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	<title>International Property Buying Process &#187; Kyrgyz Republic</title>
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		<title>Process of Registering and Buying Property in Kyrgyz Republic</title>
		<link>http://www.buying-process.com/buying-property-in-kyrgyz-republic/process-of-registering-and-buying-property-in-kyrgyz-republic/</link>
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		<pubDate>Sat, 15 Nov 2008 11:13:58 +0000</pubDate>
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				<category><![CDATA[Kyrgyz Republic]]></category>
		<category><![CDATA[buyers' guide Kyrgyz Republic]]></category>
		<category><![CDATA[buying real estate in Kyrgyz Republic]]></category>
		<category><![CDATA[Kyrgyz Republic property law]]></category>
		<category><![CDATA[Kyrgyz Republic real estate law]]></category>
		<category><![CDATA[registering property in Kyrgyz Republic]]></category>

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		<description><![CDATA[Step 1: The seller obtains a Registration Certificate from the Gosregister (Land Registry)
Completion Time Frame: 1 day
Completion Costs: KZS 150 (regular) or KZS 300 (expedited)
Points to Note:
The buyer should request the seller to provide him with the Registration Certificate evidencing his rights to the property. This Certificate indicates the owner of the property and provides [...]]]></description>
			<content:encoded><![CDATA[<h3>Step 1: The seller obtains a Registration Certificate from the Gosregister (Land Registry)</h3>
<p><strong>Completion Time Frame:</strong> 1 day<br />
<strong>Completion Costs:</strong> KZS 150 (regular) or KZS 300 (expedited)<br />
<strong>Points to Note:</strong><br />
The buyer should request the seller to provide him with the Registration Certificate evidencing his rights to the property. This Certificate indicates the owner of the property and provides information on the existence or absence of encumbrances over the property.</p>
<p>The documentation shall include:<br />
• Application (in the established form);<br />
• Copy of ownership document;<br />
• Copy of technical passport;<br />
• Copy of resolution of the management bodie on the sale of the property.</p>
<hr />
<h3>Step 2: The buyer applies for a new or renewed technical passport at the Gosregister</h3>
<p><strong>Completion Time Frame:</strong> 4 days (simultaneous with Steps 3 and 4)<br />
<strong>Completion Costs:</strong> KZS 650 + KZS 5 for square meter for building + KZS 300 for land (in this case, 5 x 929 = 4,645)<br />
<strong>Points to Note:</strong><br />
If the registrar has refused to issue the registration certificate during the Step 1 on the basis that the technical passport are inaccurate or outdated, the seller will need to arrange for a field inspection of the property and issuing new technical passport. The costs of the inspection of the property and issuing the new technical passport will depend on the amount of work to be carried out by the land officer and on the complexity of the property, approximately KZS 600. Twice that amount is paid in the expedited Step.</p>
<hr />
<h3>Step 3: Field inspection of the property by Gosregister office</h3>
<p><strong>Completion Time Frame:</strong> 1 day (simultaneous with Steps 2 and 4)<br />
<strong>Completion Costs:</strong> Already paid in Step 2<br />
<strong>Points to Note:</strong><br />
An inspector from Gosregister inspects the property<br />
If the technical passport is out of date this may take up to 2 weeks (even under the expedited Step) for the officer to take the required measurements and update the cadastral plan. Cadastral plans list only the borders and technical features of the land plot and the building.</p>
<hr />
<h3>Step 4: The seller receives the cadastral plan and technical passport of the property</h3>
<p><strong>Completion Time Frame:</strong> 1 day (simultaneous with Steps 2 and 3)<br />
<strong>Completion Costs:</strong> Already paid in Step 2<br />
<strong>Points to Note:</strong><br />
As soon as the new technical passport is prepared, the seller may pick them up (together with the registration certificate) at the local office of Gosregister.</p>
<hr />
<h3>Step 5: A public notary notarizes the sale-purchase agreement</h3>
<p><strong>Completion Time Frame:</strong> 1 day<br />
<strong>Completion Costs:</strong> KZS 40,000 fixed fee + KZS 350 (notarization of copies)<br />
<strong>Points to Note:</strong><br />
In October 2006, the Kyrgyz government revised a fixed fee for notarization of the sale agreement. The fee is KZS 40,000 for immovable property or KZS 20,000 for landonly.</p>
<p>The parties must also notarize copies of their respective charters and/or foundation agreements and corporate registration certificates (to be later presented to the registrar). Notarization of copies will cost KZS 5 per page plus KZS 10 per one document; total approximately KZS 350.</p>
<p>During the notarization, the parties will be required to submit copies of the parties’ respective charters and foundation agreements, corporate registration certificates, resolutions of the management bodies on the purchase/sale of the property, powers of attorney, a certificate evidencing the balance sheet value of the property, and certain other corporate documents.<br />
The seller shall also present the registration certificate evidencing the seller’s title to the property (obtained in Step 1)</p>
<hr />
<h3>Step 6: The buyer applies to Gosregister for registration of the title transfer</h3>
<p><strong>Completion Time Frame:</strong> 1 day<br />
<strong>Completion Costs:</strong> KZS 600 (regular Step) or KZS 1200 (expedited Step) fees for legal entities<br />
<strong>Points to Note:</strong><br />
The buyer appears at the local office of Gosregister and presents all the required documents. The buyer (the seller may pay it upon agreement between the parties) pays the registration fee and delivers to the registrar the receipt evidencing the payment and a formal application for the registration of the title transfer. The notarized sale purchase agreement must be presented to the local office of Gosregister no later than 30 days from the moment of its signing (otherwise a penalty fee is charged). The Gosregister issues the receipt about the acceptance of the documents for the registration and conducts the registration during 4 days. The buyer receives his own copy of the agreement where the Register body certified the registration, as well as the copy of record card, where it will be marked that he is the owner of this property. The buyer must also visit a separate window for a separate application (previously BTI Office). This can be done at the same time as at the Gosregister. The Land Registry makes correspondent alterations in the inventory file of the building and land plot and provides the buyer with the new cadastral plan of the building and cadastral plan of the land plot.</p>
<p>The documentation shall include:<br />
• Application (in the established form)<br />
• State act on land property right;<br />
• Technical passport (Obtained in Step 4)<br />
• The signed and notarized sale and purchase agreement (Obtained in Step 5)<br />
• Powers of attorney (if any), notarized copies of the buyer charter and/or foundation agreement, corporate registration certificate, resolution of the management bodie on the purchase of the property.</p>
<hr />
<h3>Step 7: The buyer receives documents of title upon completion of the registration</h3>
<p><strong>Completion Time Frame:</strong> 1 day<br />
<strong>Completion Costs:</strong> Already paid in Step 6<br />
<strong>Points to Note:</strong><br />
After the registration (Step 6) is completed, the buyer appears at the Gosregister to pick up his copy of the agreement bearing the stamp of the registrar, the amended technical passport for the property, and the State act on land property right.<br />
The documentation shall include: the passport of the buyer, or a power of attorney or other documents confirming the rights of the individual to pick up the documents on behalf of the buyer.</p>
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