Steering Clear of Real Estate Deals to Prevent Unintentional Loss of Property
In the bustling city of Krasnodar, Russia, navigating the real estate market can be a complex task. To help buyers and sellers avoid potential pitfalls, private practicing lawyer Olesya Chernokova offers valuable advice.
- Thorough Due Diligence
Before engaging in any real estate transaction, it's crucial to verify the legal status of the property. This includes checking for encumbrances, liens, or disputes associated with the property, and confirming the seller’s ownership and authority to sell.
- Proper Documentation
Ensuring all sale and purchase agreements are detailed and legally sound is essential. Officially registered contracts should be used to protect rights, and the terms on payments, transfer of ownership, and obligations should be clear.
- Government Registration and Records
Confirm property registration with the official Russian real estate registry, and secure the registration of ownership transfer promptly after the deal.
- Avoiding Fraud
Working with trusted real estate agents and legal professionals is vital. Verifying identities and credentials of all parties involved, and being cautious of unusually low prices or pressure tactics, can help prevent fraud.
- Legal Support Throughout the Process
Engaging a qualified lawyer experienced in Krasnodar real estate law is advisable. Obtaining legal advice at every step — from contract preparation to registration — can provide peace of mind.
- Understanding Local Laws and Regulations
Being aware of specific regional requirements and procedures in Krasnodar, and staying updated on changes in real estate laws that could impact ownership rights, is essential.
In addition to these points, Chernokova emphasises the importance of asking the seller to obtain information from the administration about what can be placed within the land plot's perimeter and if there are any usage restrictions.
When buying an apartment, checking the project documentation on our.dom.rf for matching obligations of the developer, investigating the developer's reputation, and verifying the area of the land plot are also crucial steps.
When renting property, key points such as the term, repair and partition conditions, automatic renewal possibility, late fee calculation, utility costs inclusion, and subletting permission should be included in the contract.
Money should be transferred to a special escrow account with mandatory state registration. When acquiring a house with a land plot, verifying the existence of utilities and the accuracy of the land use permit with the actual building usage is important.
If buying a land plot, ensure it is on the cadastral registry and check the permitted use and land category. If the seller is declared bankrupt within three years, there's a risk of deal contestation, so ensuring the contract reflects the actual value is crucial.
Consulting a cadastral engineer for reassurance about the land plot's boundaries and the correct placement of the fence is also recommended. Verifying the owner's data, the actual and registered area, and the presence or absence of arrests, mortgages, or legal disputes is another essential step.
Investigating the seller's background, requesting certificates confirming the absence of mental health issues, and checking the Federal Bailiff Service website for any outstanding debts are also important considerations. If the seller has children, checking if maternal capital was used to buy the apartment is advisable.
When purchasing residential real estate, requesting documents on registered residents and including this information in the sales contract is recommended. If buying on the secondary market, requesting an extract from the Unified State Register to check the current status is essential.
If the documents show that the apartment was obtained through privatization, people who previously refused to privatize have the right to live in the apartment for life.
By following these considerations, buyers and sellers can significantly reduce the risks of losing property or encountering legal problems in Krasnodar’s real estate market.
- In the process of real estate transactions, it's crucial to check the property's legal status, including verifying encumbrances, liens, or disputes, confirming the seller's ownership, and obtaining information from the administration about what can be placed within the land plot's perimeter and if there are any usage restrictions.
- When dealing with residential real estate, requesting documents on registered residents, including this information in the sales contract, and checking if maternal capital was used to buy the apartment is recommended. If buying on the secondary market, requesting an extract from the Unified State Register to check the current status is essential.
- In the case of commercial property, verifying the existence of utilities and the accuracy of the land use permit with the actual building usage is important. If buying a land plot, ensure it's on the cadastral registry, check the permitted use and land category, and be aware if the seller has been declared bankrupt within three years.
