Investing In Real Estate In Russia

When you look at property in Russia you need to be sure of the information that you have received about the property being offered. There is almost no verification made by the database on which the property is listed or in the advertisement that indicates such property for sale. This is because most agents would list the property without any actual verification and just on information received in a phone call. Very few properties will be available for fast and immediate deals because quite often the documents for the title have not been prepared or are not ready. Legal problems that are associated with the property may not have been resolved and you also need to confirm that the property being offered is not part of a communal apartment. Communal apartments are a peculiarity most prevalent in Russia, where a lot of people own an apartment with some rooms allotted to them and other facilities being shared with the other owners.   

When you go in to a real estate transaction in Russia it is quite likely that you would have to deal with a multiplicity of agents. One representing you, one the owner of the property you are considering and if the seller requires another property in lieu of his own ,that other property owner may have his own agent. Every agency has its own set of rules as there is no state legislation or realty association that imposes rules that are to be followed. So if you deal with more than one agent in your quest for real estate you need to inform yourself of the rules that each operates under so that it can help you steer clear of problems. You may also have to make out a local residency registration and be careful that such registration has not been made out of for any other person for the same property. If a person has such a registration he can claim to live in your property even though he does not own it.

There is no proper mortgage system in Russia and this is further complicated by laws that require you to sell your own apartment before you can buy another one. Both the transactions need to be done at the same time and this can cause a lot of hassles because of the law that purchase is where two ends meet. The problem is all the more so if you are purchasing a communal apartment and would also have to move out the other owners simultaneously before you can get your property.

You also need to be sure that the property that you are buying is conveniently located to shopping centers parks, schools etc, as distances in Russia are awesome. The condition of the building, especially if it is an old one needs a thorough examination. Entrances, stairwells and courtyards tend to be neglected and you would do well to see that they are well looked after. The noise factor, especially if you are in the centre of the city can be quite intimidating and worth considering. Also consider the safety aspect of the apartment and the availability of parking before you settle on the purchase.