Real estate transactions likely to be registered at one-stop shop

The parties involved in real estate transactions will be able to address only a notary, and then he will insure the registration of documents by the cadaster office. The Government adopted an amendment in this respect to the Law on real estate cadaster and to other laws, Info-Prim Neo reports. According to Aleksandr Bannikov, the general direction of the Cadaster Agency, this way of cooperation between notaries and the cadaster offices is a first step toward setting out 'the one-stop shop' in operating transactions with real estate and in simplifying the procedures related to these transactions. Other amendments provide for enhancing the quality of the cadaster information. This fact is crucial because this information is used to establish one's taxes and for the urban planning of the territory. The executioners of cadaster works are also made responsible for the quality of the cadaster information. These works – identifying the asset, establishing the surface, drawing the plan – lie at the foundation of registering the asset in the Registry. The new modifications establish shorter terms for offices to issue cadaster-related information, too. The data from the Real Estate Registry will also be available on the Internet, because this document is public and anybody can verify it.