Russia Property Buyers’ Guide

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


Russia Property Buyers’ Guide

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.

Agents

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.

Title

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.

Buying Process

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.

Lawyers

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.

Transaction Costs

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.

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