Agency Freezes Authenticating Sale Of Movable, Immovable Properties, Loan Contracts

Addis Ababa, September 17, 2020 – The Federal Document Certification and Registration Agency has announced that it has stopped authentication and registration of sale of movable and immovable properties with hard currency and loan contracts.

In accordance with the amendments which have been made effective as of September 17, 2020, customers who go to the agency for verification of both movable and immovable property contracts shall make the transaction with their deposited money in banks, and buyers shall transfer money to bank accounts of sellers.

Regarding loan agreements, the amended guideline stipulate borrowers to transfer the money they owed to lenders’ account from their deposit in banks.

Customers shall bear bank statements showing their payments and repayments verified by stamps of respective banks to get authentication and registration services, the agency state.

Source: FBC

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