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Purchase a Property in Russia

Purchase a Property in Russia

Updated on Monday 18th April 2016

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Russia offers various business opportunities for entrepreneurs and real estate investments are also considered important when opening a business in Russia. Investors who want to purchase a property in Russia are advised to seek specialized help. Our Russian lawyers can help you find suitable and convenient properties in some of Russia’s most beautiful cities.
 
Moscow and St. Petersburg are two of Russia’s most developed cities. These two cities attract foreign investors and they are prime locations for real estate investments. However, other cities also offer business opportunities in Russia and the real estate market is always evolving. 
 
Real estate purchase in Russia
 
According to Russian law, foreigners are usually allowed to purchase or rent property in Russia, but certain exceptions apply. The Russian Land Code stipulates that foreign people or foreign legal entities cannot own properties built on borderline zones. Foreigners also have restrictions regarding the purchase of agricultural land in Russia.
 
When searching for a property in Russia, foreigners are advised to seek the help of a specialized real estate agency. This minimizes the risks and protects the buyer from fraud. Our attorneys in Russia can recommend real estate agencies in Russia and inform you during the purchase procedure, to make sure that everything is done according to law.
 
Steps for purchasing a property in Russia
 
After finding a property that meets their needs, buyers must meet the owner and draw up an initial agreement. This document describes all the provisions of the final sale purchase agreement and includes information about the necessary documents.
 
The buyer must make sure that he/she can provide the entire negotiated sale price for the property. After the payment has been made and confirmed, both parties must sign the final purchase agreement in front of a notary. An acceptance agreement must also be signed on the same date the property is transferred to the new owner. This document certifies that the property was transferred in an acceptable condition.
 
The new owner must register the property and the former owner must perform a de-register procedure. The following documents need to be provided for the registration of a property in Russia:
 
- an application signed by the parties,
- identification documents (passports for foreigners, translated into Russian),
- the sale contract,
- acceptance agreement,
- documents stating who will live on the property.
 
Our Russian lawyers can duly represent you during a real estate purchase process in Russia. Please contact our Russian law firm for a detailed offer and then discuss in detail about purchasing a property in Russia.
 
 
 

Comments

  • Jamie Williams 2015-02-20

    Hello, I am a Law Student in America. I am writing a paper for class on Russian Law comparing American property law, specifically the state of South Carolina, to Russian property law. I plan to focus the paper the actual purchasing of property and the chain of title. If there is any information or resources you would be willing to share with me to help with my paper that would be great. Thank you, Jamie Williams.

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