When deciding to buy a real estate property in Russia, the first step is to sign a preliminary agreement that will present the details of the transaction. The sale transaction will always happen in a bank, where the buyer will deposit the full amount of the money. The money will be released to the seller once the property title has been registered under the buyer’s name.
Before the purchase is completed, an acceptance document that will attest the transfer of the property must be signed by the seller and the buyer. The registration process will take about 20 days.
You may contact our law firm in Russia, if you need information about the Russian Land Registry.
The Russian Land Register
According to a presidential decree issued in 1993, all lands had to be registered in the Land Book. The Unified State Register of the Real Estate Property or cadaster in Russia was the authority that kept all the information on the rights regarding a land plot or building, considering Russian Law makes a clear distinction between them.
However, in 1997, the law on “Registration of Rights to Immovable Property and Transaction Therewith” was adopted and it stated that an unique real estate register would be kept by the Ministry of Justice. This law stipulates that all the titles would be registered and receive a registration certificate.
A different Land Registry is still kept and it contains basically the same information as the Land Book:
- the registration number of the land parcel,
- the address,
- the surface,
- the category and authorization for use depending on the purpose,
- where its boundaries lie,
- the registered owner,
- if any encumbrances exist,
- the value of plot is also mentioned,
- the quality of the land and if any immovable property is on the plot.
The Russian Land Registry divides the land into agricultural land, populated land in the cities or the country side, industrial land, land used for public utilities - such as transport, communications - and land used for recreational purposes such as parks and land reserve.
At the Russian Land Registry, the buyer can verify if the land plot or building has any encumbrances that could cause difficulty or impossibility to purchase the property. All the information is available online. The buyer can also check the legal title of the seller.
Necessary documents to register a property in Russia
In order to register a property in Russia, the following documents must be presented:
- an application form signed by seller and buyer;
- identification documents (usually passports are required);
- a power of attorney, if the parties are represented by an agent;
- the sales contract and the acceptance document that will attest the transfer of the property,
- a statement certifying the payment of a duty fee;
- a list specifying the persons that will reside on the property.
If you want to purchase a property, our Russian lawyers can offer you legal advice about the registration process.
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