The Milli Majlis has approved in the first reading a set of amendments to the Law “On Mortgage,” allowing mortgage holders in Azerbaijan to alter their priority rights for repayment based on a mutual agreement.
According to Report, the proposed amendments were discussed and endorsed during Friday’s parliamentary session. Under the new provisions, any agreement to change the priority right for mortgage repayment must be notarized and officially registered in the state registry.
The document also stipulates that changes to the priority of repayment rights between mortgage holders must be recorded in both the State Real Estate Register and the Official Movable Property Register within three working days from the date of submission.
Additionally, the amendments specify that when the priority right is transferred, the state fee will be paid by the mortgage holder who acquires that right.
