Russia is one of the most popular countries in the world, located in Eurasia (the united continental region of Europe and Asia). The official language is Russian but 27 other languages are co-official in various regions across the country.
Russia offers various business opportunities for entrepreneurs and real estate investment is also considered important when opening a business in Russia. Investors wishing to buy property in Russia are advised to seek special assistance.
Moscow and St. Petersburg are two of the most developed cities in Russia. Both these cities attract foreign investors and are the prime locations for real estate investment.
Real Estate Purchasing Rules in Russia
According to Russian law, foreigners are generally allowed to buy or rent property in Russia, but some exceptions apply. Also, to be allowed to purchase property, the foreign national must have a valid Russian resident’s permission.
Foreigners are also prohibited from purchasing agricultural land in Russia. When searching for a property in Russia, foreigners are advised to assist a specialized real estate agency. This reduces the risks and defends the customer from fraud.
Buy residential real estate in Russia
There are no restrictions related to buying residential property in Russia. Also, many laws provide for the sale and purchase of a real estate for residential purposes in Russia. These laws are:
- The Residential Code which is the most important legislation to define residential real estate;
- Civil Code which entitles to obtain immovable property in this country;
- Contract law that provides for information that must be contained in a real estate sale-purchase contract;
- Federal law on the registration of titles and real estate contracts provides for the registration of properties with the land registrar.
Obtaining commercial real estate in Russia
In Russia, not only foreign nationals are allowed to buy property, but foreign companies are also allowed to buy real estate for commercial use.
The purchase of commercial property includes agricultural land, however, in this case, the foreign company will only be entitled to use the plot of land for commercial activities which involve various types of agricultural work.
One of the easiest ways to obtain commercial real estate assets in Russia is through mergers and acquisitions, which are regulated by law by the same name. This process signals a foreign company to handle a local business with all its assets, including those with real estate.
Elements of Sale-Purchase Agreement of Immovable Property
When purchasing real estate in Russia, contract law must be respected. When purchasing Russian residential or commercial real estate, the following elements must be present in the sale-purchase agreement:
- Complete information about the property, such as the full address;
- The full value of the property;
- Information about seller and buyer;
- Conditions related to the payment of the price;
- The process of transferring property to the new owner;
In case of purchase of the residential real estate, information about all persons residing in the property.
The contract of sale of a commercial real estate differs slightly from the residential property as the former enters into the rules of merger and acquisition deals. In this case, the contract must include some other elements, including a description of the property, all features, warranties, and representation of the property.
Steps to buying a property in Russia
After finding a property that meets their needs, buyers should meet the owner and make a preliminary agreement. This document describes all the provisions of the final sale-purchase agreement and includes information about the required documents.
The buyer must ensure that he can provide the entire negotiated sale price for the property. After the payment has been made and confirmed, both parties must sign the final purchase agreement in front of the notary. When the property is transferred to the new owner on the same date, an acceptance agreement must also be signed. This document certifies that the property was transferred to an acceptable condition.
The new owner should register the property and the former owner should process the de-register. The following documents should be provided for the registration of property in Russia:
- An application signed by the parties,
- Identification documents
- Sales contract,
- Approval Agreement,
- Documents indicate who will survive on the property.
Fees related to buying real estate in Russia
The following fees and taxes should be considered when purchasing a property in Russia:
- Real estate agent fees, if such service is used;
- Document notarization fee;
- Property registration fee;
- Value-added tax.
Russia is famous for?
Russia, or the Russian Federation, is an intercontinental country spanning Eastern Europe and North Asia. It is spread over 17,125,191 square kilometers, it covers a one-eighth area of the earth, which extends to eleven regions and borders with sixteen sovereign countries.
- Russia won the Second World War and saved humanity from fascist Germany
- It is the largest country in the world.
- The Russians are proud of their country that they are distinguished in world politics.
- It has the most beautiful women.
- Learning the Russian language is one of the most difficult.
- Russia has the kindest and deep souls.
- Strong family values are more important than anything.
- Russia is the country with the most readers.
Russia’s total area is 17,075,400 square kilometers and it is more than the ninth landmass of the Earth. The area of land in Russia is 1.8 times larger than the total size of the United States. Most people are aware of where Russia is located and what kind of people live there, but there are very few known facts about this country and its culture which are quite interesting.
Interesting facts about Russia:
World’s longest railway
The Trans-Siberian Railway crosses almost the entire county, making it the longest railway in the world. It then makes its way to the Pacific Ocean port of Vladivostok where it leads the end of its unbelievable journey. The entire journey non-stop will take you 152 hours 27 minutes to complete.
The world’s largest McDonald’s
If you are a fan of the famous golden arches, then Russia is the place to go. The country is home to the world’s largest McDonald’s restaurant. With 700 seats. A large building with 1,500 seating was built for the 2012 Olympics in London, England, but it was a temporary location and the doors (after the Olympics ended) were disbanded six weeks after opening.
Wedding ring tradition
For many Russians, it is customary to wear their wedding ring on the ring finger of their right hand. Countries such as Ukraine, Poland, Georgia, Germany, Spain, Austria, India, and Greece have a tradition of wearing wedding rings in the right hand.
The largest country by area
Russia’s total area is 17,075,400 square kilometers and it is more than the ninth part of the earth. The area of land in Russia is 1.8 times larger than the total size of the United States.
Second largest oil producer in the world
Saudi Arabia landed at the top spot with 10,900,000 barrels per day, however, it is predicted that by 2020 the US will surpass both Russia and Saudi Arabia to become the world’s largest oil producer.
Fastest mode of transport
Moscow’s amazing metro system is the fastest means of transportation. During each hour, trains are scheduled for every 90 seconds. It is estimated that more than 9 million passengers ride Mato daily. The St. Petersburg metro is also the deepest in the world, located at a depth of 100 meters.
The Russian will never wave a hand at a gate. This is considered a bad omen and most Russians are convinced that the action will give rise to an argument.