Russia is one of the countries that offer a variety of business opportunities for real estate investors and entrepreneurs. Other than local investors, the Russian law allows foreigners to rent or purchase property in the country. However, it is important to note that there are some exceptions that apply. For instance, according to the Russian Land Code, foreign entities are not allowed to own property around borderline zones. In addition, there are restrictions in place regarding the purchase of agricultural land in the country.
It is therefore important for potential investors to seek advice or assistance from specialized real estate agencies. This way, foreigners will not have to worry about fraud or other risks. Real estate agencies will ensure that the purchase procedures are done according to the law.
What are the steps to buying a property in Russia?
After a foreigner identifies a property that meets his or her needs, it is imperative to meet up with the seller and draw up an agreement. This is an important document that will contain information regarding the necessary documents and the provisions of the final purchase agreement.
The buyer then makes payment as agreed and both parties place their signature on the final sale purchase agreement in the presence of a notary.
The next procedure involves signing an acceptance agreement on the date when the property gets transferred to the buyer. After this step, the new owner has to register the property while the seller initiates a de-register procedure.
When registering property in Russia, the following documents must be provided:
- Acceptance agreement
- Identification Documents
- Documents showing who will live on the new property
- An application signed by the involved parties
- Sale contract
Ensure that you hire a good local lawyer to represent you during the property purchase process in Russia.