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Legal briefing notes

The concepts and features of real estate transactions

The real estate transactions are aimed at the modification or termination of property rights. Generally, the execution of the transactions and the transactions with the property rights should be registered in the Russian State Register to reflect and consider the rights in the Unified State Register of Immovable Property.

And the signing of the agreement quite often is not the last thing of the real estate transactions and they also include activities on the registration. At this stage may appear some difficulties both during the applying the documents and during the suspension or refusal in the registration because of the mistakes or inaccuracies during the preparation of the documents.

What types of real estate transactions can be

The legislation does not have the full list of real estate transactions but some of them are the most popular and basic:

  • Sales transaction
  • Gift-giving transaction
  • lease/sublease
  • The agreement on cost-sharing arrangement
  • Leasehold assignment;
  • Servitudes, etc.

What kind of services can be

Most cases of real estate transactions have some risks. All the risks are the consequence of the absence of the verification by the side of a customer and the legal compliance of the salesman and the object of property or the absence of possibility to verify the transaction or the wrong way of preparation of the documents. Although the prerequisites have been met there are some risks that cannot be reduced.

To minimize the risks you have to seek the assistance of lawyers that are qualified in the area of accompaniment of real estate transactions.

The accompaniment of real estate transactions is a range of services that include:

  • the conducting of the verification of the potential counteragent and the object of property;
  • consultations on the preparation of the documents and the signing of the agreement;
  • the verification of the documents;
  • the organization of the applying the documents to the registration authority for the activities on the registration;
  • representation of the interest of a client in courts of general jurisdiction and commercial courts.

The stages of real estate transactions

Real estate transactions have their features according to the specificity of transactions and different actual circumstances.

For example, during the Sales transaction of an apartment on the secondary market of real estate such stages can be identified:

  • the verification of the seller and apartments: we require the necessary information from the Russian State Register, including the main characteristics of the apartment and the foundation documents, verify the existence or absence of the registered people there, information on the debts of utility payments, we receive the spousal consent of the seller for selling this apartment (in case if the seller bought this apartment during marriage); database audit of the commercial courts and ordinary courts on the bankruptcy of the seller or any legal disputes that are related to this apartment.
  • the harmonization of conditions and preparation of the Sales agreement according to the arrangement between the parties; the lawyer prepares the example of the agreement to observe and sign it and then apply to the state authority for the registration of the transfer of the property rights from seller to the costumer.

The important thing is that the sales agreement itself will not be registered. The Russian State Register usually makes a remark about the transfer of property rights and not about transactions:

  • Conducting reciprocal payments according to the terms of the sales agreement: one of the most important terms in such agreements is the sum of the expropriated property and the procedure of payments between parties. For example, if at the moment of state registration the computations will not be made in full amount, the Russian State Register automatically registers encumbrances as mortgage together with the property rights in favor of the seller. So the property will be encumbered as long as the seller or the seller and the customer address the Russian State Register with the application to remove the encumbrances.
  • The transfer of the property (apartment) is an important part and the state registration may not be completed without it. Without tenure of the apartment, property rights also can not appear. Usually, the document that confirms the transfer of the property is the statement of release and acceptance and quite often it can be written in the sales agreement with an indication that the agreement is the statement of release and acceptance too. Compliance with the terms of the agreement and procedure of transfer of the object of property should be under the control of a lawyer.
  • The submission of documents for state registration is a stage of the transaction when two parties of the agreement have to address the Russian State Register (also through Multifunctional Public Services Center) with an already prepared package of documents and the payment of the state fee (for the apartment the state fee is 2 rubles for natural entities). At this stage, the lawyer should organize and participate and check the documents before the submission.
  • Receiving the document after the state registration is the final stage of a successful transaction when each party of the transaction receives its documents after the activities on the registration. So the seller receives his copy of the sales agreement with a mark of the Russian State Register and with the certain date when the property rights were transferred to the customer. The customer also receives his copy of the agreement with the same mark of the Russian State Register and the title for the apartment and the extract from the Unified State Register of Immovable Property. At this stage, the lawyer should also accompany the process of receiving the documents.

The advantages of working with us

Working with the specialists of the Tsentralny okrug Law firm gives lots of opportunities:

  • You save your time during the preparation of the conclusion of the agreement and the verification of the co-contracting parties;
  • There is no need to prepare a full package of documents to conclude the transaction;
  • We minimize the risks in the conclusion of real estate transactions and as the consequence, you save your time and money in case of repeated conclusion of the transaction;
  • Representation in the courts in case of a dispute with a co-contracting party.

The lawyers of the Tsentralny okrug Law firm concluded hundreds of real estate transactions and we guarantee a positive result for our clients.

Author is Alexander Tarkhnov

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