Some electronic real estate transactions to be permitted in Armenia 

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.