A careful research on the property history will need to be carried out, because your ownership rights may be challenged by previous owners or by people formally registered in the apartment.
Such risks can usually be eliminated if determined before the real estate transaction.
Before purchasing an apartment legal information about an owner and an apartment will need to be checked.
You will make a request1 in The Federal Service for State Registration, Cadastre and Cartography (FSSR) about an apartment will you buy. FSSR will give you extracts of the register where you see information about an apartment, an owner, pledge, arrest, tenancy (joint tenancy) and other information.
1You will need:
2. State duty (about 200-500 rub.)
You will need legal advice:
— Be careful if you see information about pledge, arrest, tenancy (joint tenancy), litigation in extracts of the register because in the future this can cause seizure of an apartment and/or can be a reason for future owner’s problems;
— if you also want to buy an apartment or another housing property which refers to the architectural monument in accordance with Russian laws.
The contract can be concluded (if the parties decide) at the notary (but isn’t required by law).
2. Notary will check legality:
- all information about the deal;
- the powers of the parties to the contract;
- the right of the owner to the apartment (the review of the ownership documents);
3. Notary will prepare a sales contract.
Conclusion of a contract sale of property (rules)
The contract must be drafted in one document, in a written form.
The contract must contain the following conditions:
1. Full name (contract parties);
2. Address (contract parties);
3. Passport data (contract parties);
4. Description of an apartment (area, cadastral number, address);
5. Cost, payment order;
6. Information about persons who have the right to reside in apartment. This information you will get management company of a house, where the apartment is located.
It’s good for a buyer if an apartment dosn’t have persons who have the right to reside.
If these conditions are not included in contract, the contract will be void.
Requirements for parties of the contract
Parties must be legally in the territory of the Russian Federation.
Сost, order of payment
The cost can be specified in rubles or ruble equivalent. It is also permissible to specify the cost per unit area.
Payment under the contract of sale is often carried out with the help of a banking cell.
Signing and registration of the sale-purchase agreement
Before signing the sale contract, parties will get consent (at the notary) from husband or a wife to make a deal.
Once due diligence and paperwork is complete, both parties sign the sale-purchase agreement. The sale agreement is then submitted for state registration (FSSR).
The parties need to sign the act of transfer on the property transfer date. This certifies that the property is transferred to the buyer in the agreed condition.
Registration of the sale-purchase agreement with the FSSR for Moscow makes the transfer of property rights. This usually takes 12 calendar days to complete.