By virtue of an obligation, one person (the debtor) is required to perform a certain action for the benefit of another person (the creditor)—such as paying money, transferring property, performing work, providing a service, etc.—or to refrain from performing a certain action. In turn, the creditor has the right to demand that the debtor fulfill this obligation.
Obligations arise from contracts, from causing damage, and from other grounds specified in this Code.
How to accept an inheritance
The inheritance is accepted by submitting an application—either to accept the inheritance or to receive a certificate of inheritance rights—to the notary at the place where the inheritance is opened.
If the heir does not personally submit the application to the notary, the heir’s signature on that application must be certified by a notary or by an official authorized to perform notarial acts. Acceptance of an inheritance through a representative is possible if the power of attorney specifically grants the authority to accept the inheritance.
Unless proven otherwise, the inheritance is considered accepted by the heir once they begin to actually possess or manage the inherited property, including cases when the heir:
Takes measures to preserve the property and protect it from encroachments or claims by third parties.
Covers the expenses of maintaining the property from their own funds.
Pays the testator’s debts from their own funds or collects funds due to the testator from third parties.
By what method should payments be made to acquire the right to purchase apartments in newly constructed buildings?
Under a contract granting the right to purchase real estate under construction, the buyer’s advance payments must be made exclusively into the developer’s special account, which is opened as a sub-account in a bank operating within the territory of the Republic of Armenia, in the treasury, or in a notary’s deposit account. Interest payable on the balance of the special construction account is transferred to the developer’s regular bank accounts and may be managed by the developer.
After the construction of the building or structure is completed, when determining whether the purchase price has been paid as indicated in the deed of transfer of ownership, any payments confirmed solely by a receipt, a cash register document, witness testimony, or by offsetting a counter-obligation (including penalties calculated in favor of the buyer), as well as payments made to the seller’s creditors or participants, are disregarded.
What can be leased, and in what manner is the contract concluded?
Land plots and other distinct natural objects, buildings, structures, equipment, vehicles, and other property that does not lose its natural properties through use (non-consumable property) may be leased.
A lease contract must be concluded in writing. A lease contract for immovable property is subject to notarization.
