It will now be possible to purchase an apartment in a newly constructed building in Armenia without being physically present in the country. The Armenian government approved the relevant decision at its meeting.

Under the new system, the three-party agreement can be concluded electronically without notarization or issuing a power of attorney. The bank will then be able to submit the agreement for state registration of property rights, making it possible to remotely purchase real estate in a newly constructed building in Armenia.

Suren Tovmasyan, head of Armenia's State Cadastre Committee, said the decision was aimed at simplifying the existing procedure, Sputnik Armenia reported.

Currently, property buyers are required to be in Armenia and personally visit a notary or issue a power of attorney to another person to complete the purchase. A special template has now been created on the committee's electronic platform, allowing the transaction to be completed remotely after it is filled out.

"A template will be introduced into our electronic system that, when a mortgage loan is involved, will allow the remote buyer, seller and bank to conclude and authenticate electronically the agreement that will serve as the basis for state registration of the right. As a result, ownership will be transferred from the developer to the buyer purchasing the property with a mortgage loan, who will be able to authenticate the agreement both in Armenia and outside Armenia," Tovmasyan explained.

According to Tovmasyan, when issuing a mortgage loan, the bank already verifies all necessary information concerning the buyer, including their financial resources and their ability and capacity to service the loan.