Russia » The Purchase Process

The real estate buying process in Russia is hypothetically  and comparatively simple because foreigners have the exact same rights when it comes to real estate in Russia as local Russians do. As is always the case when buying property abroad, an investor will require the services of a lawyer in Russia.

With the fame amongst Russians for brand new property for sale there are a lot of new apartment and town house developments that an investor may also like to invest in Russia. Naturally enough these do not usually require a survey nor are property prices then open to discussion. Once an agreement has been reached for the conditions of the sale, the beginning contract is signed by all parties involved in the sale and purchase. 

 

This can be notarised and at this stage an investor's solicitor will begin investigating the history of the property to make sure that it is safe to purchase and also drawing up the final agreement. As part of his checks the investor's solicitor will need to examine the property's privatisation process to make sure all is in order with it and that it is available for sale lawfully. 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. 

It is still common for many real estate transactions in Russia to be conducted in cash. If a buyer is paying in cash they usually place the money in a bank safe deposit box which will only be released to the vendor upon the presentation of the registered paperwork indicating that the property has been transferred into the name of 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.