In accordance with Turkmenistan’s Law on Shared-Equity Construction of Residential Buildings and Other Real Estate Objects, the developer is obliged to transfer to the equity owner an object of shared-equity construction, the quality of which complies with the terms of the contract for participation in shared-equity construction, the requirements of design estimates and other mandatory requirements.
In the event that the object of shared-equity construction was built by the developer with deviations from the terms of the contract for participation in shared-equity construction and (or) the mandatory requirements specified in the contract, which led to a deterioration in the quality of such an object, or with other shortcomings that make it unsuitable for participation in the equity provided for in the contract construction use, the shareholder, at his discretion, has the right to oblige the developer:
- eliminate deficiencies free of charge;
- proportionately reduce the cost of the contract;
- reimburse the costs of eliminating deficiencies.
How is the warranty period established for a shared-equity construction object and from what moment is it calculated?
The warranty period for a shared-equity construction object, including technological and engineering equipment, which is part of a shared-equity construction object or a residential building and (or) other real estate object, is established by an agreement for participation in shared-equity construction and cannot be less than one year. The warranty period is calculated from the date of signing the acceptance certificate of the shared-equity construction object.
The shareholder has the right to present claims to the developer in connection with the inadequate quality of a shared-equity construction object or a residential building and (or) other real estate object, provided that such quality is revealed during the warranty period.
In what cases is the developer not responsible for the shortcomings of the shared-equity construction object discovered during the warranty period?
The developer is not responsible for the shortcomings of the shared-equity construction object discovered during the warranty period, if he proves that they occurred as a result of a violation of the requirements for the operation process or as a result of improper repairs carried out by the shareholder himself or by third parties.
Source: Rysgal newspaper, 11.01.2021