So, you have finally decided to buy an apartment and found an optimal variant; now there is little left to be done: you should reregister the property right. Or you are selling your own apartment and have no idea what you should start with.
Currently, all agreements for purchase and sale of real estate shall be notarised, which secures their legality. Today, a notary, when certifying an agreement for purchase and sale of an apartment, at the same time registers the new owner’s property right with the State Register of Proprietary Rights to Immovable Property. It means that when you leave the notary’s office, you are already a rightful owner of the apartment and you do not need to register your property right with any other authorities.
When certifying an agreement for purchase and sale of an apartment, a notary checks all documents submitted to conclude the agreement, any bans or prohibitions on the alienation of the apartment, the validity of the power of attorney (in case the agreement is concluded by an attorney).
Note that if an apartment has been owned by the seller for over three years and the sale of this apartment is a first sale of real estate during the year, the income resulted from the sale is tax-exempt.