In Russia, both the foreigners and the locals are able to own private properties according to the Legal Code of 2001. As a result, the foreigners now don’t have to draw a lease agreement of forty-nine years which will give them a leasehold on the property. However, in Moscow, foreigners are not allowed to buy a property. But, even when limitations are not imposed, the foreigner must have the Russian Resident Permit.

No properties can be built or bought on the military lands. Also, foreigners are restricted to buying agricultural lands.

DETAILED BUYING GUIDE

      Once you have settled with your desired property, you need to meet the owner in person and draw the initial purchase agreement.

      In this purchase agreement, you need to mention all your terms and conditions along with the seller’s. The following information must be present in this sale-purchase agreement drawn in presence of a trusted real estate agent:

1. All the information about the concerned property
2. The price of the property

iii.            All the information about the selling and the buying parties

1. Terms of payment
2. The entire procedure of property transfer
3. If the property is residential, then the information about the residents must be mentioned

      Once the payment is done by the buyer, both the parties are asked to meet at the notary’s office where they legally sign the sale-purchase agreement.

      On the same date, both the seller and the buyer sign the Acceptance Agreement.

      Once the documents are duly signed, the buyer must register the property under his name while the seller must perform a de-register procedure.

      While registering the property, the list of the documents required is:

1. An application which will contain the signatures of both the seller and the buyer
2. Identification documents which will include passports

iii.            The sale-purchase contract copy

1. The Acceptance agreement copy
2. Documents of the residents who will be residing in the concerned property

While buying a property, the following fees are mandatory which you will have to pay:

      The fee of the real estate agent if you have hired one

      The fee of the notary

      The registration fee

      The value added tax