On What Basis Are Real Estate Services Rendered in Turkmenistan?

BUSINESS TURKMENISTAN
On What Basis Are Real Estate Services Rendered in Turkmenistan?
Ashgabat, Turkmenistan

In accordance with the Law of Turkmenistan on Real Estate Activities, the basis for the provision of real estate services is an agreement for the provision of real estate services (hereinafter referred to as the contract) concluded between the real estate organization and the service consumer.

Under the contract, the real estate organization undertakes to provide real estate services, and the consumer of the service undertakes to pay for these services.

Agreement between the real estate organization and the consumer of the service:

  • grants the real estate organization the right to act in the interests of the consumer of the service within the limits stipulated in the contract, without a power of attorney, except for cases when the legislation of Turkmenistan or an agreement establishes a requirement for the need for a power of attorney for the right to carry out certain actions;
  • a power of attorney issued to a real estate organization by a consumer of a service on the basis of an agreement is subject to notarization;
  • establishes the obligation of the real estate organization to provide real estate services to the consumer of the service within the terms specified in the contract.

The fact of rendering real estate services is confirmed by an act of services rendered, containing confirmation of the fulfillment by the real estate organization of the terms of the contract, signed by the consumer of the service and the realtor on behalf of the real estate organization with which the consumer of the service has entered into the contract.

Prior to signing the contract, the realtor is obliged to read out to the person intending to enter into the contract all clauses of that contract and give necessary explanations thereof, including informing him that he has the right to demand that the obligation of the real estate organization be included in the contract:

  • ensure the notarization of the transaction, as well as its state registration, if the obligatory nature of such registration is established by law;
  • to document the fact of transfer of the property that is the subject of the transaction.

Source: Law of Turkmenistan on Real Estate Activity