Moldovan cabinet approves draft on optimizing prpocedures of real estate's registration

Chisinau, 22 March /MOLDPRES/ - Notaries will have access to data from state registers, kept in electronic form, needed for the procedure of authentication of contracts on the sale of real estate, under a draft on amendment and completion of legislative acts, approved by the cabinet today. Thus, the procedures of sale and registration of real estate will be optimized and the contracting sides will be released from obligation to present extracts from state registers.  
According to the methodology of Doing Business, a rating made by the World Bank, the registration of property for legal entities implies five procedures in Moldova, 5.5 days and costs 0.9 per cent of the cost or value of the property. Thus, under the legislation in force, the procedure of getting the certificate on lack or existence of debts to the budget lasts two days as normal; the getting of the extract from the State Register of legal entities and private entrepreneurs lasts three days and costs 110 lei and the processing of the extract from the register of real estate take entrepreneurs another three days and spending worth 99 lei. The registration of the real estate is made in seven days.     
Although the concerned institutions have electronic registers, notaries are obliged, under the law, to demand the justifying and confirmatory documents from the parties of a contract on the sale of real estate, which implies unjustified financial and time costs, the Justice Ministry has said.        
In accordance with the amendments and completions scheduled, the Justice Ministry, State Tax Service, Cadastru (Cadastre) state enterprise and State Registration Chamber are to sign an agreement on cooperation, which, in particular, will stipulate the conditions and measures necessary for access to the state registers.   
The draft’s authors rely on the fact that the proposed optimizations to the draft law will contribute to Moldova’s advancement in the Doing Business ranking in terms of “registration of real estate,” to significant cut in administrative costs for the parties participating in real estate transactions and to the enhancement of the security of the legal relations within these transactions.     
(Reporter V. Bercu, editor A. Raileanu)