A relatively straightforward procedure, property purchase in Russia involves a series of formalities in order to run smoothly. Below is a general guide on how best to purchase property in Russia
A relatively straightforward procedure, property purchase in Russia involves a series of formalities in order to run smoothly. Below is a general guide on how best to purchase property in Russia.
Foreigners are entitled to own freehold title in the vast majority of land and property purchases in Russia. The purchase procedure is akin to the Continental European style system.
A good agent is advisable when purchasing property in Russia. Propertyshowrooms.com are experts in Russian property, which means we not only have access to a wide range of properties, but we can help you to assess what is the best choice of property for you. We can also put you in touch with all related professionals needed to make the purchase process run smoothly.
Checking the title is one of the most important things you can do when purchasing property anywhere in the world. If necessary you should employ a lawyer to assist in the checks.
Once a property has been chosen and agreement has been reached for the conditions of the sale such as price and payment terms, the beginning contract is signed by all parties involved in the sale and purchase. The agreement can optionally be notarised.
At this point the investor's lawyer will conduct checks into the legality of the purchase such as title and also look into the property's privatisation process to make sure it can lawfully be sold. Note: if buying off plan (which is rare) and a reservation payment is being asked with the beginning contract, all checks should be done before making payment. If all conditions for the sale are met it will complete on a fixed date when the buyer and vendor will meet at a public notary's office to sign the final contract.
Because foreigners find it difficult to obtain mortgages in Russia, many transactions are completed using cash. In this case the money is usually put in a bank safe deposit box which will only be open to the seller upon presentation of the registered paperwork showing that the property has been legally transferred to the buyer.
Once the last sale-purchase agreement is signed and notarised the paperwork is presented to the state for registration which can take up to two weeks and then the documentary evidence is available to prove the real estate investor now owns the real estate.
As with all overseas real estate purchases, it is advisable to contract a good local lawyer specialising in property transactions in order make the sale problem-free.
Russian transaction costs are usually around 2.5-7% of the purchase price, made up of 2-5% agent’s fees, 0.7-1.5% notary fees and 0.01-1% registration fees.
Get the latest property and investment opportunities direct to your inbox for FREE (you can unsubscribe anytime)
Up to 30% Decline in Russian Buyers of Overseas Property Expected
Russia's Tourism Boosted by Weak Rouble
Russians pip Brits to the post in Spain
Russian and French buyers causing property price rise in Spain
All property news from Russia
Subscribe to our RSS Feed
Fill out a requirements form and our experts will help you find a great selection of properties for sale in Russia.
Help me find property in Russia
Considering a property purchase in Russia or need to transfer currency to/from Russia?
Save Thousands in Currency Transfers
When considering a buying property in Russia, you are well advised to get expert mortgage advice from a mortgage broker.
Get a mortgage quote in Russia
Owners Direct is one of the UK's leading direct from owner rental websites and the first choice for holiday home owners who want a cost effective and easy way to fully book their properties.
Find out more
If you own or are about to purchase property in Russia, you get an insurance quote using our online insurance quote form.
Get Insurance in Russia
Do you have your British assets covered by a will?
Do you have your movable foreign assets covered by a will?
Have you made plans to protect your family in the event of your death?
Get more information on Wills
Everything you need to know about transferring your UK Pension is in our downloadable guide.
Get more information on Pensions
Krasnodarskiy Kray Property
Subscribe to our newsletter and keep up to date with the latest and best investment opportunities around the world!