Ownership Rights

In the Republic of Georgia the objects of ownership are: land and entrails of the earth, waters continental shelf resources, flora and fauna, enterprises, means of production, transport and information, dwelling-houses, dachas (country houses), objects of material and spiritual culture, money, securities, precious materials and stones, as well as other movable and immovable property. The result of economic or any other use of the property of an owner, industrial products, fruits and other earnings belong to the owner unless different is envisaged by the relevant law or treaty.

Subjects of ownership (owners) are citizens of Georgia, parties, legal entities and the state. In the Republic of Georgia there may be property of foreign states, international organizations, foreigners and foreign entities which are affected by the legislation of the Republic of Georgia unless an international treaty signed by the Republic of Georgia does not stipulate otherwise. In the Republic of Georgia property may be in private, state and social associations (organizations) ownership. It is admissible to uniie property being in private, state ownership and in the ownership of social associacions (organizations) forming mixed ownership on this basis. In the Republic of Georgia all forms of ownership are equal, inviolable and protected by the law.

Property may be in joint ownership of two or several persons with the determination of a share (shared ownership) and without the determination of a share (joint ownership) Possession, we and disposal of property being in joint ownership are realized through an agreement of all owners and in case of the lack of it – by a decision of the Court. A participant in common shared ownership have the right to the allotment of her or his share, and a participant in joint ownership – to determining and allotting his or her share. The rule of determining and allotting a share is established by the relevant legislation. In case of selling a share of joint ownership to an outside person, the rest of the participants in joint ownership have a priority right to purchase the share being sold in accordance with rule and on terms We stablished by the law.