The number of administration offices and resident expenses are reduced for the Land Registry. The new Law on Land Registry simplifies the steps related to ownership transfer and real estate registration. Up to now it was required that residents visit several different administration offices and pay fees for documents related to ownership transfer and real estate register. It was also necessary to hire experts who understand complicated procedures. Documents had to be photocopied, stamped, taken from one sector of public services to other sectors which are often in the same buildings. This caused many problems for citizens in terms of time and expenses. The new law simplifies procedures.
The public notary is the unavoidable place for the verification (stamp) of contracts for purchasing or donating real estates, submission of inheritance documents, and verification of other photocopies. The process starts at a public notary. Therefore, it was common for the public notaries to transform documents into electronic versions and forward them to authorized services. In this case, it is the Land Registry which is in charge of conducting inputs in efficient ways with limited duration. The Land Registry office issues documents and forwards them to clients within a specified time period which is much shorter than it has been so far.
Furthermore, the Land Registry office is in charge of forwarding documents to the Internal Revenue Service (IRS) which begins its procedure of charging certain taxes. This whole procedure comes down to one administration counter – the public notary office. In addition, the number of documents to be issued, photocopied, verified and transferred from one office to another is reduced. This reduces the expenses of the procedure, and increases the efficiency of the process.
This system is a novelty to us, but these steps are present in the systems all over the world and make the process of purchasing, ownership transfer, and land registration much easier in developed countries with a great experience in real estate trade, such as the United States of America. Comapnies in the USA have been defined, and the State has transfered its authority to them, so that they can deal with issues related to ownership transfer, including payment orders, all in one place. Basically, when clients enter such companies with their legal representatives, the whole procedure is done in this single place – from signing contracts, paying taxes, registering ownership, transferring the purchase price to payiing the real estate agency. In this way there is greater security in real estate trade and the ownership itself.
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