to commission a residential building and (or) other real estate object.

The developer is obliged to inform the shareholder about the completion of the construction of a residential building and (or) other real estate object at least one month before the onset of the deadline for the transfer of the shared-equity construction object established by the agreement and in accordance with the agreement on participation in shared-equity construction, to notify the shareholder about the need to take shared construction object.

If the object of shared-equity construction is ready for transfer, the shareholder is obliged to accept the object within five working days.

In the event that the shared-equity construction object does not comply with the established requirements, the shareholder has the right to require the developer to draw up an act indicating these inconsistencies and refuse to sign the acceptance certificate until the developer fulfills the obligations.

If the shareholder evades or refuses to accept the shared-equity construction object, or if it is not possible to locate the shareholder, the developer, after two months, has the right to draw up, together with the authorized body, an act indicating the reasons why it is not possible to transfer the shared-equity construction object to the shareholder. At the same time, the risk of accidental damage or accidental loss to the shared-equity construction object from the date of drawing up such an act is considered to have passed to the shareholder.

Source: Rysgal newspaper, 04.01.2021