Changes in the law on state registration of real estate -

Changes in the law on state registration of real estate

In Russia, simplified buying and selling real estate.

Changes in the law on state registration of real estate

Since July 31, amendments to the law on state registration of real estate come into force. As explained in the Federal cadastral chamber of the Federal Registration Service, from this point on real estate transactions in shared ownership will not need to be certified by a notary.

Under current law, if the apartment or house that is being sold or bought belongs to the same owner, a notary certificate is not required. But if several people have rights to an object at once, then such transactions should have been certified by a notary. The new law simplifies the procedure for registration of transactions for the participants of shared ownership. Thus, from July 31, 2019, a notarial certification is not required when concluding a transaction for the alienation or mortgage of shares in real estate, if the transaction is conducted simultaneously with all owners.
In other words, the contract of sale, donation, inheritance or mortgage of shares can be concluded in simple written form, if signed by all the joint owners of real estate without exception.

"Often, co-owners of an apartment, house, garage or land are close relatives, who simply have no need to confirm the legitimacy of the transaction with each other," explains the expert of the Federal Cadastral Chamber.

The abolition of the compulsory notary fee for co-owners involved in a single transaction will significantly reduce the financial burden on citizens and make the process of turnover of real estate in common shared ownership more simple and accessible. At the same time, at the request of the owners of the shares, any transaction, as before, can be certified by a notary.

Source: Russian newspaper

30.07.2019 06:39:11
(Automatic translation)

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