Armenia set to implement electronic system for state registration of property rights

YEREVAN, October 15. /ARKA/. Armenia is preparing to launch an electronic system for the state registration of property rights, announced today Suren Tovmasyan, the head of the Cadastre Committee.

The Parliamentary Committee on Economic Affairs has expressed a favorable opinion on the draft law that amends the Law "On State Registration of Rights to Property," which has been reviewed in its first reading.

Tovmasyan stated that the Cadastre Committee is actively working on the digitalization of transactions and the development of tools for the electronic signing of contracts, as well as their submission for registration through an automated system.

He remarked, "The government has sanctioned specific types of contracts that can be executed at the Cadastre Committee offices and submitted for state registration without the need for notarization."

Tovmasyan further explained that the system will be integrated with the "It is me" identification platform, enabling citizens to access their personal accounts, electronically sign contracts, transfer them to the buyer for similar confirmation, and subsequently submit the contract to the Cadastre Committee system for registration without requiring a registrar.

The electronic system will autonomously register rights and generate the contract, which, according to Tovmasyan, will enhance the speed, transparency, and convenience of the process for citizens.

He also mentioned that a pilot period of 1.5 years is planned to test the system. -0-