Specific registrations
REGISTRATION OF SALES
1. Documents for sales. What type of documents does your LR system envisage for sales and carrying out their registration ?
The registration is made by notaries, and the notary must check the following documents making a Mortgage registration: the title of ownership, the court decision (if owner has children), the approval from the bank to mortgage the immovable property.
2. Method of registration. Please, indicate which of these circumstances or data form part of the content of the registration annotated in the registration books or land books for sake of a sale or conveyance.
Several circumstances. Copies of the deed are not collected.
REGISTRATION OF MORTGAGES
1. Please, indicate what main legislation governs mortgages in your system.
Civil Code of the Republic of Lithuania
2. In your LR system, is the registration of a mortgage constitutive?
Yes.
3. Documents. What type of documents your LR system admits for establishing mortgages and carrying out their registration ?
Authentic Instrument issued by notary
4. Method of registration. Please, indicate which of these circumstances or data form part of the content of the registration annotated in the registration books or land books. (In case of not making any annotation but simply recording or collecting a copy of the deed, please indicate so.
- Nature or basis of obligation ensured (loan, credit line and so on).
- Sum of money guaranteed or maximum guaranteed collected overall in a sole figure or debt, without itemizing main sum of obligation or loan, interests and other items guaranteed by the contract.
- Sums of money itemized, distinguishing different concepts of debt guaranteed, such as sum or amount of main debt or obligation, interests and other responsibilities or items also guaranteed by the same contract.
- Sum of money amounting the main obligation solely. There’s no reference as for other responsibilities stemming on the contract or loan and also guaranteed.
- Deadline of the obligation guaranteed or the mortgage.
5. Types of mortgages. If you believe it appropriate, indicate the kinds of mortgages which are relevant in your LR system.
- Mortgage
- Judicial mortgage
6. Modifications. What does your legal system envisage about modifying mortgages? Do debtors have any legal possibility of negotiating newly the terms of the contract or any part of them?
Modifications are carried out by new agreements (or by judgments between creditors and debtors).
REGISTRATION OF JUDICIARY CHARGES
1. What kind of orders or judgments can create, modify or cancel an entry in your LR system ?
- Judicial orders of provisional measures to attach restrict disposition acts or freeze the assets of the debtor.
- Judicial decisions in foreclosure proceedings.
- Judicial decisions transferring the ownership or recognizing the property or other real rights on an immovable asset that can directly create, modify or cancel and entry in the land registry.
- Judicial decisions “ordering rectification of an entry in the Land Registry”.
- Judicial decisions about insolvency of owners or holders of property rights or rights in rem.
2. What’s the kind of registrations or entries caused in registration books or land books by these judiciary orders or decisions?
Common registrations whose content and duration depend on the decision of the Court.
3. In particular, are creditors-plaintiffs who demand payments of sums or money entitled to rely on the Courts and apply for annotations (caveats) or judiciary mortgages in order to attach debtors’ assets?
Yes.
