Media & Resources
The Bill changing the system of real estate title registration has been tabled to State Duma.
DATE: September 26, 2014 | AUTHOR: atlawyers
05.09.2014 the RF Government introduced to the State Duma Bill N 597863-6 “On state registration of real estate”, which may amend and restate in its entirety Federal Law N 122-FZ “On state registration of real estate rights and transactions therewith” dated 21.07.1997.
The Bill allows simultaneous cadastral registration and title registration (for example, while creation of a real estate object or cessation of its legal existence). It is planned to create a unified state register of real estate (EGRN), which will combine the information contained in the currently existing unified state register of real estate rights and transactions therewith (EGRP) and the data of the state real estate cadastre (GKN). It is also planned to reduce the term of the cadastre registration and registration of rights up to 10 days (now the term constitutes 18 days).
In case the Bill will be passed it can enter into force on 1 January 2017, except for certain provisions.