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LAW OF THE AZERBAIJAN REPUBLIC

On June 25, 1998 No. 510-IGD

About estimative activities

(as amended on 20-04-2012)

This Law determines the general principles of activities for property assessment in the Azerbaijan Republic ("estimative activities" hereinafter are referred to as further), and also regulates the organizational, economic and legal relations arising in connection with it.

Article 1. Legislation on estimative activities

In the Azerbaijan Republic the legislation on estimative activities consists of this Law, other legal acts, and also international treaties ratified by the Azerbaijan Republic.

Article 2. Subjects of estimative activities

Legal entities and physical persons which activities are regulated by this Law (appraisers) and consumers of their services (customers) are subjects of estimative activities.

Article 3. Objects of estimative activities

Any property which assessment is stipulated by the legislation or is recognized the customer important, is object of estimative activities.

Article 4. The rights of owners to estimate the property

Legal entities and physical persons of the Azerbaijan Republic have the right to estimate the property.

Results of assessment can be used for modification in the accounting and statistical recording and the reporting.

Article 5. Cases of forced assessment

Forcibly assessment of property is made in cases:

cost determinations of state-owned property for the purpose of privatization or transfer to confidential management;

uses of the state-owned and municipal property in the mortgage purposes;

sales of the state-owned and municipal property or its transfer to other persons in connection with debt obligations;

if the property of owners is withdrawn for the state needs in cases and on the conditions provided by the Civil code and the Law of the Azerbaijan Republic "About the redemption of lands for the state needs" the Azerbaijan Republic;

revaluations of the fixed assets which are in state-owned property;

establishments of the damage caused to insured state-owned and municipal property owing to insured event by types of compulsory insurance;

need of assessment of property for the purpose of providing the adjudication or the decision. (In this case assessment is made by the appraiser by request of persons who are owners of property or according to the legislation relevant organ of the executive authority.);

emergence of dispute on property value in case of change of property possession right, being in confidential management;

emergence of dispute on property value in case of the Section of property upon the demand of one of the getting divorced spouses or both of them;

emergence of the dispute on property value belonging to joint-stock companies in case of consolidation or separation of these societies;

dispute resolutions, connected with questions of inheritance.

Article 6. Basis for assessment

The basis for object assessment from the appraiser is the agreement signed between it and the customer.

In the cases provided by the civil legislation, assessment of object can be made also on the basis of the judgment on examination, including on repeated examination. In such cases the court is completely independent in the choice of the appraiser.

Article 7. Report on results of assessment

Rules of creation of reports on results of assessment are established by relevant organ of the executive authority. The total of market or other property value is recognized reliable the report on results of assessment if it is not cancelled judicially.

The report on the market or established by the appraiser other project cost of assessment can be taken into account by court in all cases of consideration of the corresponding disputes.

Article 8. Disputes over the data on object assessment specified in the report of the appraiser

The disputes connected with reliability of the market and other value of the estimated object specified in the report of the appraiser are considered by court.

In this case the court which took cognizance of dispute has the right, considering provisions of the existing procedural legislation and this Law, to appoint expert revaluation of the estimated object.

Article 9. Appraiser's rights

Legal entities and physical persons according to the procedure, established by the legislation of the Azerbaijan Republic can be engaged in estimative activities.

The appraiser has the following rights:

to independently choose forms and evaluation methods within the existing legislation on estimative activities;

when evaluating to demand from the customer important documents, to receive from it additional data and explanations;

receive from the third parties in written or oral form any data which he considers important for evaluating, except the data which are the state and trade secret;

in necessary cases to recruit in assessment of specialists on the basis of the agreement;

refuse evaluating in cases of violation by the customer of contractual conditions, non-presentations of the necessary data on assessment object by it, and also not creations to the appraiser of the corresponding safe operating conditions.

Article 10. Appraiser's obligations

The appraiser has the following obligations:

when implementing estimative activities to observe the legislation of the Azerbaijan Republic on assessment;

when evaluating to ensure safety of the documents received from the customer or from the third parties;

to immediately warn the customer about the reasons disturbing object assessment;

at the request of the customer to provide him the information by the legislation of the Azerbaijan Republic on assessment and the regulatory legal acts adopted on its basis, on charters of the relevant professional associations;

upon the demand of the customer to provide the documents confirming availability at him necessary education for implementation of estimative activities;

not disclose the classified information obtained from the customer in the course of assessment;

upon the demand of court to provide the relevant information and data from the report;

if the refusal of the customer of provision of data thoroughly influences assessment, to reflect it in the report;

in case of the circumstances interfering objectivity of assessment to provide to the customer the information on impossibility of the participation in assessment.

Article 11. Independence of the appraiser

Intervention of the customer and other interested persons in activities of the appraiser inadmissibly.

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