Code of Real Estate.

This Law regulates various matters relating to real property (not defined) such as disposal, registration of title and other rights, and rights in and over real estate such as liens. The Act consists of 21 Chapters divided into 5 Parts.Part 1 provides rules for the sale and acquisition of real estate. Title to real estate is acquired by sale, trade, gift or other conveyance, as provided in this Code. Separate provisions apply to the acquisition of real estate by inheritance, will, distribution of matrimonial assets, expropriation or otherwise not by conveyance. Chapter 2 provides rules relative to the form of deed of sale, pre-contract, the role of the notary, prescribed clauses, defects in the real estate, title or possession and other failure by the seller to perform, price reduction and compensation, cancellation of sale, buyer's and seller's rights and obligations, etc. Other provisions of Part 1 concern gift and other conveyance of title in a real estate. Parts 2 and 3 provide rules relative to registration of titles and special rights in real estate, as well as mortgaging. A title and mortgage register shall be kept for registration purposes by the District Court. Unless otherwise provided, the District Court shall have a quorum, for purposes of registration, with one judge qualified in law. Other provisions of Part 2 concern application for registration, procedures, information to be provided and entered into the register, appeals against decisions of the Registration Authority, obligation to register title, proof and precedence, etc. Special rights, based on a contract or another transaction that may be registered are: (1) a lease or other usufruct; (2) a right to a pension off the real estate; (3) a right to take timber; and (4) a right to extract land or mineral resources or another comparable right of extraction. An agreement between the joint titleholders of a real estate on the possession of the real estate may be registered. Part 4 contains provisions relative to real estate liens. A real estate lien may be raised over real estate, a share or parcel of real estate, a lease and another usufruct on the real estate of another, as provided in this Code. Part 5 provides that detailed provisions on registration, the maintenance of the title and mortgage register and the other implementation of this Code are issued by Decree.