ArmInfo. In Armenia, some real estate transactions will be able to be completed electronically. At its October 15 meeting, the National Assembly's Committee on Economic Affairs approved the amendments to the Law "On State Registration of Property Rights" submitted by the Armenian government for the first reading.
Presenting the amendments, Cadastre Committee Chairman Suren Tovmasyan noted that when concluding certain contracts with the Cadastre Committee, the seller and buyer will be able to sign the contract, prepared and signed through the "This is Me" identification system, from their computers, with an electronic digital signature from their phones, and then submit the contract for state registration of title.
"Once these works are completed, the system will automatically register the buyer's rights and terminate the seller's rights. This means we will introduce a new tool that will help simplify the workload of registers and expedite the process of registering real estate rights," Tovmasyan noted, adding that the legislative amendment is being implemented on a pilot basis and will be in effect for 1.5 years. The Cadastre Committee of Armenia's database will be accessible, allowing participants to access the information online after transactions are completed through their personal accounts. The transaction agreement will only require the buyer's electronic signature. The entire electronic transaction registration system will be free of charge. Immediately after the transaction, the system will automatically generate the real estate title.
