New rules for processing transactions under a foreign power of attorney in Georgia entered into force
In Georgia, since October, a mandatory notarial form of transactions under a foreign power of attorney has been established.
The new rules concern not only real estate. The changes also affect any transactions involving reallocation of shares in the capital of companies (LLCs) on the basis of a foreign power of attorney, affecting the timing and cost of processing.
The changes came into force instantly, with no transition period or warnings. Moreover, all transactions whose registration has not taken place by October 20 and do not comply with the new requirements are or will be suspended.
"The real estate market in Georgia is up. A lot of transactions are taking place with foreign powers of attorney - but since October 20, new registration rules came into force. And then it turned out that the notaries who are supposed to execute the documents were not aware of the amendments and their new obligations. The Chamber of Notaries has not yet given official explanations, notaries expect them next week and, in the meantime, they are afraid to take on new transactions. So far there is a collapse," JA lawyer Shalva Giorgadze told @NGnewsgeorgia.
While everyone is waiting for the clarifications of the Ministry of Justice, experts from the law firm JUST Advisors, tell about what is known at the moment.
Tags:
New rules for processing transactions under a foreign power of attorney in Georgia entered into force
In Georgia, since October, a mandatory notarial form of transactions under a foreign power of attorney has been established.
The new rules concern not only real estate. The changes also affect any transactions involving reallocation of shares in the capital of companies (LLCs) on the basis of a foreign power of attorney, affecting the timing and cost of processing.
The changes came into force instantly, with no transition period or warnings. Moreover, all transactions whose registration has not taken place by October 20 and do not comply with the new requirements are or will be suspended.
"The real estate market in Georgia is up. A lot of transactions are taking place with foreign powers of attorney - but since October 20, new registration rules came into force. And then it turned out that the notaries who are supposed to execute the documents were not aware of the amendments and their new obligations. The Chamber of Notaries has not yet given official explanations, notaries expect them next week and, in the meantime, they are afraid to take on new transactions. So far there is a collapse," JA lawyer Shalva Giorgadze told @NGnewsgeorgia.
While everyone is waiting for the clarifications of the Ministry of Justice, experts from the law firm JUST Advisors, tell about what is known at the moment.
Tags:
