Armenia plans to implement a mechanism for remote processing of real estate transactions without the need for a notary visit or power of attorney:
As stated by Suren Tovmasyan, the head of the Cadastre Committee, during a government meeting, the new procedure will apply to the purchase of housing using a mortgage and will cover real estate in both under-construction and already commissioned apartment buildings:
To facilitate this, a special module will be integrated into the agency's electronic system, allowing the buyer, developer, and bank to conclude and certify the contract in digital format:
“After the contract is concluded, ownership will transfer from the developer to the buyer and will be registered in accordance with the established procedure. The contract can be signed both in Armenia and outside its borders,” Tovmasyan said:
He noted that currently, buyers must either personally visit a notary in Armenia or issue a power of attorney. If the document is issued abroad, additional procedures are required, which extend the transaction time:
The new mechanism stipulates that after the bank verifies the borrower's identity, creditworthiness, and other necessary data, a tripartite agreement between the buyer, developer, and bank will serve as the basis for state registration of ownership rights without notarial certification:
Thus, buyers will be able to purchase real estate remotely in both under-construction apartment buildings and those that have been completed and put into operation:
Deputy Prime Minister Tigran Khachatryan noted that this innovation will significantly simplify the transaction process and allow for broader application of digital technologies in the registration of property rights.
