Legal support for the sale and purchase transaction of an apartment

Purchase of residential house or apartment remains the most responsible and expensive purchase during all the life period. It is connected with high value of real estate objects. Some purchasers need collecting funds to purchase an apartment for a long period of time.That is why the reverential attitude of the most clients with respect to choice of the seller, strict compliance with all formalities, pursuance to enlist with consultation of relatives or known contacts who provide support for the transactions of an apartment purchasing. The problem is that frequency of consummation of a transaction for the average acquirer is equal to 1-3 for the period of all the life. It follows that known contacts and relatives do not have an admissible experience and practical knowledge of all features related to execution of the sale and purchase transaction of an apartment. The optimum alternative is to enlist the legal support for the sale and purchase of an apartment to the specialized legal company.

Legal support for the sale and purchase transaction of an apartment

Nearly everyone who entered the home stretch of concluding agreement on purchasing the apartment heard about risks to be defeated while buying an accommodation. Even with the most reliable, in the view of the purchaser, real estate seller in the person of well-grown developer or real estate agency, it is impossible to exclude the risk totally. The larger is developer or agency, the less are risks. In general, they come down to so called force majeure circumstances:

  • Unexpected amendment of the financial policy of the state (default announcement);
  • Savage downturn of the exchange rate of the national currency leading to rapid rising costs of real estate in roubles (growing price);
  • Financial collapse of the seller-firm (bankruptcy);
  • Errors in design or construction of a house, which is not accepted by the state commission.

It is monumentally challenging to avoid or foresee such scenario. That is why legal support for purchasing an apartment warrants refund and reimbursement of costs for using funds of outside persons in case of failure to fulfil the obligations on transferring the apartment by the seller. Selling firms intend to pass over such conditions, and inexperienced purchasers do not insist on writing additions to the sample agreement proposed by the seller, completely forgetting about existing freedom of agreement, and the purchaser is entitled to insist on mutual (back-to-back) responsibility of parties in case of non-beneficial implications of its failure.

Legal support for purchasing an apartment. Criminal risks on the real estate market

Criminal risks are the most extensive categories of risks that need legal support for purchasing an apartment. Fraudulent actions come to the front of  them. It is widely extended among private sellers of apartments, small agencies and individual entrepreneurs acting as intermediaries in transactions of sale of an apartment. When individuals intend to defeat the purchaser at all stages of execution of the transaction, agencies and individual entrepreneurs frequently fail to complete the transactions. Upon receiving the remuneration or deposit specified in the agreement, they stop to communicate with the purchaser, leaving him «to his own devices». They lay the purchaser under necessity to conclude duplicate agreement with more reliable real estate lawyer who provides professional support for the apartment transactions who will accomplish the case.

It is necessary to remember that fraudulent actions are  criminal offence. People planning such actions are high-qualified, professional offenders. They preliminary develop defeating schemes, prepare diversionary route, suit themselves with forged documents, register SIM cards of telephones in the name of straw persons , as well as open fancy bank accounts. More often than not meeting locations are food spots, rental apartments or offices, rented for several days. Such persons do not have property or transport registered on their behalf. Even if it will become possible to find the fraudster and hold him accountable, the bailiffs won’t be able to charge recover anything from him.

Support for the apartment transactions. Risks related to mistakes in documents of title

Very often, agreements for purchasing an apartment are concluded in a hurry. The counter-agent is the initiator of the conclusion without legal support for apartment transactions. The most common motive is a hurry connected with the need to get money urgently for payment of any financial obligation or treatment of a close relative. Creating nervousness, the seller reckons on a possibility that the purchaser will weak his vigilance at particular moment, read one or other document, won’t sign it or will deem inconspicuous absence of some reference letter. Often even in circumstances of sufficient amount of time the purchaser is not able to pay his attention to improper drafting of one or other document because of unawareness of body, which is competent to issue such document. He also may neglect the grammatical mistake in writing of name or surname of the party acting as a seller, his place of birth or residential address.

Legal support for sale of an apartment. Violation of third party rights

Not each purchaser neglecting legal support for purchasing an apartment, have skills of verification of provided data. From 2018 the procedure of determining owners of residential accommodation sold on the secondary market became significantly simplified. All owners, former and current, are listed in the register of the Federal Service for State Registration, Cadastre and Cartography, the only document, which at the present time certifies the ownership right in relation to the property. Nevertheless, persons included in the extract may have rights with respect to the selling real estate, and they do not wish or are unable to cease their rights with respect to it. Often problems without legal support for purchasing an apartment arise if the following persons are registered in the apartment:

  • Minors;
  • Individuals deprived of legal capacity;
  • Those who did not receive notification or failed to accept the inheritance;
  • Persons who refused the privatization but remained their rights with respect to abide at the apartment;
  • Suddenly appearing missing citizens or those found dead.

In all cases, if there is no legal support for sale of an apartment, executed deal must be contested. It will result long-standing legal proceedings and additional costs on the part of the purchaser.

To avoid such scenario, the optimal alternative is legal support for the sale and purchase transaction of an apartment by the professional.