Cadastre officials have drafted legislation aimed at enabling the remote purchase of property in Armenia through mortgage lending without notarial verification.
The bill was presented to lawmakers at the Parliamentary Committee on Economic Affairs by Suren Tovmasyan, Head of the Cadastre Committee.

Tovmasyan explained that the amendments pertain to tripartite contracts involving the bank or lending institution, the buyer, and the seller.

“The proposed changes establish the possibility for such contracts to be submitted for state registration of ownership rights without notarization. The bank, as the mortgage lender, will submit the contract electronically to the Cadastre Committee,” he said.

According to Tovmasyan, the initiative aims at two main objectives: simplifying procedures and reducing costs, as citizens will no longer need notarization or power of attorney services. The second goal is the development of the real estate market, which will enable investments in Armenia’s property market even when investors are abroad.

“If a person living abroad wishes to invest and purchase property through a mortgage loan, they can sign the sales contract remotely without even visiting Armenia. The bank will electronically submit the contract to the Cadastre Committee, which will serve as the basis for the state registration of rights,” the official told lawmakers.

He added that citizens will still have the option to choose whether to use the new digital mechanism or to retain the traditional notarization process.

Published by Armenpress, original at https://armenpress.am/en/article/1232192