Registration of Ownership Rights Carried Out in Shorter Time

In the second quarter of this year, the average time for the registration of rights to real estate decreased from 11.8 days to 8.4 days.

"While in the first quarter of 2016 the registration of property rights took 12.6 days on average, in the second quarter this index fell by 1.5 points. In the secondary market (January to March 2016 - 9.9 days) records of the state registration of real estate were issued three days earlier," the State Committee on Property said.

In Baku the situation is somewhat different. In the first quarter of this year, the initial registration of real estate in the capital made 15.5 days after submission of the documents. In the second quarter the document on property ownership was issued within 14 days. In the secondary market it is a little easier: the period of issue of the extract from the record decreased from 13.2 to 7.6 days on average.

It is worth emphasizing that an owner has a right to obtain extracts from the state registry for a shorter time (2/3 or 1/3 of the prescribed period), if he pays the fee prescribed by the Tariff Council. Therefore, this factor plays a role in reducing the average maturity of the issuance of extracts from the state register of real estate.

Recall that from 29 April 2016 a norm has entered into force, according to which the state registration of rights to real estate was reduced from 20 days to 10 working days.    -------08D