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
Economics
-
The 12th International Caspian Energy Forum commenced today in Baku, organized by the Caspian Energy Club in collaboration with Enermus, bringing together over 500 delegates from across the Caspian-Black Sea and Baltic regions.
-
The World Bank has recommended that Azerbaijan cut subsidies in its water sector to enhance system sustainability and address the escalating issue of water scarcity, Stephanie Stollmeister, Manager of the World Bank Representative Office in Azerbaijan, reported.
-
Last week, the Central Bank of Russia raised the interest rate from 18% to 19% annually. The decision to increase the rate was made against the backdrop of rising inflation expectations among the public and businesses.
-
Azerbaijan’s Cabinet of Ministers has announced a detailed timeline for the mandatory transition of labor contracts to an electronic document format, in accordance with a decree issued by the President of Azerbaijan on June 28, 2024. The resolution, signed on September 17 by Prime Minister Ali Asadov, outlines phased implementation deadlines for different categories of employers, with the aim of modernizing labor documentation and improving efficiency.
Leave a review