ArmInfo. In Armenia, some real estate transactions will be able to be completed electronically. At its November 26 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 second reading.
Introducing the amendments, Deputy Chair of the Cadastre Committee Nane Ghazaryan noted that some technical changes had been made to the bill for the second reading, but no substantive changes had been made. According to the draft law, when concluding certain transactions, the seller and buyer will be able to sign a contract, drafted and signed through the "Eto Ya" identification system from their computers, with an electronic digital signature from their phones, and, after signing, submit the contract for state registration of the title.
After these steps are completed, the system will automatically register the buyer's rights and terminate the seller's rights. This will introduce new tools that will help simplify the workload of registers and expedite the process of state registration of real estate rights. This change to the law 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 made available so that participants can access the information online after transactions via their personal accounts. Furthermore, the transaction agreement will only require the buyer's electronic signature.
The adoption of the draft law is aimed at developing appraisal activities in the country, increasing its competitiveness, transparency, and compliance with international standards. The proposed regulation will enable the country to enter the international appraisal market and create a system that ensures the provision of high-quality, reliable, and investment-friendly services. Favorable conditions will be created for foreign investors, as they will have the opportunity to utilize the services of internationally recognized specialists and organizations.
