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News
| New law aims to clamp down on real estate fraud |
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Friday, Mar 20, 2009 |
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To curtail real estate fraud, the public notary chamber has made a register to accredit all documentation and legitimise bequests for any given property, houses, parcels and others.
The documentation, which is regularly suspect to fraud and subsequently used for embezzlement, will be "subjected to public notary investigation" whereby every official will input the information in the mainframe "immediately, storing the property data". The data will be followed by a brief property appraisal, and specific document disclosure for the particular property. The amended legislation was accepted yesterday, as reported by Gradski Vestnik.
This way, "everyone can check whether the appropriate documentation is valid and applicable to the specific property, house or parcel, thus it will prevent the property from being sold without the knowledge of the public notary".
As much as the public notary is "concerned" about "customers' security" they are also ensuring that they will collect taxes from every future transaction between a seller and a buyer.
The public notary chamber has insisted that it will present government institutions with access to the new register for consultations. |
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Source:
PropertyWise Bulgaria
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