LEGAL FRAMEWORK FOR REAL ESTATE PROMOTION IN TUNISIA
LAW N ° 90-17 OF FEBRUARY 26th, 1990 ON THE LEGISLATION RECAST RELATING TO REAL ESTATE PROMOTION
- Art 9 : Selling a building as part of a real estate project prior to its realization, can only be carried out by a property developer as defined in article 1 of this law, a sale agreement will fix the rights And obligations of the parties.
- Art 10 : The sale agreement must include the origin of land ownership, the land title number, if applicable, the decision date of the subdivisionapproval for the lands to be developed or the date and the number of the decree authorizing the construction regarding the sale of property to build.
- Art 11 : The sale agreement must also specify:
- Description of the property promised for sale
- Price and terms of payment
- Delivery time
- Price revision formula
- Penalties for delay
- Performance guarantee.
Calculation methods ofpenalties for delay and conditions under which the price revision formula may take place will befixed in the book of specifications of the real estate promotion provided in Article 25 of this Law
- Art 12 : The land developer can’t demand or accept any payment, deposit, subscription or paper instrument before signingthe sale agreement under the conditions provided in article 10 of this law.
Yet , and only after signing the sale agreement , advances may be granted by the buyer and must in this case lead to the issuance of a bank guarantee by the land developer in favor of the buyer under the conditions provided in the Specifications.
- Art 13 : In the event that two successive payment deadlines of the price of the thing promised for sale are not respected by the buyer, the developer may consider the contract as null and void provided that a formal notice through a bailiff remains unsuccessful for a period of two months.
- Art 14 : Before the property promised for sale is delivered within the timeframe set out in the sale agreement, the land developer must serve to the buyer a copy of the verification report and the occupancy permit made by municipal services or any other body authorized to issue these documents, besides the certificate of conformity and proper performancemade by the architect or the design office or the control office responsible for monitoring the project.
- Art 15 : The transfer of ownership takes place on the date of the perfect payment of the final price of the property promised for sale. The definitive s contract of sale must be established within a maximum period of one month from that date.
Source : Official Journal of the Tunisian Republic of March 6th1990