Law Real Estate Law In 2011

Original Language Title: القانون 25 لعام 2011 قانون التطوير العقاري

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Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=4355&RID=-1&Last=10058&First=0&CurrentPage=4&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&

Act of 2011 real estate development President law based on the Constitution.

And approved by the NPC at its meeting on 15-1-1433 e 11-12-2011.

Issued: chapter I article 1: definitions: refers to the expressions below meanings by each.

Minister: Minister of housing and reconstruction.

Body: General Authority for real estate development and investment General Manager: Director General.

Record: developers to record body.

Project: all the real estate development project licensed in accordance with the provisions of law 4/15/2008.

Escrow account: the project's bank account in which payments from buyers under contract promised sales or sales contracts or financiers of the project.

Developer: the natural or legal person authorized to engage in real estate development and investment activity under the provisions of law 4/15/2008 and includes the main developer or subsystem.

Amin account: Bank licensee work in Syria, and approved by the Commission for the management of escrow accounts.

Real estate: everything is stable when fixed acquisition cannot be moved without damage.

Unit: the unsorted from the property developer sold it to others.

Engineering consultant: engineer registered with the Guild of engineers arranged an engineer and approved by the Board to oversee the project.

Auditor: auditor registered in the companies register in accordance with the provisions of law 33 for 2009, as amended.

Guarantee agreement: a contract between the developer and purchasers of real unity, Amin account open one account for each project separately regulates the relationship between them, including payments due on the buyer and dates and conditions of developer benefits from the escrow.

Article 2: a-it is not permissible for any natural or legal person to ask any real estate project to IPO only in accordance with the provisions of this law, b-is projected to go public every invitation to the public to subscribe to real estate project either directly or through the media or any other means as determined by executive regulations and decisions of the Commission.

C-it is not permissible for any natural or legal person to ask any Realtor divider for your subscription using the media.

Article 3: this code applies to developer or anyone selling units of real estate development projects on a map and receive payments from buyers or funders for it, either under the promise of sale in accordance with the approved plans.

Article 4: n-it is not permissible to declare any public offering in a real estate project in the media without prior approval of the Commission.

B-banned on all media (audio-visual-unread) post any advertisements relating to the sale of real estate units unless the developer has obtained prior authorization from the Commission.

 

Chapter II establishment of ESC article 5: developer wishing to sell units on map or promise of sale contracts in accordance with the provisions of law 15/2008 apply to open escrow documents stipulated in the regulations.

Article 6: a-escrow arises under written agreement between developer and Amin account and buyers to create payments from buyers of the units on the map or from the funders, in a special account opened the account in the name of the project.

B-account management requirements specifies the rights and obligations of the Contracting Parties, c and deposited a copy of the Convention to the Commission.

All funds deposited in the escrow account obtained by the project from banks.

Article 7: the flag in the land registry under the promise of sale and shall provide a copy of the real constraint output signal status reports to the Secretary of the account.

 

Chapter III administration of ESC article 8: a-open escrow account in the name of the project and is intended exclusively for the purposes of establishing real estate project and may not seize deposits in favour of creditors of the developer, and not enter escrow balance in money if the developer bankrupt.

B-if many projects delivered by the developer, you must open a separate account for each individual project.

Article 9: special register body is "register account custodians" restricting the names of Trustees.

Article 10: (a) the Secretary must provide the authority with periodic statements account income and escrow payments as the Commission may request at any time the Secretary account information or data you need. And in all cases the body may seek appropriate to scrutinize those disclosures and statements.

B-If the account by the Secretary of the authority of any contravention of the provisions of this law, it shall inform in writing and grant a reprieve to remove the violation.

C-if not rectified within the period specified, the Commission take the necessary measures to remove them and download the offending material and moral responsibility and bring him to justice.

Article 11: public authority for development and investment real estate and real estate finance accounting records for the project and asked to provide them with copies of them.

Article 12: a-if the developer proved the project to get a loan from institutions or companies funding these institutions and companies to deposit the loan amount in the escrow account for its disposal in accordance with the provisions of this law.

B placed in reserve reservation land register reference for escrow holders insofar as the amounts paid to the developer.

C is for amounts paid to developer of escrow lien on real estate project.

Article 13/a-if the buyer's failure to perform three sales premiums premiums by escrow agreement the developer was selling the unit object at auction after buyer's excuses as procedures defined by operational instructions.

B the buyer shall bear all expenses for the sale by auction sales is product of his after deducting these expenses.

Article 14: escrow agreement forms body to guide developers and honest account.

Article 15: special register developer keeps the buyers for every real estate project individually recorded data prescribed by regulations.

Article 16: the Secretary must account to retain 5% of the total value of the escrow after receipt and record don't spend these payments to the developer until after the expiration of one year from the date of registration of the units with the names of the buyers and the implementation of common and shared facilities for the project.

Article 17: first ":


Without prejudice to the penalties laid down in the laws and without prejudice to civil compensation, shall be sentenced to imprisonment from three to six years and a fine of 500 thousand to 1 million Syrian pounds: a developer asking for IPO "REALTOR" without prior approval body.

B-real estate developer has sold the apartment on the map "to the provisions of this law, subject to the provisions of article 209 of the Penal Code.

C-consultant certified false documents used for payments concerning project "REALTOR" with his knowledge.

D-auditor deliberately endorsing a financial statements don't really show the financial position of the developer or used for payments to meet real estate project implementation contrary to fact or deliberately concealed "material facts in his report.

E-view for sale fake real estate projects units.

And-who embezzled or illegally acquired payments delivered to him for real estate projects and prosecuted. "

G-notable papers "or incorrect data to get a developer license or open an account.

II: Amin account or ad means owner who contravenes the law with fines of 500 thousand to 1 million Syrian pounds.

III: the penalty of a fine of 100 to 200 thousand SP failed to provide the body with the required data in accordance with the provisions of this law.

Article 18: engineering consulting is liable "jointly and severally with the developer from any act contrary to the terms of the contract if the use certificate contrary to fact.

Article/19/: in about any incidentals prevents complete real estate project Secretary must calculate the project after consultation with the Commission to take the necessary measures to safeguard the rights of applicants to ensure completion of the project or re mortgage payments by these applicants.

Article 20: escrow agreements impose on the draw of one thousand of the amounts deposited in the account get her honest account and once for the Convention, and supplied to the Commission within a maximum period of three months from the filing date for the body.

Article 21: the Executive instructions issued a decision of the Minister "on the proposal of the Commission.

Article 22: this law shall be published in the Official Gazette and is valid from date of issuance.

Damascus in 18-1-1433 Hijri-14-12-2011 a.d. President Bashar Al-Assad