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The New Land Registry Act Postponed to 1 February 2024

The New Land Registry Act Postponed to 1 February 2024

Hungary
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On 2 December 2022, a new act entered into force on the modification of certain acts related to the operation of territorial administration, the land registry and regional development. Under the new act, the new Land Registry Act will enter into force one year later, on 1 February 2024, instead of 1 February 2023 as planned originally. The new modifying act also contains other amendments.

A non-authenticated copy of a land registry extract cannot be issued since 1 January 2010 on paper. The amendment now also terminates the possibility to electronically deliver a non-certified copy of the land registry extract, which is identical in content to the certified copy of the land registry extract, except for the authentication clause, but its use is much more limited due to the absence of the authentication clause.

The amendment also modifies certain provisions of the Hungarian Civil Code. The modified provisions make it clear that the prohibition of alienation and encumbrance on the subject matter of the ownership right may be based on the right of alienation together or separately, i.e. the right of alienation of the owner may be limited independently of the right of encumbrance and the right of encumbrance may also be limited independently of the right of alienation (without affecting other elements of the ownership right). On the basis of the amendment, the Civil Code records relating to the seller’s ownership retention right that during the period until the purchase price has been paid, the purchaser’s right to acquire ownership may not be impaired without his consent. In addition, under the modified provision of the Civil Code, the retention of ownership to immovable property must be entered in the land register with an indication of the related right of the purchaser.

By Lidia Suveges, Attorney at Law, KCG Partners Law Firm

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