1. The legal framework in Russia for foreigners buying residential / commercial real estate
Under Article 62 (part 3) of the Constitution of the Russian Federation, foreign citizens and stateless persons in the Russian Federation the rights and obligations as citizens of the Russian Federation, except as required by federal law or international treaty of the Russian Federation.
Russian legislation does not provide restrictions on the acquisition of foreign nationals (and stateless), the real estate market of urban and suburban real estate. The restrictions provided for foreign nationals on their acquisition of agricultural land shall not apply if the land is acquired by a foreign citizen for individual housing construction (eg construction of a house or cottage).
The basic legislative act regulating the procedure for acquiring real estate, is the Civil Code of the Russian Federation.
Legislation defining the legal status of foreigners in the territory of the Russian Federation is the Federal Law “On Legal Status of Foreign Citizens in the Russian Federation”, which establishes the requirements for identification documents of a foreign citizen or stateless person in the Russian Federation.
2. Features of the deal when buying real estate by foreigners in Russia
The important point is to find a legal alien in the territory of the Russian Federation, either not more than the duration of the visa, or no more than 90 days, if the foreign national has arrived in Russia in order not requiring a visa. Need to pay attention to the validity of the passport of a foreign citizen.
In the case on behalf of a foreign national real estate acquired by the power of attorney drawn up abroad, this authorization requires mandatory legalization (and for the countries – participants of the Hague Convention – Apostille). The authorization must be translated into Russian – official language of the Russian Federation, with the mandatory signature of an interpreter certified by a notary.
3. Conducting a transaction
In preparation for the transaction the seller must collect the basic package of documents for state registration and sales agreement. The traditional list of documents includes documents of title to the apartment (the contract of sale, barter, gift, rent, or transfer the contract by way of privatization, or the certificate of inheritance, etc.), pravopodtverzhdayuschy document, namely a certificate of state registration of property rights (prior to 1999 were given certificates of ownership to housing, but not in all cases), an extract from the house of the book, confirming the fact of registration of persons in a residential area, explication and floor plan, issued by the authorities TBTI.
If the title owner of the apartment bought it, being married, then the alienation of the apartment must obtain the consent of spouse (s) on sale of apartments. Depending on the nature of the transaction may be required in addition other documents.
The most difficult and crucial moment – the calculations of the transaction. The traditional way – using the bank accounts with the cell. When applying this method of calculation is necessary to carefully check the contents of safe deposit box rental agreement, pay attention to the conditions of access to the cell (they are usually recorded contract of sale of an apartment on the buyer’s name or an extract from the Unified State Register confirming the registered buyer’s right to the apartment .) Checking pledged in a cell bank notes is better to reserve in the bank.
There are more civilized, but is not currently widespread among individuals with the method of calculation of bank credit (non-cash).
The next stage – A contract of sale. Possible execution of the contract of sale of an apartment in the notary (notary certifies the agreement), a simple written form. The sale contract before signing should carefully consider, check out a description of the documents that are referenced. Also, pay attention to the release date of the object.
Sale and Purchase Agreement to be flat to compulsory state registration and is made from the time of registration. Register the contract and transfer of ownership can be in any branch of the Federal Registration Service in Moscow, providing a statement on the form (applicants are both parties to a contract of sale), collected the documents and payment of state duty for registration (in accordance with established practice, the costs of clearance and state registration of the transaction paid by the buyer).
The final stage of the trade will be an actual transfer of the apartment by the seller and the buyer signed by an act of transfer. In acknowledgment of receipt of money for an apartment sold the seller gives the buyer the proper receipt.
4. In what currency is the most profitable deals
Payments for property in Russia are carried out only in rubles. The parties may, upon request, to fix the ruble exchange rate to any of the currencies, or to determine the currency corridor in a single currency, while those of the parties to the transaction that has no effect, since the calculations for housing in their general mass, occurs in cash.
5. Additional recommendations
Often, buyers believe that to buy an apartment on their own, without the involvement of professionals (realtors, lawyers, specializing in housing law), it is easy. These scammers can use: for example, take an advance for allegedly sold the apartment, and then disappear. Later, it turns out that buying an apartment for rent, and the person posing as the seller does is not.
Another serious error the buyer – an agreement in words, the documented agreement on the terms of the deal were not issued.
In addition, some do not make basic checks on the object. For example, there are no seller in obtaining statements from the house register in the Maintenance Service, even though the owner (seller) can request archived information about persons formerly living in the apartment. Do not check the layout of objects on the basis of the floor plan, issued in TBTI, often conducted in facilities redevelopment without permission.