How the ban on transferring property to third parties will be lifted
Tashkent, Uzbekistan (UzDaily.com) — Resolution of the Cabinet of Ministers “On Amending and Supplementing the Regulation on the Formation, Maintenance, and Use of an Electronic Database of Property Prohibited for Transfer to Third Parties or Described by Them in Connection with Simplifying Procedures for the Cancellation of Established Bans on the Transfer of Property to Third Parties” has been adopted.
A notary may lift the ban associated with documents located in the notarial archive.
Upon full performance of obligations under a notarized pledge (mortgage) agreement, information about the cancellation of the ban on transferring property to third parties is entered into the electronic database if the ban was established:
- Before 1 January 2019 — by any notary or the head of the notarial archive;
- On 1 January 2019, and later — by the corresponding bank or credit organization.
Notification to the bank or credit organization about the cancellation of the ban can be sent in electronic form to the electronic database. The notification must include:
- The registration number and date of the notarized transaction that served as the basis for establishing the ban;
- Information about the property (identifier) for which the ban is being lifted;
- TIN of the bank or other credit organization.
No fee is charged for establishing or canceling the ban (description), except in cases of canceling the ban by notaries.