NEW REGULATIONS ON REAL ESTATE REGISTRATION SEEMS INEVITABLE

A new bill on the real estate registration is on the horizon of the Hungarian Parliament. According to the Hungarian Government, the reason of the new act is that the regulations on the real estate registration shall comply with the new Hungarian General Administrative Procedural Act and the current Act on Real Estate Registration does not fit this purpose. The new Code on General Administrative Procedures shall be effective from 1 January 2018, accordingly, the Hungarian Parliament should pass the bill in the course of October 2017.

The new regulations on the real estate registration might bring a substantial change in the land registry system, since the mapping databank of the real properties shall be in 3D as of 1 January, 2020 as stated in the Hungarian Act on Geological Surveying and Cartography. This could mean that real properties will be registered in 3D instead of their present 2D form, which may be a huge step forward in handling of the legal status of special real properties such as underground park lots, garages, shops, as well as bridges, flyovers and public utility facilities.

The bill is expected to be submitted to the Hungarian Parliament in the course of this September 2017 and should be approved in the autumn 2017. The text of the bill has not yet been made available to the public, therefore it is unknown what other novelties and changes may come.