ArmInfo. Armenian commercial banks will be granted the right to provide mortgage loans electronically through a multilateral agreement between real estate sellers and buyers. At its November 26 meeting, the National Assembly's Committee on Economic Affairs approved the second-reading amendments to the Civil Code and the Law "On State Registration of Property Rights" submitted by the Armenian government.
According to Nane Ghazaryan, Deputy Chair of the Cadastre Committee, if a multilateral agreement is reached, the parties will be granted the right to formalize real estate transactions electronically without notarization. To address this issue, the government will approve a standard agreement under which a bank or credit institution, a construction company, or a seller and buyer will be able to conclude transactions electronically. The bank or credit institution will then also submit an application electronically to the Cadastre Committee for registration of property rights. All participants in the process will be able to view the progress of transactions through their personal accounts on the Committee's website.
