TITLE INSURANCE AS THE ASSURANCE OF GOOD FAITH PURCHASER INTERESTS PROTECTION

Authors

  • Assel Arystan

Keywords:

title insurance, property right, good faith purchaser, voluntary insurance, title insurance agreement, real estate

Abstract

. The real estate market is characterized as the higher risk activity. This market segment has a social and economic meaning. On the one hand the real estate is a subject of investment activity, and on the other hand it has a high social meaning in particular when the housing sector issues are touched.

Purchase of a real estate in Kazakhstan is subjected to the risk of financial loss among which a special place should be given to legal risks related to the possibility of property right forfeit. As the key factors may be the imperfection of real estate turnover registration system and the absence of effective protection of good faith purchasers’ interests.

The title insurance is a part of good faith real estate purchasers’ property right protection mechanism. However this type of insurance in the sphere of real estate without a proper serving the interests of real estate turnover participants including legislatively changes to an expensive and ineffective financial instrument.

The purpose of study is to identify the causes hampering the development of title insurance in Kazakhstan, and the disadvantages of title insurance legal control. Primary focus is on transactions related to real estate which have a special social and economic meaning. The conducted analysis showed that the title insurance has a strong correlation with the real estate turnover registration system model and the protection guarantee of the good faith purchasers’ rights. In this connection to achieve the purpose of the work the tasks on analysis of the specified interrelated issues were determined. Based on the results obtained the conclusions and suggestions have been defined.

 

Published

30.09.2017

How to Cite

Arystan А. (2017). TITLE INSURANCE AS THE ASSURANCE OF GOOD FAITH PURCHASER INTERESTS PROTECTION . Scientific and Legal Journal «Bulletin of the Institute of Legislation and Legal Information of the Republic of Kazakhstan», 3(48). Retrieved from https://vestnik.zqai.kz/index.php/vestnik/article/view/454