In Armenia, opportunities for purchasing apartments in new buildings are expanding. Soon it will be possible to buy a home in the primary real estate market through an electronic system without notarization. The corresponding law was adopted at the end of last year, and the government has now approved the sample contracts. The digital platform's toolkit needs to be completed, after which Armenian citizens will be able to purchase apartments in new buildings while located both in Armenia and abroad.
“Today, for such a transaction, a citizen must go through a certain process with a notary, spending time and financial resources. We also have standard forms for transactions without notarization, but for that, the citizen must visit the Cadastre Committee office and sign the contract in the presence of an employee. Now we are transferring all this to a digital platform, where the citizen, after passing strict identification, will be able to electronically sign without notarization,” said Nane Ghazaryan, Deputy Chair of the Cadastre Committee of Armenia, at a press conference in the press center of Armenpress.
This opportunity can be utilized by those who are citizens of Armenia and have an electronic signature. The transaction is carried out through https://www.e-cadastre.am, where the citizen undergoes strict identification.
“A citizen of Armenia living abroad had to either come to Armenia in person or leave a power of attorney for someone to carry out the transaction. Now this link is eliminated, and the process is significantly simplified. An Armenian citizen living abroad, who has an electronic signature, can easily purchase an apartment through the electronic system,” Ghazaryan added.
The apartment can only be purchased in this way from the primary real estate market, meaning directly from the developer. Moreover, the apartment can be bought either from a building under construction or from a completed building.
To purchase an apartment through the electronic system, the involvement of the developer and a bank or credit organization is necessary. They also undergo strict identification in the system, considering all possible risks.
This transaction will have the same legal force as one notarized at a notary's office. Ghazaryan emphasized that this is an opportunity, and there are no mandatory conditions. If there are citizens who still wish to conclude the transaction with notarization, they will have that option.
The toolkit for this new system will be fully ready within the next 6 months.
