Armenia plans to allow the electronic execution of certain standard mixed real estate pledge agreements involving banks and credit organizations without notarization. Corresponding changes are envisioned by amendments to the country's Civil Code. This was announced by the head of the Cadastre Committee of Armenia, Suren Tovmasyan, after discussing the initiative at a meeting of the Public Council under the agency.
The legislative changes are intended to simplify the execution of certain real estate transactions and expand the use of digital tools in the financial sector. However, this does not apply to all pledge agreements, but to standard agreements provided by law involving financial organizations.
The meeting also discussed improving the educational and methodological framework in the field of real estate valuation and including the digitalization of professional activities in the industry development program. Members of the Public Council presented proposals for improving industry processes and legislative regulation.