Real Property Transactions: Key Requirements

• 2024-11-09
• 12

 

Real properties are those that cannot be used for their purposes if separated from the land. They are, for instance, land, buildings, houses, and apartments.

Either Transferor or Transferee may request to transfer or register the ownership (or title) of a real property.

A transaction or contract on the transfer of the real property and other related documents must provide the grounds for the transfer. Such transactions/contracts, and documents must be notarized.

Should any party to the transaction be represented by an agent, the contract or documents shall have to make notes or provide attachments about the agent and his/her power of attorney.

If a real property is transferred based on a transaction or contract, a new ownership shall be created upon the registration of the transaction at the real property registration authority by ending the ownership of the previous owner.

 

(These are the excerpts from the Civil Code of Mongolia, and further details should be researched in this Code and other laws such as Property rights registration laws).