The transfer of money in a real estate transaction occurs in accordance with the purchase and sale agreement. To prevent a person from being deceived, it is better to transfer funds using the most reliable methods, which are given below. We will consider each option in detail, reveal their advantages and disadvantages and get acquainted with the recommendations of experts.
Features of buying an apartment in a new building
The sale of apartments in new buildings is carried out by legal entities. Settlements with them should be made only in non-cash form in any of several ways:
According to Art. 861 Civil Code of the Russian Federation
- Transfer from the buyer's account to the seller's account.
- Bank letter of credit.
- Secure transfer service.
- With the participation of the bank in the mortgage.
- Safety deposit box (rare).
Important! Typically, money is transferred to developers' current accounts after transactions are registered. But you need to read the terms of the contract. If an agreement on shared participation in construction is drawn up, the seller has the right to receive payment only after registering the DDU with Rosreestr.
This is directly stated in paragraph 1 of Art. 15.5 Federal Law No. 214-FZ “Features of opening, maintaining and closing an escrow account...”
In what currency should I pay?
The cost of an apartment can be assessed in terms of dollars or euros, but calculations are most often carried out in national currency . This is more convenient because you do not need to constantly change the price of an apartment due to exchange rate changes. This is also due to the fact that mortgage agreements are also mainly drawn up in rubles in order to protect themselves from currency fluctuations.
Developers also accept payment for DDU agreements in rubles, not foreign currency. If you decide to sell or buy an apartment in dollars or euros, then carefully check the banknotes using technical means.
Features of purchasing real estate on the secondary market
If an apartment is purchased on the secondary market, individuals usually participate in the transaction. Less often, the seller is a legal entity:
for example, a real estate agency that bought real estate under a fixed-term program from another person and then decided to sell it at a premium.
If the seller is an individual, any payment methods can be used: both cash and non-cash. If the apartment is purchased from an agency, only non-cash payment options are suitable.
Advance agreement for purchasing an apartment
What is the difference between an advance and a deposit when buying an apartment?
Features of drawing up an act
This document must necessarily contain the details of both parties (information from the organization’s registration papers or passport data of an individual) - without them, the document does not acquire legal status.
It is permissible to draw up an act not only personally, but also acting through a representative. However, in this case, it is important that the authorized person has a notarized power of attorney, a copy of which must be attached to the deed.
The act must necessarily satisfy the requirements of both parties. If any of them does not agree with any part of the act, it has the right to make its own adjustments, which must be approved by the counterparty.
Payment methods and procedure for transferring money to the seller
As mentioned earlier, the parties independently determine the methods and procedure for transferring money. This must be reflected in the contract.
But there are certain risks:
- For the buyer, if the seller receives money before registering the transfer of ownership. If Rosreestr refuses registration, and the seller has already spent the funds by that time, it will be problematic to get them back. If the situation cannot be resolved peacefully, you will have to go to court.
- For the seller, if the buyer transfers money after registration with Rosreestr. There is a possibility that he will never see the amount for the apartment, and the deal will have to be challenged in court due to the buyer’s failure to fulfill obligations under the contract.
Legal advice: the best option is to make an advance payment through safe deposit boxes. An advance is usually transferred to the seller in the amount of 10-20% of the transaction amount. The rest is transferred after registration upon presentation of documents confirming the transfer of ownership to the buyer.
Bank safe deposit box
First, the buyer needs to rent a safe deposit box, then put money there in the presence of the seller. A bank employee will check the authenticity of the banknotes. Two cells can also be rented: one contains an advance payment, the second contains the balance received after registration.
When opening a cell, an agreement is drawn up indicating the amount and conditions for receiving money, as well as full name. and the seller’s passport details.
Letter of Credit
A letter of credit can be irrevocable or open. In the first case, it means obtaining the permission of the real estate seller; this option is used most often. An open letter of credit does not require approval from the seller.
With a letter of credit, the bank acts as an intermediary. The buyer signs an agreement with him to open an account, then transfers there an amount equal to the cost of the property being purchased. After registering the transaction, the seller contacts the bank to withdraw money, presenting an extract from the Unified State Register of Real Estate on the transfer of ownership.
From hand to hand
This is the simplest calculation option:
- Transfer of advance payment before registration of the transaction, the balance - after.
- Transfer at the time of submission of documents for registration. There are risks for the buyer, they are described above.
- Transfer of the entire amount after registration of ownership to the buyer. There are risks for the seller.
Note! It is recommended to hand over cash in a quiet and well-lit room. The seller will need time to count the bills. It is advisable to film the process, and after recalculation, take a receipt from him confirming receipt of the amount.
Secure transfer service
The secure payment service works simply:
- The buyer transfers the money to a special account opened at the bank.
- The bank requests information from Rosreestr about registering the transaction.
- If registration is confirmed, the money is transferred to the seller's account.
Many banks have such services. For example, in Sberbank, VTB, Raiffeisenbank.
Bank transfer
This method is similar to transferring money in cash, the only difference being that the buyer independently transfers funds from his account to the seller’s account.
The mechanism is simple:
- The parties enter into an agreement. An advance payment is available upon request.
- The transaction is registered.
- After registration, the balance of the amount goes to the seller by bank transfer.
Participation of a notary
The law stipulates that a notary must take part in the sale of any real estate in order to monitor the legality of the transaction. You can also engage him to carry out secure payments. Let's take a closer look at this process.
Conducting a transaction without a notary is dangerous. Without his participation, the purchase and sale agreement will not have legal force. It is no longer necessary to involve him in settlements under the contract.
Cash
Step-by-step algorithm for dealing with cash:
- The buyer, in the presence of a notary, transfers funds to the seller.
- The seller counts banknotes and coins (if available) and writes a receipt. He has the right to check their authenticity if he has the appropriate equipment.
- The buyer of the property receives a receipt.
The notary certifies the fact of transfer of money, then his participation in the transaction ends.
Deposit
In this case, everything happens the same as in the previous case. Only the money is not transferred to the seller. The notary draws up an additional agreement, which states the conditions for the acceptance and transfer of money, and they are credited to the notary's account.
After fulfilling the terms of the agreement and providing documentary evidence, the notary issues cash or transfers money to the seller’s account (this is specified in advance in the agreement). Lawyers consider this method reliable, but not very convenient, because it involves several additional steps that can be done without.
If the apartment is mortgaged
The purchased apartment may be pledged to the bank under a mortgage or a loan secured by real estate.
There is nothing wrong with this, but the buyer will have to make an advance payment equal to the amount of the outstanding debt to remove the encumbrances. The encumbrance is lifted within three working days. There are two options here:
- Pay the cost in full and submit documents for registration. The seller must pay off the mortgage immediately; until then, registration activities will be suspended.
- Make an advance payment, wait for the encumbrances to be removed, then contact Rosreestr or the MFC to register the transfer of ownership and pay the remaining cost of the apartment.
Important! You need to carefully check the seller's credit documents and make sure that the advance is actually being made to close the debt to the bank. The buyer has the right to request a certificate of the balance of debt.
How does the purchase and sale of real estate occur? Step-by-step instruction
The greatest risk for the buyer is cash payment, because...
When applying for a mortgage, the bank independently checks the apartment for legal purity. What the whole procedure looks like:
- The seller collects documents for the property being sold and presents them to the buyer.
- The parties agree on the transaction and payment details.
- Before signing the contract, the seller orders an extract from the house register and a certificate of absence of debts for housing and communal services from the MFC. The extract is needed to confirm the absence of registered persons in the living space.
- The agreement must be signed in at least three copies; the registrar will need one.
- Documents are submitted to Rosreestr; the presence of both parties to the transaction is required.
- After 10-12 days, the buyer receives an extract from the Unified State Register of Real Estate, where he is indicated as the new owner.
If the seller needs a statement to receive money, it is given to him and then presented to the bank. When paying in cash, it is important to get a receipt from it.
Contents and sample receipt for receipt of money for an apartment
A receipt is issued to confirm receipt of money by the seller.
Sample receipt
It contains the following information:
- FULL NAME. seller, passport series and number, registration address;
- address of the apartment being sold;
- sum;
- wording about payment in full;
- date of compilation and signature.
Documentation
To conduct and register a transaction you will need:
- Contract of sale.
- Extract from the Unified State Register for the seller.
- Passports of the parties.
- Explication (optional).
- Certificate of absence of debts for housing and communal services.
- Loan agreement, if the property is pledged (only needed by the buyer, the registrar does not require it).
- Receipt for payment of state duty.
State duty
For re-registration of ownership of an apartment, a fee of 2,000 rubles is paid.
Cash to seller
If the contract states that the transfer of money will take place in cash, then you need to correctly prepare a receipt, which will indicate the fact that the seller has received funds. This is the simplest option for paying for new housing, but at the same time it involves some risks. The receipt indicates:
- Data of all participants in the process.
- Passport details.
- When money is transferred and in what currency.
- It is advisable to involve witnesses, who should also be indicated in the receipt.
- In the receipt, the recipient writes the amount received in signature, puts his signature and its decoding.
The seller is obliged to write a phrase stating that the money under the purchase and sale agreement No. 00 has been received in full and there are no claims against the buyer. It is better to carry out this process immediately before submitting a document for re-registration of housing.
There are several downsides to this option:
- Money may be stolen before transfer.
- The seller may himself refuse this method of payment for real estate, because some of the bills may be counterfeit.
- You can make a mistake when recalculating, especially if the amount is provided in small bills or even coins.
- Even a crowded place will not protect people from robbers and other fraudulent activities.
- It is difficult to return the money if Rosreestr for some reason refuses registration.
Therefore, this option is resorted to in the most extreme cases.
Lawyer's answers to frequently asked questions
What is the difference between a deposit and an advance?
The advance payment is made as confirmation of the intention to buy an apartment. If the buyer refuses the transaction, he can return it. The deposit is not returned to the buyer, but if the seller refuses the contract, it is returned to the buyer in double amount.
How to pay the seller if the apartment is purchased with a mortgage?
The payment method depends on the specific bank. Sometimes the advance payment is made by the buyer himself, and the rest is transferred to the seller by the bank. A letter of credit, safe deposit box or secure payment service may be used.
Is it possible to pay for an apartment in foreign currency?
Yes, but the contract indicates the cost in rubles at the exchange rate at the time of signing.
Who controls the calculations if a realtor is involved in the transaction?
A realtor can represent the interests of the seller or buyer. His responsibilities depend on the terms of the contract with him, but usually realtors accompany transactions from viewing the apartment to registering ownership.
Can Rosreestr refuse registration if the advance payment has already been transferred to the seller?
Yes. The presence of encumbrances may serve as a basis for refusal of registration. Also, problems often arise when selling real estate to minors or incapacitated people, especially if permission from the guardianship authority has not been obtained. The advance payment must be returned to the buyer.
Design nuances
Just like the text of the act, its design entirely depends on the vision of the document by the drafter. It can be done in handwritten form (like a receipt) or typed on a computer, on letterhead or on an ordinary blank sheet of paper.
The document is drawn up in at least two copies - one for each of the interested parties, but if necessary, certified copies can be made. If an act is formed between legal entities, information about it must be entered in the documentation journal.
