Registration of Immovable Property in Albania
In accordance with law no. 33/2012 “On the Registration of Immovable Property” immovable property should be registered in the immovable property register. This register is open to the public and is administrated by local Immovable Property Registration Offices. The local Immovable Property Registration Offices report to the Immovable Property Registration Office which is governed by a Board of Directors and the Chief Registrar.
The register of immovable property includes all information related to the immovable property identity of its owner, the boundaries of the property, the date of registration and the relative deed of ownership acquisition and plans that show the location of property. In addition, any mortgage, easement, usufruct, right to use or any other right connected to or deriving from the immovable property that is transferred to any third party, should be recorded in the register.
Any contract or other instrument effecting transactions involving an immovable property should be filed with the competent Immovable Properties Registration Office within 30 days of its execution. The Immovable Properties Offices operate on a first come, first served basis, principle, and thus the time of filing a transactional document with the said Offices determines the priority of its registration. The Immovable Properties Registration Office will issue the relevant certificate( of ownership, usufrucht, easement, etc.) at the request of the owner or holder of the relevant right. An immovable property that is registered for the first time is subject to temporary registration.
The competent Immovable Properties Registration Office issues a temporary registration for 45 consecutive days. During this period any interested person can file with the Office any claim or request for the correction of mistakes. No claim submitted after the expiry of the temporary period shall be considered. If no claim is made within the temporary period or if any claim submitted has been settled in agreement between the parties, the said property will be classified as permanently registered.
Where there is a claim and the parties fail to agree a solution, the competent court shall have jurisdiction to rule on the dispute. The registrar shall record in the register the nature of the dispute and indicate the court that is hearing the case. The Immovable Properties Offices keep separate registers for the registration of construction/development permits and buildings under construction.
Restrictions ON ACQUISITION OF LAND BY FOREIGNERS IN ALBANIA
Pursuant to Law no. 7980, dated 27.07.1995 “On the Acquisition of Plots”, as amended, foreign individuals/entities may acquire and own land which can be built on, as long as it is proven that they have invested in the land not less than three times its value.
The value of the land is determined by the Council of Ministers. Until such investment is made, the foreign individual/entity may use the land under a lease contract. Foreign individuals/entities may acquire land by establishing a company under the
Albania law, which can then freely acquire and own any type of immovable property.
ABOUT THE AUTHOR: Albana Fona
Albana is a highly experienced Real Estate Attorney.
She has a great wealth of experience in preparing due diligence reports as well as drafting and finalizing sale agreements of real estate such as Apartment, Villas, buildings, drafting of sale and building lease contracts, reviewing expropriation procedures.
She is very communicative and has always very positive feedback by the clients, partners and stakeholders.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.