The Law on Real Estate Agencies and Registration of Deeds was adopted in 2007. The main purpose of the law was to regulate the activities of real estate agents and agencies.
The law provided for the creation of a permanent commission, which was vested with the rights to register agents, issue permits for activities in the real estate sector and monitor the legality of agents' activities.
It is important for the buyer that the law obligated the parties to the transaction to register the purchase and sale agreement in the land registry. This protected the buyer from any unlawful action by the title holder to resell or retain the property as collateral.
A property registered in the land registry had a protective barrier against any actions of the title owner.
From the moment of signing, the purchase and sale agreement is subject to mandatory registration in the land registry within 21 days.
