Mortgage agreements in Armenia can be registered without notarization

YEREVAN, October 15. /ARКА/. In Armenia, it will be  possible to submit mortgage agreements for state title registration without notarization.

This matter was addressed during a meeting of the parliamentary committee on economic issues, which approved amendments to the  Civil Code and the law On State Registration of Rights to Property, discussed in the first reading.

As Suren Tovmasyan, the head of the Cadastre Committee, pointed out, the amendments aim to resolve several significant issues.

Firstly, he mentioned that individuals residing outside Armenia who wish to acquire real estate in the country through a mortgage will be able to remotely sign purchase and sale agreements. This will provide the foundation for state title registration.

“The second goal pertains to the enhancement of the real estate market. We are required to implement tools that are already utilized in leading markets and that investors commonly use,” Tovmasyan highlighted.

He also indicated that once the law is enacted, the government will endorse a model contract, which will serve as the framework for agreements for banks, lenders, borrowers, buyers, and sellers.

After the discussions, it was concluded that, upon the request of the parties involved, the option to finalize contracts with notarization will remain available as an alternative.-0-

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