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LAW OF THE KYRGYZ REPUBLIC

of March 23, 2023 No. 64

About realtor activities in the Kyrgyz Republic

Accepted by Jogorku Kenesh of the Kyrgyz Republic on February 9, 2023

Chapter 1. General provisions

Article 1. Purpose and subject of regulation of this Law

The purpose of this Law is ensuring single state policy in the field of regulation of realtor activities, protection of the rights and interests of subjects of realtor activities and consumers of realtor services when making real estate transactions.

Article 2. Scope of this Law

1. This Law extends to realtor activities in the territory of the Kyrgyz Republic and is aimed at providing single state policy in the field of regulation of realtor activities.

2. This Law does not extend:

- on the activities directed to property sale according to the legislation on privatization and other regulatory legal acts;

- on the activities directed to property sale according to decisions of the courts or executive bodies;

- on activities for ensuring process of bankruptcy according to the legislation on bankruptcy and legal executives;

- on owners or lessors of the real estate who as owners make any actions concerning the real estate.

Article 3. The basic concepts used in this Law

In this Law the following concepts are applied:

1) the agent - the employee of real estate firm who underwent training and certification according to the procedure, determined by the Cabinet of Ministers of the Kyrgyz Republic, directly working with the consumer of realtor services and carrying out preparatory work for the conclusion of the agreement on rendering realtor services;

2) agency activities - business activity of physical person on accomplishment of the functions delegated to it by the broker of the independent subject of the real estate market for implementation of auxiliary actions for transactions and transactions in the real estate market connected with transition of the rights to real estate;

3) the broker - the physical person having length of service at least two years in the real estate market, having right to sign of documents on behalf of the subject of the real estate market, working with consumers of realtor services and signing agreements with them on implementation of civil real estate transactions, change of the property rights to it according to this Law;

4) realtor activities - professional business activity on rendering services to consumers when making transactions with real estate objects and the rights to them for remuneration provided by this Law and according to the civil legislation of the Kyrgyz Republic;

5) the consignor - the agreement party, the commissions charging to the broker to make for remuneration one or several transactions on its own behalf at own expense according to this Law and the civil legislation of the Kyrgyz Republic;

6) the partner - the contracting party of the agreement;

7) the consumer - the physical person or legal entity which signed with the realtor the agreement on rendering realtor services;

8) professional participants of the real estate market - the legal entities, individual entrepreneurs performing activities in the market of services in the field of realtor activities for real estate and real estate administration according to this Law and also appraisers;

9) the owner - physical person or legal entity, being the owner or the user of real estate according to the civil legislation of the Kyrgyz Republic;

10) real estate - the parcels of land, subsoil plots, the isolated water objects and all objects firmly connected with the earth which movement without disproportionate damage to their appointment is impossible, including the woods, long-term plantings, buildings, constructions and others;

11) the realtor - physical (individual entrepreneur) or the legal entity (real estate firm), performing realtor activities based on this Law and the civil legislation of the Kyrgyz Republic;

12) realtor services - the services in the real estate rendered by the realtor according to this Law;

13) the real estate market - set of real estate units, including the parcels of land, and also civil transactions and other real estate transactions and the rights to them performed by owners of real estate objects and professional participants of the real estate market.

Article 4. The legislation in the field of realtor activities

The legislation of the Kyrgyz Republic in the field of realtor activities consists of the Constitution of the Kyrgyz Republic, the Civil code of the Kyrgyz Republic, this Law and other regulatory legal acts adopted according to this Law, and also which became effective in the procedure for international treaties established by the legislation which participant is the Kyrgyz Republic.

Article 5. The main directions of state policy in the field of realtor activities

The main directions of state policy in the field of realtor activities are:

1) state regulation of the relations in the field of realtor activities;

2) creating favorable conditions for development of the sphere of realtor activities;

3) implementation of modern technologies for maintaining the unified state register of realtor activities;

4) other directions of state policy in the field of development of realtor activities determined by the Cabinet of Ministers of the Kyrgyz Republic.

Article 6. Participants of realtor activities

Participants of realtor activities physical (individual entrepreneurs) or legal entities (real estate firms), performing realtor activities, and also consumers of their services are recognized.

Chapter 2. Types of realtor activities

Article 7. Types of realtor activities

According to requirements of this Law to types of realtor activities (the services rendered by realtors) belong:

1) activities of the realtor as the agent;

2) activities of the realtor as the broker;

3) activities of the realtor as the intermediary;

4) activities of the realtor for the organization of trade in real estate;

5) activities of the realtor for trust management of real estate in part, certain article 12 of this Law;

6) activities of the realtor for provision of information and consulting services, services in studying of market situation, other paid services accompanying civil circulation of real estate.

Article 8. Agent activities

Agent activities are performed by it based on the agreement signed between the realtor and the consumer on rendering realtor services.

Article 9. Activities of the realtor as the broker

The realtor is recognized performing activities as the broker in case of the conclusion of the agreement between it and the consumer of services according to whom the realtor assumes liability on its own behalf and at the expense of the consignor to make one or several real estate transactions.

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