ArmInfo. The Real Estate Cadastre Committee is expanding its verification capabilities for real estate transactions. During a government session on July 23, Committee Chairman Suren Tovmasyan presented the draft enabling tripartite agreements to be concluded online for primary market mortgage financing between a developer, a buyer, and a bank or mortgage company licensed by the Central Bank.
The implementation of this project will allow parties to execute contracts remotely and complete the verification procedure, which will serve as the legal basis for registering property ownership. Considering that banks verify all necessary client parameters when providing a mortgage loan, the Real Estate Cadastre Committee is introducing a new mechanism that allows transactions to be concluded within the Committee's electronic system without notarization. This transaction will be submitted by the bank directly to the state property rights registry, enabling buyers to remotely purchase real estate in newly constructed buildings.
"We will continue working in this area. We will simplify the administration of those types of transactions that can be carried out digitally. We have various projects—some are already in circulation, while others are still at the concept stage—which we will present soon," he said.
Regarding security, the head of the Committee noted that significant work is also underway. In particular, a tender has been announced to strengthen the server infrastructure and bring it into compliance with advanced security standards, making the system more modern and secure.
