RA Government making changes to mortgage lending agreements- bill

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.