Doing Business in Azerbaijan 2009 - Azerbaijan Export ...

42 DOING BUSINESS IN AZERBAIJAN
Acquisition & ownership of land and property
A progressive land reform was implemented in Azerbaijan in the
1990’s. The country was one of the first among the former USSR
republics to introduce private ownership of land as well as free
trade and transfer of titles to land and distributed the large portion
of land to the population. A lot of formerly state owned real estate
was also either sold or distributed to population and businesses.
Azerbaijani law provides for the following basic rights in land:
• Ownership
• Lease
• Use
The real estate in the Azerbaijani legislation is best matching the
term “immovable property”. Pursuant to the Law on State Register
of Immovable Property (the “State Registration Law”), creation of
rights in property (ownership and other rights), transfers and
termination of rights are subject to state registration with the
register of immovable property.
The State Registration Law recognizes registration of the rights in
immovable property carried out by various state authorities prior to
the date of the law and provides for data transfer to the register
from various state authorities engaged in registration of rights in
immovable property in the past.
The register in accordance to the State Registration Law will be
available to a limited list of persons entitled to receive information
on data maintained in the Register. As a general rule, registration
of property rights over immovable property shall be accomplished
within 20 days. The State Registration Law contains special provisions
in respect of registration of certain rights in immovable
property: