New law on notary practice to prevent real estate fraud in Russia
YEKATERINBURG, May 26 - RAPSI. Notarization will play a greater role in Russia following the adoption of a new law on notaries and notary practice, Presidential Adviser on Legal Issues Veniamin Yakovlev said today. This will help to prevent real estate manipulations, he added.
The draft law was prepared by the Justice Ministry and the Federal Notarial Chamber. Notaries engaged in private practice will be entitled to certify certain types of real estate transactions.
Yakovlev noted that real property transactions are not subject to mandatory notarization at present, which is a source of crime in this area.
He added that the new law will also tackle corporate raids and theft of apartments belonging to the elderly. However, the bill may run up against opposition from a number of deputies during the lower house readings, he stressed.