What is required to use the Smart Contract service?
arrow_drop_down_circle
To use the Smart Contract service, you must first reserve a session at a time convenient for interested parties. You can make a reservation using the following link:
https://napr.gov.ge/en/smart-contract
You will receive a confirmation of the reservation via the phone number and email you provided. Fifteen (15) minutes before the reserved session, you will receive a reminder notification along with the session link via phone and email.
At the scheduled time, click on the session link to join.
Who can use the Smart Contract service?
arrow_drop_down_circle
The Smart Contract service is available to Georgian citizens who hold a valid (current) Georgian ID card and/or passport.
What types of transactions can be conducted through the Smart Contract service?
arrow_drop_down_circle
The Smart Contract service allows for the execution of purchase and mortgage agreements.
Is it necessary to be in Georgia to use the Smart Contract service?
arrow_drop_down_circle
Being in Georgia is not necessary to use the Smart Contract service. The service can be accessed from any country in the world.
Which devices can be used to access the Smart Contract service?
arrow_drop_down_circle
To use the Smart Contract service, you can use a mobile phone, as well as a personal computer, laptop, or other internet-connected device that has a video camera and microphone.
Can the session link be shared with third parties?
arrow_drop_down_circle
Sharing the session link with third parties is not allowed to prevent interference in the transaction by individuals who are not parties to the agreement.
What happens if a participant is late or fails to attend the session?
arrow_drop_down_circle
The operator will wait for the transaction parties for 5 minutes after the scheduled reservation time. If the transaction party or parties do not show up at the scheduled time, the session will be terminated.
How is the identity of transaction parties verified?
arrow_drop_down_circle
Identity verification is conducted through a remote electronic identification and verification platform that utilizes artificial intelligence to confirm the parties' identities.
To successfully complete the identification process during the session, participants must follow the software and operator instructions, ensuring that their device camera remains on throughout the session.
If any procedural steps or specific actions are unclear, the operator will provide guidance to the party and help them complete it successfully.
In case of an interruption - such as a participant disconnecting or their camera turning off -upon rejoining via the same session link, the participant must undergo the identification and verification process again
What documents are required for remote identification and verification?
arrow_drop_down_circle
To use the Smart Contract service, the transaction party must have a Georgian citizen’s ID card or a passport. These documents must be valid (current).
What happens if remote identification and verification of a transaction party fails?
arrow_drop_down_circle
If the transaction party or parties fail to pass the remote identification and verification procedure, meaning their identity cannot be confirmed, the session will be terminated.
How long does the transaction process take using the Smart Contract service?
arrow_drop_down_circle
The duration of the transaction process via the Smart Contract service depends on several factors, including the number of parties involved, the stability of their internet connection, the time required for successful identification and verification, and other variables. On average, a session lasts approximately 30 minute.
Who can participate in the transaction?
arrow_drop_down_circle
For purchase agreements, the session involves the buyer and seller. For mortgage agreements, three parties participate: the buyer, seller, and a bank representative. Buyers and sellers must participate in person; the process cannot be conducted through representatives (using power of attorney).
How is the purchase amount paid?
arrow_drop_down_circle
The purchase amount is paid using escrow services provided by JSC "Bank of Georgia."
In which currency can the purchase amount be specified?
arrow_drop_down_circle
The purchase amount can only be specified and paid in Georgian national currency - Lari.
What does payment of the purchase amount using escrow service mean?
arrow_drop_down_circle
Escrow service means paying for immovable property through bank transfer, according to the following principles:
1) The purchase amount is deducted from the buyer’s bank account and temporarily held in the bank’s internal account before being transferred to the seller.
2) The amount will be credited to the seller's account immediately upon registration of the buyer's ownership rights. If the buyer cannot be registered as owner, the amount will be returned to the buyer according to the contract terms;
3) In case of executing both a purchase agreement and mortgage agreement on the same property, the transaction parties may choose the following payment method: the amount will be credited to the seller's account before registration of ownership rights, but only after the public registry accepts the application for registration of the buyer's ownership rights, which is accompanied by a contract certified according to Georgian legislation and an audio-video recording of the transaction process;
4) If there are insufficient funds in the buyer's account, the session will be terminated and the ownership rights registration process cannot/will not be implemented.
How much does escrow service cost?
arrow_drop_down_circle
The cost of escrow service is 35 GEL.
Is it possible to receive the purchase amount immediately upon submission of the registration application?
arrow_drop_down_circle
When executing both a purchase agreement and mortgage agreement on the same property, the timing of transferring funds to the seller's account is chosen by mutual agreement between the transaction parties (buyer and seller):
1) Standard transfer - The amount will be credited to the seller's account upon registration of the buyer's ownership rights. If the buyer cannot be registered as owner, the full amount will be returned to the buyer according to the contract terms;
2) Instant transfer - The amount will be credited to the seller's account before registration of ownership rights, but only after the public registry accepts the application for registration of the buyer's ownership rights, which is accompanied by a contract certified according to Georgian legislation and an audio-video recording of the transaction process.
Is a bank account required for escrow service?
arrow_drop_down_circle
For escrow service, the transaction parties must have bank accounts in the national currency at JSC "Bank of Georgia.
How are transaction parties protected from risks when using the Smart Contract service?
arrow_drop_down_circle
• If parties choose instant transfer:
The transaction amount is placed in advance in a secure bank account, and after the parties sign the purchase agreement and the seller consents to the registration of the buyer's ownership rights, property transfer, and the LEPL National Agency of Public Registry accepts the registration application with the legally certified contract and audio-video recording of the transaction process, the purchase amount is automatically transferred to the seller's account.
• If parties choose standard transfer:
The transaction amount is placed in advance in a secure bank account, and after the LEPL National Agency of Public Registry evaluates all contract terms and registers the buyer's ownership rights, the purchase amount is automatically transferred to the seller's account simultaneously with the preparation of the extract.
What is the fee and timeframe for Smart Contract service?
arrow_drop_down_circle
The fee and processing time for the Smart Contract service are the same as those for property rights registration:
Same-day processing – 350 GEL;
Processing within 1 working day – 270 GEL;
Processing within 4 working days – 150 GEL.
How is the agreement signed electronically?
arrow_drop_down_circle
The parties' electronic signatures are executed using remote electronic communication means and do not require qualified electronic signatures and/or qualified electronic stamps.
Which documents confirm the fact of transaction?
arrow_drop_down_circle
When using the Smart Contract service, the contract and audio-video recording stored at the LEPL National Agency of Public Registry confirms the expression of the parties' will.
How is the personal data of transaction parties protected?
arrow_drop_down_circle
