[BUYING AND SELLING REAL ESTATE IN RUSSIA]
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III. Data and documents on titles to real estate Prior to making a real estate transaction, parties are supposed to obtain authentic and up-to-date information on the real estate item that is subject to transaction, evidence of existing titles, encumbrances, and other property details. Right of ownership and other property rights to real estate, encumbrances of these rights, their commencement, transfer, and termination are subject to state registration in the Unified State Register of Real Estate (hereinafter – the “ Register ”). It includes the following information: the real estate objects; rights on real estate; protected and special-use areas; register books; tax map; document journals. The Register is managed by the Federal Service for State Registration, Cadastre and Cartography (hereinafter – the “ Rosreestr ”). The official website of the Rosreestr - https://rosreestr.ru. Reference information on the real estate item such as location address, area, cadastral number, existence of registered rights and encumbrances is available to any third party on the website of the Rosreestr. Upon the request of interested party, the following information can be provided in an extract from the Register: − description of real estate item, including its location address, area, cadastral number, and permitted use; − data on title holders; − data on registered encumbrances; − data on third parties’ claims in respect of real estate items, legally asserted claims, and objections in respect of registered rights;
− data on existence of decision on withdrawal of real estate item for state or municipal needs. A request for provision of extract from the Register can be filed with the Rosreestr in hard copy in person or by post, in electronic form by e-mail or by filling up a request form on the website of the Rosreestr or in hard copy filing with the multifunctional center. The extract from the Register can be provided in hard copy or in electronic form as well, and the respective form should be specified in the request. An extract shall be provided by the Rosreestr within 3 days from the receipt of request. The document confirming the fact of the real estate title registration is a certificate of state registration of the right to this property. IV. Sale and purchase of real estate 1. Preliminary agreement Prior to entering into the main sale and purchase agreement (hereinafter – “SPA”) the parties are entitled to conclude a preliminary agreement. Under a preliminary agreement, parties agree to conclude the SPA in the future on terms specified in the preliminary agreement. A preliminary agreement should contain conditions, which allow the determination of a subject matter and other material terms of the SPA and should be concluded in the form provided for the SPA. A preliminary agreement should specify a term for entering the SPA. If no term is specified, the SPA should be concluded within one year from the date of conclusion of the preliminary agreement. Should one party to the preliminary agreement fail to conclude the SPA, the other party is entitled to apply to the court to enforce
ILN Real Estate Group – Buying and Selling Real Estate Series
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