How to avoid real estate scams when purchasing a home in Uzbekistan?

To avoid falling victim to fraud when purchasing a newly built home or apartment in Uzbekistan, it is essential to pay close attention to the following key factors:

• Has the seller of the new multi-storey apartment building been officially registered as a legal business entity, and is it still an active company (i.e., not dissolved)?
• Is there an official resolution from the local administration authorizing the allocation of the land plot where the construction is taking place?
• Is the construction company a recognized player in the market?
• Has the construction project undergone official expert review? Are the works being carried out in accordance with the approved design and expert conclusions?

Consumers should also be attentive to the type of contract they are signing. Depending on the situation, one of the following agreements may be concluded between the seller and the buyer:

• investment agreement
• shared construction agreement
• mortgage agreement
• sale and purchase agreement

Additionally, buyers should investigate whether the property is built on legally designated land, whether there are valid legal grounds for the construction, and whether the area has been slated for demolition or redevelopment. It is also critical to verify whether the seller is legally authorized to sell the property and whether any signs of fraud are present. If others have purchased property from the same seller, find out how their transactions turned out.

Which parts of the contract deserve special attention?

Depending on individual priorities, different clauses of the contract may be important to each buyer. Some may focus on the price, others on the timeline. As a general rule, it is crucial to review all aspects of the contract thoroughly. This helps the buyer avoid future disputes.

Important contract clauses include the total square meters of the apartment, its location (such as floor number), the price per square meter, the expected date of construction completion, and the timeframe for issuing ownership documents after the project is finalized.

Another critical element is the responsibility of the parties. The contract should clearly state the obligations and liabilities of both the construction company and the buyer. These clauses will play a decisive role in resolving any future conflicts.