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Investor Guide to Europe 2014
TYPES of oWnERSHIP
Î
freehold
ownership
•
According to the
Civil Code of the Republic of Kazakhstan
dated
27 December 1994 (the “Civil Code”), ownership is recognized as
a right of a subject to possess, use and dispose of property belon-
ging to him at its own discretion and this right is protected under
the legislative acts
Co-ownership
•
Co-ownership is generally recognized by local laws and the as a
general rule the object may be owned by several owners. Real
estate property may also be owned by two or more owners. The
share of owners in the property is generally defined by legal acts,
or agreement of the parties. Otherwise the shares are considered
equal. The legal destiny of the object of co-ownership is decided
by agreement of all owners. However, each owner as a general
rule may sell its share to third parties. However, other owners have
the priority right to purchase such a share on the terms offered to
third parties.
Î
Leasehold
Construction lease
(bail à construction)
•
The real estate property may be leased on the terms agreed by
the parties. In case the lease term is one year or more such lease
is subject to state registration with the Ministry of Justice. As a
general rule the transfer of the immovable property should be
documented with the transfer and acceptance act.
Long-term lease
(bail emphytéotique or emphytéose)
•
Local legislation do not distinguish construction leases by the
term of the lease. There are no limits to such terms.
RIGHTS affECTInG oWnERSHIP
Î
Easement
(servitude)
•
Is the right of limited target-oriented use of someone else’s land,
including the passage, laying and operation of the necessary
communications, hunting, fisheries and other needs;
•
Easement may occur:
1)
directly from the normative legal act;
2)
based on the agreement of the person concerned with
the land owner or land-user;
3)
based on an act of the local executive body;
4)
pursuant to a court decision;
5)
in other cases stipulated by the legislation of the Republic
of Kazakhstan.
•
The emergence, change and termination of easements are the
subject to state registration at the legal cadastre, providing the
rights to the rights holder to use someone else’s land in a limited
targeted order, unless otherwise provided under the Land code
and the legislation of the Republic of Kazakhstan on state registra-
tion of rights to immovable property.
Î
Mortgage
(hypothèque)
•
The mortgage is recognized as one of the method of security of
obligations. Under the mortgage a mortgagee is entitled in the
event of default by the debtor of the secured obligation to obtain
satisfaction from the value of the mortgaged property prior to
other creditors of the person who owns the property (mortgagor).
•
Mortgage may arise under an agreement executed between the
parties.
•
The mortgage of the immovable property is subject to the state
registration with the Ministry of Justice.
Î
Lender’s pledge
(privilège de prêteur de deniers / PPD)
•
Pledges are also recognized by local laws. In term of pledge agree-
ment the subject of the pledge is transferred to the possession of
the pledgee. The pledge of the immovable property is subject to
the state registration with the Ministry of Justice.
Î
Pre-emption right
•
We understand that the right of third parties to by the real state
property in case of its selling by the owner is meant by pre-emp-
tion right. As a general rule no third parties have the pre-emption
rights to the immovable property being sold.
aCQuISITIon PRoCESS:
KEY STaGES
Î
negotiations
•
As a general rule the parties are free in choosing terms and condi-
tions of agreement.
PRoPERTY LaW
KaZaKHSTan
