LPA Law Firm Albania Firm Profile Below is a detailed summary of the steps, time and cost involved in registering property in Albania. Seller obtains ownership title certificate Seller and Buyer appear before the notary public to draft and sign the contract for the transfer of property. At this time, the Seller provides the notary public with a document that certifies the Seller's ownership. Notary public, in turn, must verify the ownership of the Seller through the real estate electronic database (ALBSReP administered by the Immovable Properties Registration Office) before permitting the parties to sign the transfer of property contract. Once the ownership of Seller is confirmed, the parties may proceed to sign the transfer of property contract, which must note that the notary public has verified the legal status of the property to be transferred, and must attach the results of such verification. It reflects on any liens, mortgages, leases or other encumbrances registered over the property. The Property Records are accompanied by the Property Map. Pursuant to VKM Nr. 375, dated 06.06.2012, ALBSReP (electronic real estate database managed by the Immovable Properties Registration Office) is accessible by the notaries public, who have the right to review and print the electronic version of the information of the documents that reveal the legal status of the real estate, after having obtained the consent of the interested parties, as defined in Article 54 of Law Nr. 7829, dated 01.06.1994 “On Notary” . The law no.10 491, dated 15.12.2011 "“On some changes and amendments of the law no.7829, dated 01.06.1994 “On the Notary” introduced new fees and procedure requirements. Buyer
verifies
status
of
a
property
at
the
Real
Estate
Property
Registry
The application shall be made at electronic register on immovable properties. At the moment of application the applicant shall obtain a user name and a password, in order to follow up online the status of application. As per the requirements of Law 33/2012 However there is also the possibility that the Notary shall obtain such certificate on Buyer's behalf. Real Estate Electronic Database, administered by the Immovable Properties Registration Office Comparison of property map with the real condition and position of the land While this procedure is not mandatory by law, it is done in practice by the buyer to avoid any dispute with third parties caused by borders misfit and/or land surface. Verification is performed by a private authorized expert (topographer). The cost can be agreed upon by the buyer and seller upon which party will cover this expense.
1 | LPA Law Firm Albania - www.lpalbania.com - info@lpalbania.com - Rruga Bogdaneve St. ‘EuroCol’ Building 5th FloorTirana, Albania. Office: +355 4 4519241 Office: +355 4 4805499