Online purchase and sale of real estate to take effect in Armenia 

ArmInfo.  Mechanisms are being created in Armenia for making online real estate purchase and sale transactions through electronic systems. Amendments to the law > were approved at a government  meeting on August 21.

As the head of the RA Cadastre Committee Suren Tovmasyan indicated,  within the framework of the initiative, the parties - the seller and  the buyer - in the case of individual contracts concluded in offices  and consulting centers, will be given the opportunity to sign a  contract drawn up and signed using the ( ed.)  identification system, using an electronic system from a computer or  telephone using an electronic digital signature, and then immediately  after signing, submit it for state registration of rights.  After  these works are carried out, the system will automatically carry out  state registration of the buyer's rights and termination of the  seller's rights.

"With this change, the problem of the two-hour process and six-fold  payment will be resolved in such a way that after state registration  of the property right through the automated system and the entry of  the contract, the system will immediately generate a certificate of  the buyer's property right for the buyer," he said.

Online purchase and sale is currently being implemented in a pilot  mode. During this period, the system will be tested, after which it  is planned to extend the tools to standard contracts at the initial  stage, and then to more complex ones.

As Tovmasyan explained, it is also envisaged that transactions  related to mortgage lending, that is, tripartite contracts in which  the bank participates, after the approval of the original contract,  the parties can sign and submit for state registration of rights in a  virtual environment, without visiting a notary.

"Our idea is for a person to be able to buy or sell a house without  leaving home," Prime Minister Nikol Pashinyan noted in turn.

The Prime Minister asked whether citizens of other countries will be  able to buy and sell. The head of the Cadastre Committee replied that  they are considering certain tools.

"The bank, being an entity providing mortgage loans, will be able to  carry out this identification using the mechanisms it has. And the  buyer, the seller, who will be identified through this mechanism,  will be considered the person who presented the corresponding  signature. And this will also be acceptable to us," Tovmasyan said.