- 1 So, what is an extract and what does it include?
- 2 How to get an extract done easily?
- 3 What does it mean to prepare an extract from the real estate rights register?
- 4 When is it necessary to prepare an extract from the real estate rights register?
- 5 Who is the real estate registration service for?
- 6 Who should I contact to prepare an extract from the real estate rights register?
- 7 How to renew a real estate statement without leaving home?
- 8 Language
Real estate is the most profitable investment in Georgia. We have already talked about this in previous articles and discussed the important issues that every person should know when buying real estate.
As we discussed in abovementioned previous articles, in order to purchase real estate and become its rightful owner, it is necessary to register it with the National Agency of Public Registry and get an extract from the public registry;
This extract is your title deed that proves your ownership of the property.
Without registration, any written or oral agreement is void and has no legal result.
For example, let’s consider some cases and determine which action is correct:
- The parties enter into a verbal agreement (agree) and buyer pays the amount, then buyer thinks the real estate is already his/her.
- The parties enter into a written agreement, sign a contract, buyer pays the amount and even in this case thinks the real estate already belongs to him/her.
- The parties enter into a written agreement, buyer pays the amount, parties together register it in proper way, the seller hands over all the necessary items (keys) to the buyer and the buyer considers that he/she is the full legal owner of the purchased property.
If you were the buyer, which action would you do? Which example you think is correct, legal and fully accomplished? I will tell you in advance: in two cases from these examples, your expectation of purchasing real estate is not right.
What did parties do wrong? The main issue is the registration of a real estate transaction between the parties in accordance with the Georgian law.
No action without registration gives rise to ownership. At the same time, it is important that in accordance with the Article 183 of Civil Code of Georgia, the mandatory nature of concluding a written contract on real estate is established.
If you decide that the real estate you have chosen is perspective for you, then it is time to sign a contract.
The contract is your main defense mechanism and therefore should thoroughly respond to your interests. You should pay attention to all the nuances, as this will be crucial in case of dispute.
The purchase agreement is concluded and registered in the Real Estate Register of the National Agency of Public Registry of the Ministry of Justice of Georgia, from which, after the completion of the production, an extract (title deed document) is obtained. It looks like this!
So, what is an extract and what does it include?
Extract from public registry is an official document, issued by an administrative body, containing necessary information and proving legal condition of real estate. Extract from Public Registry (title deed) contains information about:
- Owner – Registered owner of a real estate
- Cadastral code – Real estate and linear buildings are assigned a unique cadastral code during the registration production process;
- Barcode – This is official sign from administrative body, ensuring its originality;
- Address – official address of a real estate;
- Type of ownership – Who owns property over a real estate, is it sole ownership, shared ownership or future ownership;
- Area – General area, suburb;
- Mortgage – the most important part of an extract is this one – it shows weather has owner mortgage over a property, or not. This information is considered to be 100% correct;
- Other obligations – If owner has government obligations or something different from mortgages, it will appear in this part;
- Date of preparation- It shows the date when extract was published;
- Registration number- Every extract has it’s own registration number, which is individual and uncial;
How to get an extract done easily?
To get information about any interested houses, flats, plots of a land, government agencies often offer a variety of services that can be obtained online without leaving home. Extraction of real estate from the public register is also one of these services.
The site that we manage in this matter is http://napr.gov.ge , as it is an online database of public registry, however, on this page it is possible for an interested person to apply for various property or business applications (registration as an owner, preparation of an extract). An extract from the register of rights to immovable property is an informative document.
It is prepared on the basis of the Unified Database of Real Estate Rights, Public Legal Restrictions and Tax Database, Mortgage Registries, and reflects the current data on real estate rights, public legal restrictions, tax mortgages, mortgages and property abandonments.
What does it mean to prepare an extract from the real estate rights register?
Preparation of an extract from the register of rights to immovable property means the issuance of public information related to the legal status of the immovable property by the relevant (administrative) body.
The main thing for this procedure is to apply (request) directly or electronically to the registering authority. If you want to have document, which reflects information about the registered rights, obligations and restrictions, other subjects, identification data, requisites, you should order it.
When is it necessary to prepare an extract from the real estate rights register?
An extract from the real estate rights register is prepared together with the registration decision, and in case of registered data – upon payment of the relevant request and fee.
An extract from the register of rights to immovable property is required to determine the authority of a person interested in a particular immovable property when carrying out a transaction on immovable property (purchase, gift, exchange, etc.) as well as other legal actions (eg mortgage encumbrance).
Who is the real estate registration service for?
This service is intended for any person who wants to get information about the legal status of the real estate.
This service is not limited to a specific person, organization or institution. Access to the real estate register is public and available to anyone.
Who should I contact to prepare an extract from the real estate rights register?
Everyone should contact the House of Justice or the relevant territorial office to prepare an extract from the real estate register.
You need to bring the following documents:
- Application (electronic application is filled in by the front office operator);
- Written and signed agreement;
- Identity document (Passport is acceptable);
- Proof of payment of the service fee (payment is possible on the spot);
The service fee depends on the time of receiving the service.
Duration of service | Service Fee |
4 working day | 75 GEL |
1 working day | 220 GEL |
The same day | 300 GEL |
If the representative of the interested person applies to the registration service, the application must be accompanied by a duly certified document of representation and an identity document of the interested person.
The validity of the extract from the register of rights to immovable property is indefinite (although the extract reflects only the data available at the time of its preparation).
In any particular case, any additional documents or information necessary to make a decision may be requested.
How to renew a real estate statement without leaving home?
To get information remotely, you need to visit the relevant site, which after filling in the data, will provide you with all the information available to it.
The search tools are quite wide, you can enter the registered application number, registration period, real estate address, cadastral code, person/organization who is interested in real estate registration.
The latest data on real estate can be found in the document placed in the field – Extract from the public register.
In this document you can find information about the owners, as well as whether there is a registered collateral for the property (mortgage) or any liability (seizure, prohibition).
However, it is important to see the date of the extract, and if you are interested in getting accurate information about real estate and the extract is outdated, you should apply to renew the extract, which is indicated in the statement as follows: Prepare an extract on the real estate.
The main reason why we observe the extract is the danger and the feeling, not to be left lying.
There are frequent cases when a person buys real estate in such a way that he does not sign or conclude a written purchase agreement, but does not register this agreement in the public register, which, naturally, does not form the basis for registration of ownership of the purchased property.
When a person buys real estate without finding and verifying any information on this property, and later finds out that the purchased property has been mortgaged and he is the person liable to repay the loan to a complete stranger (creditor), otherwise the buyer is in danger of selling his property by auction. .
A similar problem may arise in one of the columns of the public registry extract – the omission of data registered in the “liability”.
As a result, it may turn out that some kind of liability is registered on the real estate.
Language
This service is available only in Georgian. The extract is also made only in Georgian and its direct preparation in English is not officially available. For English translation the party needs to be legalized or certified with an apostille.
Therefore, when you decide to buy real estate in Georgia, it would be better to update the extract of the desired property, consult a lawyer, who will not only easily understand the data of the real estate extract, but also describe its legal status.
This is the main points you should know about extract from property right registry in Georgia. We hope you benefited from this article and will invest in Georgia to flourish your future prospects.
If you have any questions or if there is a specific topic that interests, then leave a comment below and we’ll make articles about most requested topics for you.
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