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Guide to Taking Mortgages in Moldova [EBRD 2008 Guide to taking mortgages in Moldova Guide to taking mortgages in Moldova Prepared by A.C.I. Partners European Bank for Reconstruction and Development Chisinau, 2008 © ACI Partners, 2008 © European Bank for Reconstruction and Development, 2008 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, without the written permission of the copyright holders. Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature. This publication has been made possible thanks to the generous support of the Swiss Government. The information and expression of opinions in this guide are not intended to constitute legal advice and should not be treated as a substitute for specific advice concerning individual situations. As the law related to the area of security is complex, we strongly recommend seeking legal advice when contemplating specific transactions. INTRODUCTION ....................................................................................................................................4 An explanation of the terms used......................................................................................................4 Key features of new legislation..........................................................................................................5 Laws governing mortgages................................................................................................................5 1. WHAT IS A MORTGAGE?..............................................................................................................6 1.1 Difference between mortgages and pledges .........................................................................6 1.2 Difference between mortgage and mortgage lending..........................................................6 1.3 Residential mortgages and commercial mortgages.............................................................6 1.4 Who can provide mortgage loans?........................................................................................6 2. WHAT CAN BE MORTGAGED AND WHAT DOES THE MORTGAGE COVER?...................................7 2.1 Can all immovable assets be mortgaged?.............................................................................7 2.2 What if the property is commonly owned?..........................................................................7 2.3 What if the property is jointly owned?.................................................................................7 2.4 What about property owned in condominium?...................................................................7 2.5 How are the land and the building(s) built on the land connected when it comes to mortgage creation?.................................................................................................................7 2.6 Does the mortgage cover additions, improvements, transformations, attachments and so on? .......................................................................................................................................8 2.7 Does the mortgage cover the “fruits” of the mortgaged asset?..........................................8 2.8 Does the mortgage extend to insurance proceeds and other compensation?....................8 2.9 What assets cannot be mortgaged?.......................................................................................8 2.10 Can future property be mortgaged?.....................................................................................8 3. THE PARTIES TO THE MORTGAGE ..............................................................................................9 3.1 The Mortgagee........................................................................................................................9 3.2 The Mortgagor........................................................................................................................9 3.3 The Mortgage Guarantor ......................................................................................................9 4. THE CLAIM THAT IS SECURED BY A MORTGAGE .......................................................................10 4.1 What claim/debt can be secured by a mortgage?..............................................................10 4.2 Can a mortgage secure a future claim?..............................................................................10 4.3 Can a mortgage secure a fluctuating claim?......................................................................11 4.4 Can a mortgage secure a claim expressed in a foreign currency?...................................11 4.5 What is included in the secured claim: interest, costs, damages?....................................11 5. THE MORTGAGE AGREEMENT .................................................................................................12 5.1 Should the mortgage agreement be notarised? .................................................................12 5.2 What must the mortgage agreement contain?...................................................................12 5.3 The case of a mortgage over a property to be purchased.................................................13 5.4 Changes to the mortgage agreement ..................................................................................13 5.5 What are the costs of creating a mortgage?.......................................................................13 5.6 How long does it take? .........................................................................................................14 5.7 Valuation of the property ....................................................................................................14 6. REGISTRATION OF A MORTGAGE .............................................................................................15 6.1 What is the registration procedure?...................................................................................15 6.2 How long does it take? .........................................................................................................15 6.3 How much does it cost?........................................................................................................15 6.4 Can registration be refused? If yes, on what grounds? ....................................................15 6.5 Can the registration of a mortgage be suspended? ...........................................................16 6.6 Registering transfer of title and mortgage over the same property ................................16 6.7 Can a property be mortgaged more than once?................................................................16 6.8 How can the public get information on the mortgage?.....................................................16 7. USE AND PRESERVATION OF THE MORTGAGED PROPERTY....................................................17 7.1 Using, maintaining and repairing the property.................................................................17 2 7.2 Insuring the mortgaged property .......................................................................................17 7.3 Can the mortgagor lease the property?..............................................................................18 7.4 Can the mortgagor sell or dispose of the mortgaged property? ......................................18 7.5 Can the mortgagor mortgage the same property more than once?.................................18 8. ASSIGNMENT AND PLEDGE OF THE MORTGAGE LOAN .............................................................18 8.1 Can the mortgagee assign or pledge the mortgage loans (and the mortgage attached to the loan)?...............................................................................................................................18 9. ENFORCING THE MORTGAGE ...................................................................................................19 9.1 In what circumstances can a mortgage be enforced? .......................................................19 9.2 What are the pre-enforcement steps?.................................................................................20 9.3 What happens if the borrower is willing to co-operate?...................................................20 9.4 Procedure for starting enforcement: obtaining court ordinance.....................................20 9.5 Is it necessary to involve the court?....................................................................................21 9.6 What are the available modes of enforcement of the mortgage?.....................................21 9.7 Eviction of occupants ...........................................................................................................22 9.8 Who bears the enforcement costs?......................................................................................23 9.9 Can the mortgagor stop the enforcement procedure?......................................................23 9.10 Enforcement of a subsequent mortgage .............................................................................23 10. TERMINATION OF THE MORTGAGE..........................................................................................24 10.1 Could a mortgage be terminated without the express consent of the mortgagee?.........24 11. PRE-CONTRACTUAL INFORMATION AND CONSUMER PROTECTION.......................................24 11.1 What information is required
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