ArmInfo. The RA Government is making changes to mortgage lending agreements. At its October 15 meeting, the RA National Assembly Standing Committee on Economic Affairs provided a positive opinion on the amendments to the Civil Code and the Law "On State Registration of Property Rights" submitted by the RA Government at its first reading.
Suren Tovmasyan, Head of the Cadastre Committee, noted in his speech, it is envisaged that these agreements may be submitted for state registration of rights without the need for notarization. The amendments aim to address several important issues. Firstly, individuals who want to buy real estate in the Republic of Armenia using a mortgage loan but are residing in Armenia will be able to conclude purchase and sale agreements remotely, through electronic platforms, which will serve as the basis for state registration of rights.
The next objective is to develop the real estate market. "As we consistently develop the real estate market, we are obligated to implement the tools currently available in developed markets and frequently used by investors," the speaker emphasized. He also noted that, following the adoption of the law, the government will develop a standard contract form for agreements between banks, buyers, and sellers.
However, it was decided after discussions that notarized contracts can still be used as an alternative if requested by the parties involved.
