Azerbaijan makes changes to real estate purchase/sale process

By Trend

The notary procedure for approving decision-making agreements on objects of the State Real Estate Register has been changed in Azerbaijan, Trend reports.

A bill amending the Civil Code of the Republic of Azerbaijan was submitted for discussion at the Parliament's plenary session on November 29.

According to the changes, the relevant rights will be registered based on the e-copy of a notarized real estate decision-making agreement, transmitted in real time through the e-government information system. This agreement will be regarded as an application for registration of ownership and other property rights stemming from it in the State Real Estate Register.

Another amendment is related to the deposit. Following the draft law, a deposit agreement must be notarized, if it is bound up with the signing of a real estate decision-making agreement, and the rules envisaged by Article 225.6 of the Civil Code apply to the recipient of the deposit.

The document was put to the vote in the Azerbaijani Parliament and adopted in the third reading.