New Cadastre Bill Aims to Streamline Real Estate Transactions
During a recent cabinet meeting, Minister of Digital Governance Dimitris Papastergiou and Deputy Minister Konstantinos Kyranakis presented the key elements of the new cadastre bill. The main objective of this bill is to complete the cadastre by 2025 and introduce artificial intelligence into the legal review of contracts to simplify real estate transfer procedures.
Completion of Cadastre by 2025
The bill outlines a plan to have the cadastre completed by 2025, making it the sole authority responsible for managing all real estate transactions. This will involve implementing uniform rules, introducing digital tools for all stakeholders, and unifying the records of mortgage registries. By the end of 2024, mortgage registries will be permanently closed.
Utilizing Artificial Intelligence for Legal Review
One of the innovative aspects of the new cadastre bill is the incorporation of artificial intelligence into the legal review of contracts. This technology will significantly reduce the processing time for complex cases, cutting it down to less than half of the current timeframe. The goal is to streamline the entire process and make real estate transactions more efficient.
Deadline for Real Estate Declarations
All real estate declarations must be submitted by November 30 in order to comply with the new regulations outlined in the cadastre bill. This deadline is crucial for ensuring a smooth transition to the new system and implementing the necessary changes effectively.
The Importance of AI Ethics Frameworks
Artificial Intelligence (AI) is a powerful tool that has the potential to revolutionize various industries. However, with this power comes great responsibility. It is essential to have a framework in place to ensure the safe and ethical use of AI.
As reported by Kathimerini, the new bill not only addresses the use of AI but also aims to streamline the process of correcting errors in land registration studies. By moving all procedures to a digital platform, the process is expected to become up to one-third faster.
