Transfer of ownership in the contract for the sale of residential real estate Ready

Abstract

It is worth-bearing in mind that owing to the lack of the Iraqi law from a legislation regulating the contractual relationship between the contracting parties of the contract of sale of the ready-made residential real properties, the buyer does not have sufficient guaranties ensuring his rights, especially his right in the transfer of the ownership. Therefore this transfer cannot be realized at the time of contracting, because the buyer pays the instatements of price, and ends up paying them before the transfer of the ownership of the residential unit to the buyer, therefore, it is necessary to amend the texts of the real property registration law, in order to permit the gradual transfer of the ownership of the residential unit to the buyer, according to the graduation of the execution of other contractual obligations, or the transfer of the ownership of land at the time of contracting, in order for the buyer to demand the correction of the genre of the real property at the time when the building is finished.It is worth-nothing that radical treatment of the problem of the transfer of property of the residential unit to the buyer, by enacting a legislation regulating the relationship between the contracting parties of the contract of sale of the ready-made residential real properties, including the advertisement of these sales, to give the buyer some guaranties ensuring his rights, particularly his right of the ownership of the real property which he has bought.