Legal regulation of title insurance in Kazakhstan

Abstract

Due to dynamic development of Kazakh real estate market, the issues of safety of transactions, history of real estate transactions and risk insurance became relevant. Title insurance is an efficient tool which provides protection of rights of parties to real estate transaction. This article is concerned with aspects of legal regulation of title insurance in Kazakhstan. The authors analyzed existing tools used in the world practice for protection of property interest of good-faith buyers. The results of analysis showed that title insurance is closely linked to the model of registering the immovable property turnover. Moreover the comparative analysis of foreign countries’ legislation and practice revealed that insufficient legal regulation in Kazakhstan limits the possibilities of title insurance compared to the countries where the title insurance is used in order to ensure the protection of good-faith buyers at real estate market. Also article considers in detail the main elements of title insurance. The purpose of the paper is to identify the causes that prevent development of title insurance in Kazakhstan. In order to achieve the purpose, the following objectives were set: To determine the place of title insurance in the system of protection of good-faith buyer’s interests, and To determine the aspects of title insurance distinguishing it from other types of insurance. Conclusions and proposals were made based on the results obtained.