Moldova to have new law of condominium

Chisinau, 29 November /MOLDPRES/ – Moldova will have a new condominium law. The new law will replace the current condominium law in the housing stock.

The document adopted today in final reading provides for the regulation of the procedures for setting up, registering and dismantling the condominium by signing the act of incorporation by the owner or co-owners of the land and the building located on the land. If the condominium signers decided to self-administer throughout the Association, the condominium constitution will be filed for registration both with the territorial cadastral body and with the state registration entity of the Public Service Agency (ASP).

The new regulations also cover the procedure for transferring ownership of the unit within the condominium, which establishes rules on the authentication of the adjusting acts, the mandatory clauses of the contract for the transfer of the right of ownership and the deadline for the acquisition of the right of ownership.

The new law establishes obligatorily the Fund repair and development (FRD) within the condominium. It will consist of financial means obtained from the rental of common parts, bank deposit contracts, interest and contractual fines, grants and donations. Also, in order to ensure transparency in the formation of FRD, the contribution of each owner, determined and paid in accordance with the decision of the General meeting (AG) of the owners, will be indicated in the separate invoice.