Article 1. The basic concepts used in this Law of the Law On Mortgage of Immovable Property

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The following basic concepts are used in this Law:

1) immovable property (real estate) – land plots, as well as buildings, structures and other property that are firmly connected to the land, that is, objects that cannot be moved without disproportionate damage to their purpose.;

2) mortgage of immovable property (mortgage) is a type of pledge in which the mortgaged immovable property or a share in it remains in the possession and use of the pledgor or a third party;

3) mortgage loan – a loan, including a bank loan or a syndicated loan secured by a mortgage on real estate;

4) mortgage housing loan – a mortgage bank loan provided for the construction of a dwelling or its purchase and (or) repair;

5) a mortgage organization is a legal entity whose exclusive type of activity is the activity provided for by this Law.;

6) mortgage agreement – an agreement between the parties to establish a mortgage to secure the main obligation;

7) mortgage sale – sale of the property that is the subject of the mortgage;

8) mortgagor – a person whose immovable property or a share in it is the subject of a mortgage;

9) mortgagee – a person whose interests under the main obligation are secured by a mortgage;

10) the main obligation is a debt or other obligation fully or partially secured by a mortgage;

11) the authorized body for architecture, urban planning and construction is the central state body responsible for the management of architectural, urban planning and construction activities in the field of public administration;

12) trustee – a person who implements the mortgage out of court;

13) authorized body – a state body that carries out state regulation, control and supervision of the financial market and financial organizations.

The Law of the Republic of Kazakhstan dated December 23, 1995.

President

Republic of Kazakhstan

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