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LAW OF TURKMENISTAN

of May 23, 2015 No. 222-V

About realtor activities

(as amended on 05-06-2021)

This Law determines legal, economic and organizational bases of realtor activities in Turkmenistan and governs the relations arising in case of its implementation.

Chapter I. General provisions

Article 1. The basic concepts used in this law

1. In this Law the following basic concepts are used:

1) the real estate market - set of the relations of owners of the real estate objects and professional participants of the real estate market connected with implementation of real estate transactions and the rights to it;

2) professional participants of the real estate market - the realtor organizations and legal entities performing estimative activities in the real estate market;

3) the owner of real estate object - person owning real estate object on the property right or other corporeal right according to the legislation of Turkmenistan (further - the owner);

4) the realtor - the salaried employee of the realtor organization having special qualification, registered in the State register of realtors of Turkmenistan and rendering to consumers of service realtor services on behalf of the realtor organization;

5) the realtor organization - the non-state entrepreneurial legal entity of Turkmenistan for which realtor activities are authorized, having license for the right of implementation of realtor activities and registered in the State register of the realtor organizations of Turkmenistan;

6) the certificate of competency of the realtor - the document confirming the qualification of the realtor established based on certification according to this Law;

7) realtor activities - business activity of the realtor organization for rendering on contractual and paid basis of realtor services to physical or legal person consumer of these services (further - the consumer of service) connected with establishment, change and the termination of its rights to real estate according to the legislation of Turkmenistan, and performed in its interests;

8) Rules of realtor activities - the requirement to procedure for rendering realtor services and implementation of realtor activities.

2. In this Law other concepts are used in the values determined by civil and other legislation of Turkmenistan, and also the relevant articles of this Law.

Article 2. Legislation of Turkmenistan on realtor activities

1. The legislation of Turkmenistan on realtor activities is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan governing the relations in the field of realtor activities.

2. Operation of this Law does not extend to the relations arising in case of:

1) implementation by officials of state bodies of the power and management and local government bodies of management functions by real estate or the organization of alienation of real estate according to the legislation of Turkmenistan in the field of management of state-owned property and privatization;

2) implementation of sale of real estate based on decisions of the Cabinet of Ministers of Turkmenistan or the judgments;

3) making by persons who are owners, civil transactions (further - transactions) and other real estate transactions and the rights to it independently.

3. If the international treaty of Turkmenistan establishes other rules than containing in this Law, then rules of the international treaty are applied.

Article 3. Purposes of this law

The purposes of this Law are:

1) establishment of legal, economic and organizational basis of the single real estate market in Turkmenistan;

2) establishment of bases of state regulation of realtor activities;

3) ensuring compliance and service consumer protection.

Article 4. Basic principles of realtor activities

The basic principles of realtor activities are professionalism, fair competition and priority of consumer interests of service.

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