In the dynamic world of legal regulations, staying abreast of new changes is crucial for both legal practitioners and clients. Recently, a significant adjustment has been introduced that mandates the involvement of a notary in specific transactions. This regulation, effective from October 24, 2023, has the potential to impact various transactions, particularly those executed through power of attorney from a foreign country.
📌 What Changed?
As per the official statement from the Public Registry, the new regulation requires that any transaction carried out using a foreign power of attorney, which involves rights needing registration in the public registry, must first be authenticated by a notary. The authentication process will take the form of a public notary document. This document then needs to be presented to the House of Justice for official recording in the public registry.
It’s important to note that this rule also applies to transactions involving partnerships or joint activities. In these cases, the transactions must be certified as public notary acts, and the rights emerging from these transactions are to be registered in the public registry.
📌 Implications for Ongoing Cases
This regulation isn’t just forward-looking; it also affects ongoing registration cases in the public registry where a final decision has not been reached. Therefore, individuals and businesses involved in such cases need to be aware of these changes and take the necessary steps to comply.
📌 Aim and Impact
According to the official position of the government, as articulated by the Public Registry, the primary aim of this regulatory update is to enhance the reliability of civil transactions and provide better protection for the property rights of individual owners. The government contends that by introducing this regulation, they are fortifying the legal framework and safeguarding the interests of all parties involved in such transactions. However, it's important to note that this change introduces additional procedural steps and could potentially prolong the time required to complete transactions, adding complexity to the process.
📌 What Should Clients Do?
1️⃣ Review Transactions: If you are involved in any transaction using a foreign power of attorney, review it to understand if it falls under the new regulation.
2️⃣ Seek Legal Advice: Consult with your legal advisor to understand the implications of this change on your current and future transactions.
3️⃣ Notarization Process: Familiarize yourself with the notarization process and what it entails. Your legal advisor can guide you through this process.
4️⃣ Monitor Ongoing Cases: For ongoing cases, assess the need for additional documentation or steps to ensure compliance with the new regulation.
5️⃣ Understand Timeframes: Acknowledge that this new requirement may extend the timeframe for completing transactions. Plan accordingly.
📌 Final Thoughts
While the full extent of the impact of this new regulation is yet to be seen, it is clear that it introduces additional steps in the transaction process. As a valued client, it is essential to be proactive and work closely with your legal advisors to navigate these changes effectively. This regulation represents a significant shift, and understanding it is key to ensuring smooth and compliant transactions.
For more information and updates, visit the Public Registry’s official page at https://www.napr.gov.ge/news/143.