Legal help on buying a property in the Republic of Armenia
When purchasing any property it is desirable and even necessary to implement it full legal check-up. After all, there are cases in Yerevan and throughout the Republic of Armenia whereby aggressive sellers are trying to capitalize on the naivety of some citizens or their lack of attention. We strongly advise a prospective buyer to familiarize themselves with standard procedures when buying any property, be that an apartment, a flat, a house, land or business property.
Check-up of the prospective seller:
First and foremost one must pay careful attention to the personality of the seller, specifically to his/her mental and physical health. This is important because, after the completion of the transaction and transfer of ownership of the apartment to the prospective buyer, relatives of the prospective seller retain the ability to challenge the purchase and sale of property(s), and the right to declare the deal invalid in courts, if the prospective seller has physical or mental health problems.
It is also necessary to check the criminal history of the prospective seller. After all, he/she might be involved in the machinations of the real estate market or, be on the authority’s wanted list. This can create a situation in which the prospective buyer will give the prospective seller agreed sum in a form of a deposit, with the result being that the prospective seller has conveniently disappeared.
If the prospective seller acquired the apartment through the acceptance of inheritance, it is necessary to check the legal grounds of the estate. For example, check the will, the certificate of acceptance of inheritance, check for the presence of other wills, the presence of other heirs, who can challenge the sale/purchase of the property.
It is also important to check the number of owners of the property. There are cases when properties are sold without the consent of one of the co-owners. This violates their rights to parts of profits raised. They may challenge the transaction in court, and transfer your title and deed to themselves, this will surely create inconveniences and problems for the prospective buyer. Often, such cases happen when one buys a property while married and/or after divorce, as the current/former spouse retains ownership of half of the property, as it acquired during marriage is a joint property of the spouses. Should a prospective buyer purchase such a property, the former spouse will have every reason to challenge the sale of the property. Therefore, it is appropriate to ask the prospective seller to provide information on past marriages and current marital status.
Checking the property(s):
One should carefully study the history of the property, including all the available information about its previous owners. This essential information is available from the State Committee of Real Estate Registry of the RA. This body deals with accounting and registration of rights to immovable property situated in the RA. In addition to the registration and accounting of property rights and restrictions, the inventory also provides information about the property at the request of individuals and legal entities. It is advisable to take advantage of the opportunity provided by law to verify the information on the RA real estate that one wishes to purchase.
At the request of individuals the inventory register issues common reference. This includes the general information about the property, location, registration number, the listed legal owners of the apartment, its area in square meters. However, most often the prospective buyer is interested in restrictions on rights in respect of the property, such as any arrest and/or bail. Information on the limitation of rights in respect of the property is indicated in the common reference, as well as, the document that served as the basis for imposing restrictions.
Along with this information is also very important to ask the inventory to provide extracts or, copies of registered affairs of that property. This is a very important step, this ownership certificate specifies all the information about the property, the basis on which the property belongs to the prospective seller. The basis may be a contract of sale of real estate, a donation, an inheritance. One can also get the floor plan of the h. Asking for the floor plan will help one to get acquainted with any changes that were made, and then to evaluate the validity of these changes.
As a prospective buyer one can perform these actions on their own, on the basis of the sales contract. Yet it is still in one’s best interest to have a legal representation for a comprehensive analysis of one’s situation. Only an estate lawyer can explain all the legal details when purchasing any property in the RA, as well as, help one to identify unscrupulous sellers, preventing the risk of infringement of one’s property rights in the future. The role of a qualified estate lawyer increases when purchasing in Yerevan, where the real estate market is most active.
Documents required for registration of rights to any property:
Should the check-up of the apartment and the owners be successful, one may proceed to the conclusion of the contract and the immediate registration of the one’s rights to the property in the State Committee of Real Estate Registry of the RA. The contract itself may be concluded at the State Committee of Real Estate Registry of the RA and at notary offices. Purchase agreements are subject to state registration within 30 (thirty) days from the date of signing and subject to notary registration.
In order to register one’s rights to purchased property(s), the applicant must submit the following documents to the State Committee of Real Estate Registry of the RA:
- The application;
- The copy of the document, confirming the identity of the applicant IE: passport. If the prospective buyer is a foreign subject, or citizen then translation into the Armenian language stamped at the notary offices;
- The legal documents/contracts necessary for the registration of the rights;
- The receipt of payment of the state duty.
Should the apartment not be registered after the 1st of March 1998, then one is required to supply a floor plan as well. The same applies in relation to the newly-constructed building, or if one intends to carry out redevelopments, separation, or change the total look of the area of the apartment.
‘Vardan Khechyan LLC’ has been engaged in legal support of transactions on the purchase of properties in Yerevan and the rest of the Republic of Armenia since the year 2000. We will help you to understand the legal aspects of each case and effectively protect your rights.