Promotion ofthe Register of repossessed real estate intended for sale

Promotion ofthe Register of repossessed real estate intended for sale

Today, on 26th December 2019, at the offices of the Agency for Real Estate Cadaster of the Republic of North Macedonia, a meeting was held with reporters, where a presentation was made of the Register of repossessed real estate intended for sale (property repossessed due to debt).

This is a novelty to be used for the first time in our country, and it will be used by all citizens as well as investors.

The legal conditions for the establishment and running this Register have been created with the adoption of the Law on modifications and amendments to the Law on Real Estate Cadaster (Official Gazette of the Republic of North Macedonia no. 124/2019). The Agency for Real Estate Cadaster upgraded the e-Kat system with a new functionality that will be used to fill and maintain this register.

The Register of repossessed real estate intended for sale is administered by the Agency for Real Estate Cadaster, but based on the data submitted by entities that took over the real estate, which may be: Agency for management of repossessed property, Public Revenue Office, banks, etc. Real estate intended for sale is real estate acquired within a procedure for collection of receivables or on other grounds.

The Register contains spatial data (coordinates of detailed points that define the real estate within the unique state reference system and state cartography projection) and descriptive data (cadaster culture and land class, settlement, number of building or separate or common part of a building or another facility, entrance, floor, area, volume, identifier and type of infrastructure facilities, length/ height, value, etc.) for such real estate, as well as data on the entity possessing the real estate.

The cadaster shall not have data on the price at which the bank conducts the sale, or the dynamics for sale of the property. Such data will be updated by the commercial banks, and after the sale is carried, the register will record the sale. After the establishment or sale of the specific property, it will be removed from the register.

Until now, the commercial banks have submitted to the Register of repossessed real estateintended for sale data for 1,207 apartments and business premises, as well as 278 parcels with construction and agricultural land.