ABSTRACT
Laos was incorporated into the French Indochina Federation in 1898, passed through the period of Japanese occupation, and became independent in 1949 within the framework of the French Union. The land area of Laos is approximately 240,000 square kilometre and is composed of Vientiane City and 17 provinces. The Lao economy is in a relatively stable and continuous developing state. Laos has adopted a market economy and is promoting economic reforms since 1986, and the first constitution came into effect in 1991. Legal relationship between land and buildings is not clear in the Laotian law whether a building is an independent real estate or integrated with land. The Law on Secured Transaction 2005 provides that A security contract over immovable property must include an assessment of the value and a clear description of the characteristics of the immovable property, such as the category, type, size, quality, quantity, and location of the immovable property used as security rights.
