Which legislation applies to property transactions?
As mentioned above, property transactions are governed essentially by the Civil Code provisions, along with the Land Law and the Land Law Regulations. There are ancillary statutes that also must be considered with regard to this matter, including the Private Investment Law (Law10/18, of 26 June 2018).
Each Australian state and territory has its own separate legislative regime in relation to the ownership of land and the various available tenures.
Each legislative regime is fundamentally similar in its structure and implementation; however there are some differences between each jurisdiction.
Australian real estate is regulated under a titling system which operates on the principle of 'title by registration'. This system effectively does away with the need for a chain of title (ie tracing titles through a series of documentary instruments).
The Civil Code contains all general provisions connected with property transactions.
The Mortgage Law governs registration with the competent Legal Security Office (Bureau de Sécurité Juridique / Kantoor Rechtszekerheid) when real estate is transferred.
The Registration Tax Code and the Flemish Tax Code govern registration duties when real estate is transferred.
Finally, some regional decrees provide for specific formalities that have to be complied with from an environmental and zoning law perspective.
The transfer of property is generally governed by the Rights in Rem Act in the Federation of Bosnia and Herzegovina (Official Gazette of F BiH no 66/13 and 100/13) and Rights in Rem Act in the Republika Srpska (Official Gazette of RS 124/08 and 58/09).
The rights of foreign investors are set out in the Law on Foreign Direct Investment Policy in Bosnia and Herzegovina (Official Gazettes of FBiH 4/98, 17/98 and 13/03).
Other applicable laws regarding the acquisition of real estate are as follows:
Each Canadian province and territory has its own separate legislative regime in relation to the ownership of land and the various available tenures.
All Canadian provinces and territories with the exception of Newfoundland and Labrador, Prince Edward Island, Quebec and some portions of Ontario, have a Torrens system of land ownership which is a titling system operating on the principle of ‘title by registration’. The Torrens system effectively does away with the need for a chain of title (ie tracing title through a series of documentary instruments).
Newfoundland and Labrador, Prince Edward Island and some portions of Ontario operate under the Registry system of land ownership. The Registry system provides a means for recording documents that evidence title interests but, unlike the Torrens system, does not provide a definitive statement with respect to ownership or title.
Quebec is unique in that it is a civil law jurisdiction rather than common law jurisdiction and employs a cadastre system.
The transfer of properties is mainly governed by the following:
The transfer of property is generally regulated by the Croatian Obligations Act (Zakon o obveznim odnosima, Official Gazette Nos. 35/05, 41/08, 125/11, 78/15).
Other relevant laws are:
The transfer of title to real estate is generally governed by the Czech Civil Code (which deals with purchase or donation agreements). The provisions of Act No. 256/2013 on the Cadastral Registry (the Cadastral Act), regulates registration at the Cadastral Registry.
Transfers of real estate are mainly governed by the general rules of Danish contractual law. Additionally, the Danish Real Estate Agent Act, the Danish Consumer Protection in the Acquisition of Real Estate Act, the Registration of Property Act, the Promotion of Energy Saving in Buildings Act and general Danish tax law apply.
The applicable legislation is set out in a wide range of laws, each dealing with a particular aspect of the sale and purchase of real estate.
The main sources of real estate law are:
Contracts are primarily governed by the general common law inherited from the English system. There are also additional statutory provisions relating to real estate transactions, including the Conveyancing and Property Ordinance, (Cap. 219 of the Laws of Hong Kong) Land Registration Ordinance (Cap. 128 of the Laws of Hong Kong) and related regulations.
The main sources of real estate law are:
A broad range of legislation affects property transactions in Ireland, including that covering:
The transfer of title to real estate is generally governed by the Italian Civil Code, with supplementary provisions relating to town planning, building and taxation.
The primary legislation applicable to property transactions in Japan are the following:
The legislation that applies to real estate is:
The Constitution of the Federal Republic of Nigeria 1999 and the Land Use Act 1978 are the major uniform laws for the entire country. There are, however, other subsidiary legislations regulating property transactions within the respective 36 states and the Federal Capital territory which include but are not limited to the following:
The Alienation Act (Avhendingsloven) regulates the transfer of planned and completed properties between individuals and/or between professional parties (companies etc.). Professional parties may opt out of the regulations imposed under the Alienation Act.
New buildings, including contracts for the proposed construction of a building, are not regulated by the Alienation Act.
In the case of individuals such contracts are regulated by Norwegian law number 43 of 13 June 1997 (Bustadoppføringslova), but for professional parties there is freedom of contract.
In the case of professional parties entering into contracts, including those for transfer of title and for the proposed construction of new buildings, land transfer is regulated by the Alienation Act, but the construction elements are regulated through the building contract.
The basic rules for sales and purchases can be found in the Polish Civil Code. However, there are many other laws which may apply to specific transactions such as the Real Estate Management Act and the Zoning and Development Act, which apply to sales and purchases by the community, etc.
In Portugal, private property transactions are mainly ruled by the Portuguese Civil Code. However, certain provisions of tax law, registration law, public law and corporate law are also applicable.
The legal framework providing for the main rules and procedures for real estate transactions in Romania comprises:
Specific provisions in respect to real estate transactions are also included in the Romanian Fiscal Code and law no. 36/1995 regarding notaries public, as subsequently amended. When involved in real estate transactions in Romania, companies must also observe the rules provided by the Company Law no. 31/1990, as subsequently amended.
The Civil Code and the Act No. 162/1995 Coll. on the Cadastral Registry and Registration of Ownership and Other Rights Over Real Estate, as amended, apply to the transfer of real estate in general. Further primary and secondary legislation also applies to real estate, including specific types of property.
The main legislation for the transfer of real estate comprises:
The transfer of title to real estate is generally governed by the Real Property Code (Jordabalken).
The main legislation governing the transfer of real estate is as follows:
The following legislation applies:
There is an extensive list of statutes and regulations that apply to property within the Abu Dhabi Global Market free zone. These include:
We have not listed the prescribed list of applicable English and Welsh Acts of Parliament here as it is extensive. However, it can be viewed on the Abu Dhabi Global Market website.
The following legislation is important to consider in most property transactions in Dubai:
Contracts are primarily governed by case law. There are also additional statutory provisions relating to real estate transactions, including the Law of Property Act 1925 and the Land Registration Act 2002 and related regulations.
Contracts for the sale and purchase of real estate are governed primarily by case law. The execution of contracts is governed by the Requirements of Writing (Scotland) Act 1995 but contracts are not generally in a standard form.
There is legislation applicable to the registration of the buyer's title, namely the Land Registration etc. (Scotland) Act 2012. If the acquisition of the property also involves the transfer of a business carried out on the premises, then statutory provisions dealing with employees and VAT also need to be considered.
Each state has its own law, consisting of case law and statutes, applicable to property transactions; local regulations are also applicable to aspects of property ownership, such as zoning compliance and building codes. In addition, federal laws may be applicable.
In Zimbabwe, the following laws apply to the regulating of property transactions, depending on the nature of the transaction. The major legislation pertaining to property transactions are: