New law on real estate sales for reducing bad loans
29/01/2016 15:05
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Builders will not be allowed to sign ownership agreements with buyers
without registering them to the Registration Office. The government will
change the existing real estate law to close one of the biggest
loopholes that have left space for abuses such as selling the same
apartment more than once.
The existing law, which has been under the will of builders, has allowed them to fraud not only buyers, but also the banks that have given them loans.
With the new law, builders will be forced to register not only construction permits, but also order agreements, by increasing this way the legal security for this category.
The law was drafted by the Ministry of Justice and has arrived in Parliament. This is part of the plan for reducing bad loans, signed by the Prime Minister and the Bank Governor, Gent Sejko.
The government says that this change will end the abuses with the building companies.
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