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The publication covers key legal matters relating to the acquisition and operation of commercial real estate in Norway, predominantly intended for a non-Norwegian audience who owns Norwegian real estate or is considering acquisitions in Norway.
Introduction: In recent years we have experienced an increase of foreign contractors wishing to establish themselves in Norway. In many ways Norwegian construction law is similar to that of other European countries and it is surely possible for foreign contractors to operate here. However, foreign contractors often experience that the Norwegian construction contracts are far less detailed than in most other European countries. As a result, foreign contractors find the need to familiarise themselves with relevant Norwegian background rules of law.
Despite the fact that Norway similar to the rest of Europe experienced a relatively volatile real estate market in 2008 and 2009, the volume of transactions has increased substantially throughout 2010.This positive trend also applies to the building construction market, both commercial and residential.
Å ha hytte kan være dyrt. Å leie ut hytten kan derfor være lurt og lønnsomt. Det gjelder imidlertid å vite hvilke skatte- og avgiftsregler som gjelder.
The Norwegian Sovereign Wealth Fund (formally called the “Government Pension Fund Global” and popularly named the “Oil Fund”) has been authorised by its owner, the Norwegian Ministry of Finance, to invest in real estate through new rules that entered into force on 1 March 2010.
In today's insecure market with less capital, irational banks and lengthy periods of negotiations, there are many legal challenges related to acquisitions in general and particuraly of real sette companies. Read the whole article with lawyer Mr Børge S. Nygårdshaug in the enclosed article (in Norwegian) Unquote
A practical insight to cross-border Real Estate work
In almost all construction projects, the contractor enters into agreements with subcontractors, such as electricians, painters, plumbers etc. In lager projects, the use of subcontractors can be quite extensive, and relate to almost every aspect of the construction process. It is in such cases it is not unusual that also the subcontractors enters into agreements with other suppliers in order to be able to fulfill their own contractual obligations. This article focuses on the need for coordination of the agreements on the various levels of a construction project, and the so-called "back to back" principle as a remedy for obtaining this. The intention is to point out both advantages and risks by employing this technique.
during implementation of a competitive tender within public and private sector in Norway
If the current regulations and principles the tender is based upon do not abide by the rules, the purchaser can be subject to a claim of compensation from the competitors.
The claim can be based upon loss of non-performance contractual interest or loss from reliance on promise contractual interest. The term loss from non-performance contractual interest means that the tenderer shall be in the position as if he obtained the contract (full compensation for costs and loss of profit). The term loss from reliance on promise contractual interest means that the tender is in a position as if he had not participated in the competitive tender (full compensation for all costs.)
On the website of the Ministry of Agriculture you will find an invitation reading 'Buy your own small farm'. The statement refers to the new acreage limits stated in the new Concession Act of 1 January 2004. The Act states that concession is not required for acquisition of developed property up to 100 decares provided that not more than 20 decares of the property is cultivated.
Under Norwegian law, there is a clear distinction between the statutory provisions involving only professional parties on the one hand, and, on the other, contracts involving consumers. In general there is full freedom of contract between professional parties, while contracts with consumers are regulated by law.