Real Property Processes : An explorative study of property institutions in Belarus

Abstract: This work aims at advancing the scientific understanding of the real property processes stimulating the Belarusian property market specifically in order to promote its development. For a property market to operate efficiently, real properties ought to be able to be smoothly created and securely transferred with the aid of real property processes. These processes, after being implemented, generate transaction costs for a society, while the ways by which they are arranged can increase or decrease such costs. This research applies institutions as a theoretical ground with the transaction costs theory as a core concept for the examination of the selected property processes, resulting in a body of new knowledge on the relations between institutions, property processes and transaction costs. This study specifically investigates property formation and purchase processes in Slovenia, Sweden and Belarus through an ontological modelling supported by their descriptions. It additionally explores the content of property rights along with the existing real property legislation of the selected countries, as such are recognised as components influencing real property processes. Consequently, general descriptions of the land tenure systems of these three countries and a classification of fundamental property rights are presented. The examined property processes are compared in order to identify differences and thereby generally enrich the theoretical knowledge in the land administration domain. This comparison is based on the transaction costs generated by the specific real property processes and relatively estimated by this research with a focus on the stakeholders involved, their functions and interactions. This study places its main emphasis on property formation and property purchase processes in Belarus, while corresponding property processes of selected European countries are taken as benchmarks for new approaches. This research results in proposing simplified property processes for Belarus that may sensibly be established with the long-term aim of facilitating the functioning of the national property market and thereby economising as to transaction costs. In conclusion, the property market of Belarus would benefit from a simplification of the real property processes by utilising international practices while, however, not disregarding national peculiarities.