Real estate transactions without a notary will now be concluded in a simplified manner
Since July 31, amendments to the law On state registration of real estate came into force in Russia, on the basis of which transactions related to the registration of common share ownership may be concluded without the participation of a notary.
Before that, if the rights to the property belonged to several people, such transactions were certified by a notary.
Now, in accordance with the amendments, it is possible to conclude a contract of sale, inheritance, donation or mortgage shares in the usual written form, if it is signed by all the equity owners.
These innovations will allow the parties to the transaction to decide whether they need to certify the General transaction at the notary or not, because they are often relatives, and this procedure is not necessary for them. In addition, the financial burden will be reduced, and the turnover of real estate will become more simple and affordable.
Certification of the transaction by a notary is required to provide evidence if its participants have to defend their rights in court.
If one of the owners refuses to take part in the transaction, the other must use the services of a notary to properly execute the contract. It should be borne in mind that you will need to pay for these services, as well as 0.5% of the value of the property.
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