Procedure of real estate transactions conclusion has changed in Russia

Since March 1, 2013 in Russia procedure of transactions conclusion with the real estate changed. Corresponding amendments are already brought to the Civil Code of the Russian Federation.

After March 1, this year sales contracts on apartment houses, apartments, a part of an apartment house or an apartment, enterprises, deeds of gift are not subject to the state registration, the deputy head of department of the Russian State Register on Bashkortostan Natalia Shagieva informs. Now titles to the real estate, their restriction and encumbrance will be objects of the registration.

However for some kinds of transactions the procedure of state registration of real estate will remain the same. It concerns mortgage contracts, contracts of participatory construction, and also rent registration as encumbrance.

As the head of the department of the Russian State Register on Bashkortostan Republic Igor Shelyakov underlines, the specified amendments will not affect in any way safety of participants of the real estate transactions.

“Legal examination of transactions will still be carried out. There are no any changes in this part of the law on the state registration, therefore legal examination of transactions will be spent in the same volume as before,” Igor Shelyakov commented on the subject.