Armenian commercial banks to be granted right to provide mortgage  loans electronically

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.