Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF MOLDOVA

of April 18, 2002 No. 989-XV

About estimative activities

(as amended on 07-10-2021)

The parliament adopts this organic law.

This law establishes the legal basis of implementation of assessment of property and property rights, professional estimative activity, the state and public regulation of such activities, provides creation of system of independent assessment of property and the rights to it for protection of legitimate interests of the state, other subjects of legal relations in the field of assessment of property and property rights, and also for adequate use of results of assessment.

Chapter I General provisions

Article 1. Basic concepts

The basic concepts used in this law have the following value:

estimative activities - the activities performed by the companies for assessment directed to determination of market or other value of objects of assessment;

assessment - process of cost determination of object of assessment for specific date taking into account the physical, economic, social and other factors influencing cost;

the appraiser - the physical person with good reputation who got the corresponding higher education having the certificate of the appraiser, sufficient work experience in area of assessment, high professional level and having competence for implementation of estimative activities;

the company for assessment - the legal entity or physical person registered in accordance with the established procedure in the Republic of Moldova as the company irrespective of type of property and form of business;

the certificate of the appraiser - the allowing document issued by the Commission on certification of appraisers of real estate (further - the Commission on certification), confirmatory that his holder owns knowledge and skills necessary for implementation of estimative activities;

the valuation report - the document constituted by the appraiser in written or electronic form upon termination of process of cost determination of object of assessment;

market value - estimated amount for which object of assessment can be exchanged for date of assessment between ready to purchase it the buyer and ready to sell it the seller after due marketing in the commercial transaction during which each party will be effective competently, prudently and without coercion;

the estimated cost - assessment project cost calculated for certain date with use of the evaluation methods provided by this law;

type of the estimated cost - the category of the estimated cost established according to assessment purpose;

mass assessment - process of cost determination of group of the real estate units having similar characteristics for specific date using standard assessment procedures and statistic analysis;

individual assessment - process of cost determination of specific object of assessment for specific date taking into account all factors influencing cost;

assessment of intellectual property items - process of determination of the usefulness of results of intellectual activities expressed in cost equivalent of technical, consumer, economic and other characteristics of intellectual property items.

Article 2. Purpose and scope of the law

(1) the Purpose of this law are:

a) determination of legal, economic and organizational basis of estimative activities;

b) providing the rights of appraisers and accomplishment by appraisers and the companies for assessment of obligations in relation to customers of estimative services.

(2) the Law governs the relations between physical persons and legal entities arising in the course of estimative activities.

(3) the Ministry of Finance is responsible for development of state policy in the field of estimative activities.

Article 3. Assessment objects

The following objects are subject to assessment:

a) personal, real estate and rights to it;

b) intangible assets - the rights to objects of industrial property, copyright, the rights to natural resources and others;

c) companies as property complexes;

d) business;

e) securities, receivables and payables;

f) works and services, information;

g) other objects.

Article 4. Subjects of estimative activities

Subjects of estimative activities are: from one storonyotsenshchika and the company for assessment which activities are regulated by this law, with another - customers of estimative services.

Article 5. Assessment types

(1) Assessment can be voluntary and/or obligatory.

(2) Voluntary assessment is carried out at the initiative of the customer.

(3) Obligatory assessment is performed in the cases established by this law and also at the initiative of bodies of the central and local public authority. Objects irrespective of pattern of ownership on them are subject to such assessment.

(4) Obligatory assessment is made in cases:

a) privatizations or alienations by different way of objects of assessment (confiscation, including owing to insolvency of the owner of object, etc.);

b) transfers of right to use on objects of the public property belonging to the state or delivery of such objects in lease;

c) transfers of objects of assessment to trust management;

d) expropriations of objects of assessment for their use in the socially useful purposes;

e) taxation of property and recovery by enforcement of taxes;

f) reorganization and liquidations of the state and municipal companies, and also insolvent enterprises of any pattern of ownership;

g) emergence of the receivership proceeding connected with decisions of degrees of jurisdiction and also appeals of degrees of jurisdiction, including by hearing of cases about the size of damage caused to owners as a result of wrongful acts and unfair competition;

h) uses of objects of the public property belonging to the state or administrative and territorial units as pledge;

i) transfers of objects of assessment as contribution to the authorized capital of the companies;

j) uses of the intellectual property items created at the expense of budgetary funds and introduced into economic circulation by business entities of any pattern of ownership;

k) involvement of intellectual property items in economic circulation at the companies of mainly state pattern of ownership;

l) receipts of the requirement from the body registering the legal entity;

l-1) of request of the inspector on integrity;

m) changes of the legislation;

n) in other cases.

Article 6. Evaluation methods

(1) In case of establishment of cost of objects of assessment the following methods are applied:

a) the method of comparative analysis of sales based on comparison of object of assessment with the objects sold or offered to sale having similar characteristics;

b) the profitable method based on determination of future income and expenses connected with use of object of assessment;

c) the costly method based on cost determination of costs for creation of the object similar to assessment object or costs for substitution of the estimated object.

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