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Azerbaijan eyes to carry out some mortgage lending operations online

Business Materials 24 September 2018 17:07
Azerbaijan may amend the legislation to transfer a number of operations related to mortgage lending to an electronic form
Azerbaijan eyes to carry out some mortgage lending operations online

Baku, Azerbaijan, Sept. 24

By Ilkin Shafiyev - Trend:

Azerbaijan may amend the legislation to transfer a number of operations related to mortgage lending to electronic form, according to the proposals considered Sept. 24 at a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship.

The amendments envisage the formation of legal bases for the online organization of registration and circulation of mortgage papers confirming the mortgage right over immovable property, including the drawing up of mortgage paper, its signing by the mortgagee, confirmation by notary and other procedures.

If the rights of the mortgagor are fixed by an appropriate mortgage document, the state registration authority receives information about this mortgage paper using an electronic system.

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Follow the authors on Twitter: @IlkinShafiyev

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