Meeting in the Notary Chamber

One more meeting on the activation of cash deposit service in the deposit account was held in the Notary Chamber of Georgia.

The notaries discussed the activities and mechanisms that will facilitate the implementation of this service in practice.

As a result of negotiations, the Notary Chamber and Banks agree that if the deposit account of the notary is sequestered, the amount deposited by the citizen won’t be sequestered, which conditions the more protection of the citizens’ property. In the nearest future all notaries will have a nominal ownership account, where the citizens funds will be deposited. The application of this account excludes the tax collection and / or seizure of the funds stored by citizens.

This notary service is especially actual during the transaction conclusion.

For example, there are cases when the loan agreement guaranteed by the mortgage has been signed, it is time for repayment but the borrower is unable to find the lender or the lender hides and the agreement determines that the borrower shall be imposed a penalty in case of overdue payment. In such case, the borrower can deposit the borrowed money to the deposit account of the notary and no penalty shall be imposed.

There are also cases when disputes arise between the Purchaser and the Seller at the conclusion of the Purchase Agreement - the Purchaser is not willing to pay money till the registration of property right and the Seller refrains from the property registration before receiving the money. In such case the Purchaser can keep the money on the deposit account of the notary and safely wait for the registration of the right of purchased property. At the same time, there shall be no risk for the Seller to obtain back the own money.