BLC notifies you that the rules of registration of certain rights have changed. According to the recent amendment to the Law of Georgia on Public Registry dated December 19, 2008 executed by the law N 3888 – IIs dated December 7, 2010 any of the below listed agreements entered into by legal person of private law (i.e. any entity regardless whether commercial or non-commercial) shall be registered at the LPPL National Agency of Public Registry of the Ministry of Justice of Georgia. Compulsory registration relates to the following agreements:
1. Sale-Purchase (immovable property only);
2. Right to build; mortgage of right to build;
3. Usufruct;
4. Servitude;
5. Mortgage;
6. Rent, sub-rental;
7. Lease, sub-lease;
8. Lending (gratuitous);
9. Leasing;
10. Obligations concerning title over the immovable property.
Please be informed that the Law was given a retroactive effect and any of the above agreements executed prior to adoption of the Law (i.e. December 7, 2010), must be duly registered at the LPPL National Agency of Public Registry of the Ministry of Justice of Georgia until April 1, 2011 otherwise the rights derived from such agreements will cease to exist.
BLC highly recommends all clients to adjust their agreements with the recent requirements of Georgian law.
BLC Team
