This document summarizes important legal positions concerning the terms of conclusion, registration, and execution of contracts between developers and participants.
In particular, it clarifies that a developer has the right to attract funds from citizens only after the object has been entered into the official register of buildings under construction. It also emphasizes that the contract must be notarized and registered with the state registration authorities for real estate rights.
The Plenary Session also specified that a preliminary contract differs from a shared participation contract: the former merely records the intentions of the parties, while the latter creates an obligation for the developer to construct the object.
Furthermore, the Supreme Court clarified that unilateral termination of the contract is impossible and can only occur by court decision. In the event of the developer's bankruptcy, participants have the opportunity to register the object as unfinished construction and attract a new contractor to complete the work.
The resolution comes into effect upon its publication on the official website of the Supreme Court of the Kyrgyz Republic.
The full text of the document is available to subscribers of the Tazabek publication.
