Real Estate

23 Oct, 2015

Conversion of Right of Use Into Ownership Right

As of July 28, 2015, a relatively new piece of real estate legislation, regulating conversion of right of use into ownership right on construction land, came into force (the “Conversion Act”). The Conversion Act creates possibility for certain, strictly itemized entities (e.g. privatized entities, holders of right of use on the land previously acquired for specific development, sport organizations, public enterprises, entities subject to bilateral succession treaties) to convert right of use into ownership right in exchange for compensation fee payment. Such fee equals the market value of the land, providing that holders are registered with the Real Estate Cadaster […]

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05 Oct, 2015

Recent Developments in Serbian Mortgage Law

On July 7, 2015, the long awaited amendments to Serbia’s 2005 Mortgage Act have been adopted.  The amendments brought several important changes, primarily aimed at increasing the efficacy of the foreclosure proceedings, but also at eliminating some provisions shown to be obsolete.  The following is a brief overview of the aforementioned key amendments. In terms of mortgage creation, one rather simple improvement is that the person having the direct possession of the real estate is no longer required to give its written statement agreeing with establishing the mortgage over the respective real estate.  This should make the procedure of creating […]

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