News
Postponed ban on cash transactions for property.
04.01.2010
The introduction of the rule that all real estate transactions to pay via bank transfer only from 1 January 2010. is postponed to the summer. The reason is that the parliament failed to adopt changes in the law of notaries prohibiting cash payments. The project of the government only passed first reading in the legal committee.
"In the best case, the law could be approved in two readings in parliament in late January, predicted Iskra Fidosova, chairman of the Judiciary
Committee in the National Assembly, which is also a notary by profession. According to her, then it is necessary awareness campaign among the population about the benefits of introducing new rules for the profession of transactions, and a grace period before they take effect. "Most likely, the law will be effective no earlier than May, June," said Fidosova.
The aim of the changes proposed by the Government is to bring light in the real property prices and to prevent fraud and money laundering, said Justice Minister Margarita Popova in approving the bill by the government in November. According to her the consequences of its introduction would be "more revenue for municipal budgets, strengthening the positions of banks and why not drop in interest on loans.
Between the first and second reading in parliament will be changed some texts, but the philosophy of the bill will be felt, said Fidosova. In her words will refine the wording of the declaration under which the parties will sign, that the amount in the notarial act is the actual price.
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