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Law Real Estate Law In 2011

Original Language Title: القانون 25 لعام 2011 قانون التطوير العقاري

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Law No. 25 of 2011 Real Estate Development Act


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Act No. 25 of 2011
Date-birth: 2011-12-14 History-Hjri: 1433-01-18
Published as: 2011-12-14
Section: A law.

Information on this Act:
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Law 25 of 2011
Real estate development law

President

Based on the Constitution.

As approved by the People's Assembly at its meeting held on 15 -1-1433 A.H., 11-12-2011,

The following are issued:

Chapter I

Article 1

Definitions: The terms below mean the meanings set forth in each of them.

Minister Minister of Housing and Construction:

The Commission Public Authority for Development and Real Estate Investment:

General Manager: Director General of the Commission.

Record : Register of real estate developers with the Authority.

Project: Every real estate development project is licensed according to provisions. Law 15 /15 2008.

Warranty Account: The bank account of the project in which payments from buyers are made under contract promise, sales contracts, or funders for the project.

Real estate developer: The natural or legal person authorized to engage in development and real estate investment activity under the provisions of Law 15 /15 of 2008 and includes the main or subsidiary developer.

Account Secretary: The bank authorized to operate in Syria, approved by the Authority to manage the escrow accounts.

The drug. : Everything is stable with a fixed space in which it cannot be moved without damage.

Real estate unit: The detachment portion of the property that the developer sells to others.

Engineering consultant The engineer registered with the Engineers Association has arranged an opinion engineer and approved by the Authority to supervise the project.

Auditor: Audit of funds recorded in the Register of Money Companies Law No. 33 of 2009 and its amendments.

Warranty agreement: A contract between the real estate developer, the real estate unit purchaser and the account chief to open a single warranty account for each project, which regulates the relationship between them, including the payment due on the buyer, its dates and the conditions for the payment of the real estate developer's benefits from the escrow account.

Article 2

a. No natural person or consideration may present any real estate project for public subscription except in accordance with the provisions of this Law

b. A proposal for public subscription is an invitation to the public to be involved in a real estate project, whether it is done directly or through the media or any other means defined by the executive instructions and the decisions of the body.

c. No natural person or consideration may put up any real estate exchange for the use of the media.

Article 3

The provisions of this law apply to the real estate developer or any person who sells units on the map in real estate development projects and receives payments from buyers or funders in exchange for it and whether under the promise of selling according to the approved schemes.

Article 4

a. A public subscription to a real estate project shall not be declared in the media without the prior approval of the Authority.

b. It is forbidden for all media outlets to publish any advertisements relating to the sale of real estate units unless the real estate developer has obtained a prior license to announce it from the Authority.

Chapter II

Establishment of escrow account

Article 5

A real estate developer willing to sell units on the map or to regulate the promise of sales in accordance with the provisions of Act 15 of 2008 must submit a request for opening of the escrow account according to the documents provided for in the executive instructions.

Article 6:

a. The escrow account is established under a written agreement between the developer, the trustee and the purchasers by which the payments from buyers are created for units on the map or from the funders, in a special account that is open to the account chief in the name of the real estate project.

b. The terms of the administration of account, the rights and obligations of the contracting parties shall be established by the Convention and a copy of the Convention shall be deposited with the Commission

All funds obtained by the project from banks shall be deposited into the escrow account.

Article 7

A reference is made in the real estate record under the promise of sale and a copy of the real estate restriction must be submitted that this reference is made to the account secretary.

Chapter III

Administration account management

Article 8

a. The escrow account shall be opened on behalf of the project and shall be exclusively for the purpose of establishing the real estate project and the amounts deposited in it shall not be reserved for the benefit of the developer. The balance of the escrow account shall not be entered into the property of the developer in the event of bankruptcy.

b. If multiple projects are implemented by the developer, a separate assurance account must be opened for each project.

Article 9:

The Board shall prepare a special register of "register of trustees" in which the names of the custodians are recorded.

Article 10:

a. The Secretary of the Account shall provide the Authority with periodic lists of income and payments of the escrow account and at any time from the Secretary of the Account may request the information or data to which it is considered necessary to be consulted. In all cases, the Authority may make use of those it deems appropriate for the scrutiny of such statements and statements.

b. If the Authority is found to have committed any violation of the provisions of this Act, the Authority shall notify it in writing and grant time to remove the offence.

c. If the violation is not removed within the prescribed time limit, the Authority shall take the necessary measures to remove it and to hold the breach of material and moral responsibility and to refer it to the judiciary.

Article 11

The Public Authority for Development and Real Estate Investment Authority and the Land Finance Supervision Authority may familiarize themselves with the accounting records of the project and request that they be provided with copies.

Article 12:

a. If the real estate developer has demonstrated the project to obtain a loan from financial institutions or companies, these institutions and companies must deposit the amount of the loan into the escrow account, in order to discharge it in accordance with the provisions of this law.

b. A reserve reservation is made in the real estate register for the owners of the escrow account in the amount of the amounts paid to the real estate developer.

c. The amounts paid to the real estate developer from the escrow account shall have a right of privilege on the real estate project.

Article 13/:

a. If the buyer fails to perform three instalments of sale in accordance with the escrow account agreement, the developer would have sold the unit subject to the Convention by auctioning the buyer following the buyer's excuses according to the procedures established by the executive instructions.

b. All sales expenses shall be auctioned by the buyer and shall be received by the buyer following the deduction of these expenses.

Article 14/:

The Authority develops the forms of the escrow account agreement to be guided by real estate developers and the trustees of the account.

Article 15/:

The real estate developer maintains a special register of buyers for each real estate project without the data specified by the executive instructions.

Article 16:

The Account Secretary must retain 5 % of the total value of the warranty account after the receipt of the receipt record and do not spend the amounts to the developer until the end of one year from the date of registration of the units with the names of the buyers and the execution of the public and joint facilities of the project.

Article 17:

First:

Without prejudice to the most severe penalties stipulated in the laws in force and without prejudice to the right to civil compensation, the penalty is punishable by three to six years and a fine of 500 thousand to 1 million Syrian pounds each:

a. A real estate developer put up a "real estate" project without getting prior to the approval of the authority.

b. A real estate developer sold an apartment on the scheme contrary to the provisions of this law, taking into account the provisions of Article 209 of the General Penal Code.

C) An honest consultant on false documents used to obtain payments belonging to a "real estate" project with the knowledge of it.

d - The fact that financial statements do not show the reality of the financial position of the real estate developer or used to obtain payments for the execution of a real estate project contrary to "truth or willfully concealed" are substantial facts in its report.

-Come on! From a display for sale units in fake real estate projects.

And - "From embezzled or illegally received payments to him to set up real estate projects and be prosecuted," he said.

g From the most prominent papers " or incorrect data for obtaining a real estate developer license or opening a warranty account.

Second:

The Secretary of the Account or the owner of the advertising means who contravenes the provisions of the law shall be punished with a fine from 500 thousand to 1 million Syrian pounds.

III.

A fine from /to 200 /200 Syrian pounds is punishable by a failure to provide the body with the required data in accordance with the provisions of this Law.

Article 18/:

The engineering consultant is responsible for the "solidarity and solidarity" with the real estate developer for any amounts of action contrary to the terms of the contract if it is carried out using a certificate contrary to "reality".

Article 19/:

As to the establishment of any emergency circumstances that prevent the completion of the real estate project, the Secretary of the Account shall, after consultation with the Authority, take the necessary measures to preserve the rights of depositors in order to ensure the completion of the real estate project or the return of the sums paid by those depositors.

Article 20/:

The warranty account agreements shall be charged with one thousandth of the amounts deposited in the account by the trustees and one time for the Convention, and shall be supplied to the Authority within a maximum of three months from the date of deposit in favour of the Board.

Article 1/:

The executive instruction shall be issued by decision of the minister based on the body's proposal.

Article 2:

This law is published in the Official Journal and is considered effective " from the date of its promulgation.

Damascus in 18-1-1433 A.H., 14-12-2011, my birth

President

Bashar al-Assad

mz












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