How is the right to ownership on housing formalized?
The activity in the housing market of our country, especially the capital Baku, also increases the demand for real estate documentation. Owners of apartments whose property rights are state registered participate more widely and easily in economic processes (insurance, mortgage, purchase and sale, etc.), they get opportunities to use their rights in a reliable and guaranteed way. All this increases the interest of citizens to get an extract for their apartments.
Citizens mainly buy apartments in the primary market from buildings built by apartment-construction cooperatives (ACC) and limited liability companies (LLC). The documents required to obtain an extract for these apartments are different.
So, those who buy an apartment in a building built by LLC should first of all clarify whether the property right of LLC on the building is registered in the state register of real estate. If an extract was issued to the building, there must be a notarized purchase and sale agreement between the LLC and the apartment owner. After that, based on that contract, the owner of the apartment can get an extract in his name by registering the right of ownership.
Citizens who buy an apartment from ACC should first check whether the building built by ACC has been commissioned by the relevant state agency (whether there is an act of commissioning or not). If the building has been put into operation, a decision of the general assembly of the members of the ACC on the granting of the apartment and a financial reference (about the payment of the share fee for the apartment and the absence of debt) are required to obtain an extract from the state register.