The basic legal instruments governing the field of estate property are the Civil Code of Georgia, the Law of Georgia on Public Registry and the respective bylaws regulating procedural issues related to property transactions. A state authority regulating the activities in the field of estate property is a legal entity of public law - the National Agency of Public Registry (NAPR) – a body subordinated to Ministry of Justice of Georgia.
NAPR is exclusively empowered to register the transactions related to estate property. Some of the agreements, namely property sales, usufruct, mortgage, right to build, servitude are subject to mandatory registration at the NAPR. In case the legal entity is involved as a contracting party, lease and rent agreements are also subject to mandatory registration, if the latter is concluded for at least one (1) year.
The core principles applicable to the activities in the field of property law are the obligation to act in a good faith and the presumption of authencity of the NAPR data.Back