June 27, 2008
Today, the Parliament of the Republic of Moldova adopted the Mortgage Law.
As it was reported in the Ministry of Economy and Trade of Moldova, the document defines the term “mortgage”, “mortgage construction”, “mortgage contract”, registration and upgrade of mortgage rights, possession, use and management of mortgage properties, transfer and concession of mortgage rights.
The Law defines the bases and procedure of termination and modification of mortgage, refinancing of mortgage loans, introduction of mortgage conditions for existing and future capital construction, as well as unfinished constructions, etc.
It is planned that the Law will act the foundation for mortgage loans development in Moldova. It should assure the creditors during the construction crediting process or while purchasing the apartments under construction. According to the authors’ opinion, the new law will increase the interest to mortgage financing in Moldova, and create conditions for loyal competition among mortgage creditors.
Source RBC
