Management of State assets by the right of trust

State assets transferred to SE “Turto bankas” by the right of trust shall be managed by the Real Estate Management Division of the Real Estate Department

Main objectives of the Real Estate Management Division are:

  • to manage, use and dispose the state real estate transferred to “Turto bankas” by the right of trust under the resolutions of the Government of the Republic of Lithuania in accordance with the procedure established by law.
  • to provide management and supervision services for the state real estate of administrative purpose in accordance with the management and supervision services for state real estate agreements concluded with assets managers together with loan for use agreements.
  • to offer to sell state real estate and the assigned land parcels as well as other real property in accordance with the procedure established by the law and in compliance with the List of Real property for Sale approved by the Government;

The Real Estate Management Division, while implementing the objectives assigned to it, shall perform the following functions:

  • take over assets, belonging to the state by the right of ownership, and documents, related to the management, use and disposal of such assets from state institutions, establishments, organisations, municipalities and other legal entities;
  • represent the State in managing and using state assets transferred by the right of trust, as well as disposing of state assets as far as it is related to the write-off, liquidation, etc. of such assets;
  • analyse proposals submitted by state property managers regarding the takeover of the state real estate, participate in preparing draft lists of the state real estate to be sold and/or managed;
  • prepare and implement draft decisions regarding lease and/or transfer for use under loan for use agreements, prepare and administer lease and/or loan for use agreements of transferred tangible assets;
  • prepare and implement draft decisions concerning the conclusion of agreements regarding asset administration and supervision services (electricity and heat supply, water and wastewater management, utilities services, etc.), administer service agreements related to the administration of the transferred assets;
  • organize and implement provision of compensated services of asset administration to natural and legal entities;
  • participate in drafting strategic plans of the company, in drawing up operational plans of the company, in planning the demand of necessary funds.

Resolution No. 259 of the Government of the Republic of Lithuania adopted on 13 March 2015 (hereinafter referred to as the Resolution) (TAR, 2015, No. 2015-03963) amends the Rules on Transfer, Accounting, Storage, Disposal, Restitution and Recognition as Waste of the Derelict, Appropriated, Inherited by the State, and Transferred to the State Property, Real Evidence, Treasure and Findings (hereinafter referred to as the Rules), approved by the Resolution No. 634 of the Government of the Republic of Lithuania on 26 May 2004. Since the entry into force of the aforesaid Rules, i.e. since 20 March 2015, administration of the real estate transferred to the State (including real estate with assigned land parcels) and shares is carried out by the manager of centrally managed state assets, i.e. the state enterprise “Turto bankas”.

In order to perform the function named herein, the Real Estate Management Division shall:

  • represent the State in notarial offices, SE Centre of Registers, National Land Service, archives, banks and other establishments, companies, and organisations in the administration of the property transferred (ought to be transferred) to the State;
  • prepare and implement draft decisions regarding the takeover of the property transferred (ought to be transferred) to the State;
  • upon receipt of notification of the property transferred (ought to be transferred) to the State, initiate the collection of information on such property, participate in the inspection of the property transferred (ought to be transferred) to the State, and sign Property Inspection Certificate;
  • initiate an appeal to the court regarding the recognition of accounted constructions as derelict property in accordance with the provisions of the Civil Code of the Republic of Lithuania and the Rules on Takeover, Accounting, Storage, Disposal, Restitution and Recognition as Waste of Derelict, Appropriated, Inherited by the State, or Otherwise Transferred Into State Revenue Real Estate or Means of Transport, approved by the Resolution No. 634 of the Government of the Republic of Lithuania of 26-05-2004;
  • initiate appraisal of the property transferred (ought to be transferred) to the State, where the real estate appraisal documents have not been submitted to SE “Turto bankas”, or where, according to the Division, the value indicated in the aforesaid documents does not correspond to the true value of the real estate being transferred;
  • after drawing up the Property Accounting and Transfer Certificate, receipt of the final Court decision on the recognition of ownerless constructions (or whose owner is unknown) as derelict, receipt of the certificate of inheritance transition to the State or another document, on the basis of which the ownership right to the real estate is transferred to the State, apply to the Centre of Registers and request to register the real estate transferred to the State in the name of the State, issue a copy (duplicate) of Real Estate Cadastre and registry file, where this is appropriate, and issue the certificate of real estate registration in the Register of Real Estate, as well as to submit copies of the documents to the appropriate structural units;
  • in cases when the property transferred to the State is pledged or registered in the Mortgage Register, as well as if seizure of property is registered, after drawing up the document of property takeover and registering the property in the name of the State, initiate the disposal of such property and settlement with creditors (coordination of sale price of the property, debt coordination, analysis of cost of bailiff services, control of settlement with creditors, etc.).

© VĮ Turto bankas, 2017

Kęstučio g. 45, LT-08124
Vilnius, Lithuania
Phone (+370 5) 278 0900
Fax (+370 5) 275 1155

Vilniaus g. 16, LT-01402
Vilnius, Lithuania
Phone (+370 5) 268 4999

Email: info@turtas.lt
Company No: 112021042
VAT No: LT120210411

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