No notarization needed for Diaspora mortgage property deals

PanARMENIAN.Net - Citizens, including foreign-based investors, will soon be able to acquire real estate in Armenia through mortgage financing without needing notarized documents or being physically present in the country. Suren Tovmasyan, head of the Cadastre Committee, announced the legislative changes during a session of the National Assembly’s Economic Committee, Armenpress reports.

The draft law covers tripartite agreements between banks or credit organizations, buyers, and sellers.

“With this amendment, such contracts can be submitted for state registration without notarization. The bank, as the mortgage lender, will electronically submit the agreement to the Cadastre Committee,” Tovmasyan explained.

He noted that the initiative serves two key purposes: simplifying the transaction process and reducing costs for citizens by eliminating the need for power of attorney or notary visits; and stimulating Armenia’s real estate market, particularly to encourage foreign investment.

“If someone living abroad wants to invest and buy property using a mortgage, they can sign the purchase agreement remotely, without coming to Armenia. The bank will submit the contract electronically to the Cadastre, which will serve as the legal basis for state registration,” he emphasized.

Tovmasyan added that citizens will have the option to choose between the new digital procedure or the traditional notarized process. Once the law is enacted, the government will establish a standardized contract format to be used for such registrations.