الرافدین للحقوق (Mar 2023)
Real Estate Investment Contract A comparative study
Abstract
Real estate investment is one of the investment tools that can be adopted in achieving economic development. This has called for many states to organize it carefully with special legislation. However, as a result of the lack of regulation by private legislation by some countries such as Iraq, the difference appeared in its legal adaptation between a named and an unnamed contract. Because this regulation in laws related to investment and real estate development. It is an unnamed contract in Iraqi law, and it is named in French, Egyptian, Emirati, Qatari, and Bahraini law. As a result of organizing this contract in the formula of prepared forms in advance by the first party that does not accept negotiation and changes in its terms in the contract, it can be adapted as a contract of compliance. And since registration is a fundamental pillar of the contracts contained in real estate transactions in Iraqi legislation, we can say that real estate investment contracts contained in incompletely constructed real estate are nothing but incomplete external contracts. On the contrary, with regard to legislation that adopts the principle of transfer of ownership as soon as the contract is concluded, such as the French Civil Code, which does not consider formality as a pillar or condition in the transfer of real estate ownership. In addition, this contract is of a special, independent nature, which distinguishes it from other contracts that are similar to it, and the seller’s obligation in it is an obligation to achieve a result, and not an obligation to exercise care, and this result is represented in the delivery of the real estate unit agreed upon, according to the specifications set by the two parties before. If one of the parties breaches the contract, the responsibility of defaulting party will follow through with the realization of his contractual responsibility, which can be defined as - the legal system that aims to redress the damage that occurs to the injured person from the investment contract as a result of the action of the other party and according to the legal controls. The aim of proving this responsibility is to remove the effect of The harmful act by means of compensation. And if the responsibility of the investment companies is achieved through the realization of its pillars, its legal effects must be followed, and perhaps the most prominent effects achieved from it are the liability lawsuit and the consequences of this lawsuit that have been clarified in the research.
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