Buying an apartment with a mortgage: step-by-step instructions for resale

Buying a new home is an expensive pleasure, so many families are forced to raise borrowed funds. Mortgage lending today is more profitable than conventional loans. At the same time, you can save additional money on it if you consider the option of purchasing an apartment on the secondary market. We will tell you in this article what pitfalls you may encounter when buying an apartment with a secondary mortgage and how to avoid them.

Advantages and disadvantages

Buying an apartment in a new building or at the construction stage is not always economically justified: the price per square meter is higher, the time frame for putting the house into operation is very conditional, and the opportunity to get a bank loan is not guaranteed. That is why in recent years the segment of secondary housing in the real estate market has grown significantly.

Buying an apartment with a mortgage: step-by-step instructions from an expert

The advantages of "secondary"

price - for an old vest it is lower than for an apartment in a new building;
the presence of developed infrastructure - schools, kindergartens, retail outlets, transport interchanges, etc.;
the opportunity to move in immediately after purchase - in order for his offer to be competitive, the seller tries to make at least minimal cosmetic repairs. With some effort, there is a chance to find an apartment decorated in the latest fashion;
the likelihood of getting a mortgage to purchase a secondary property is higher - banks are more favorable towards such applications due to the high liquidity of a finished apartment than to options for purchasing new buildings.

Disadvantages of buying second hand

increased interest rate on a loan for the purchase of new housing;
It is not always possible to find an apartment with the desired characteristics;
the degree of wear may require additional investments for major repairs;
risks associated with possible legal consequences from previous owners.

Nevertheless, buying an apartment on a secondary mortgage is invariably in demand: the main criterion is its more reasonable cost from an economic point of view.

Mandatory documents

Buyers are required to provide these documents to the MFC or the Registration Chamber for registration of the purchase and sale transaction. The list is as follows:

Contract of sale of an apartment (originals);
The purchase and sale agreement is the main document in the transaction, on its basis the transfer of ownership from the seller to the buyer will be registered.
According to paragraph 2 of Art. 54 of Federal Law N 218-FZ, if among the owner-sellers there is a minor or incompetent, the transaction is subject to mandatory notarization. This means that you cannot do without a notary. He will draw up an agreement and certify the signatures of the parties on it. Here I described in more detail the instructions for drawing up a notarized agreement for the purchase and sale of an apartment, and at this link how much it all costs.
If all the owner-sellers of the apartment are adults and capable, a simple form of purchase and sale agreement is sufficient. In this case, it is not necessary to certify it.
As you can see, the obligation to notarize the contract depends on the situation of the sellers. The situation of the buyers does not play a role here. But this does not mean that sellers are required to pay for notary services. Everything is by agreement of the parties.

Other articles
How to safely transfer money to the seller for a purchased apartment - rules, methods, expenses If, when buying an apartment, you are simultaneously selling yours (counter transaction), here I have listed the documents for selling the apartment

Buyers' passports or birth certificates if they are under 14 years of age (also copies of the first two pages);
If the buyer is under 14 years old, one of his parents/guardian must be present at the MFC/Registration Chamber instead of him, who signs the purchase and sale agreement with the rest of the documents for the child - Art. 28 Civil Code of the Russian Federation. The representative will be required to have his passport and a copy of the first two pages, the original and a copy of the child’s birth certificate. The presence of the owner from 14 to 18 years old is mandatory along with one of the parents/guardian, because they both sign the purchase and sale agreement - Art. 26 Civil Code of the Russian Federation. In both cases, nothing is required from the other parent.
Loan agreement , if the buyer has a mortgage (original and copy);
According to Art. 19 of Federal Law No. 102-FZ of July 16, 1998, mortgages are also subject to mandatory registration. The state duty for this is 1,000 rubles, it is paid by buyers - paragraphs. 28 clause 1 art. 333.33 Tax Code of the Russian Federation.
Receipt for payment of the state duty for registering the transaction (original);
Details will be provided at the MFC/Registration Chamber. You can pay the state fee at the checkout or at any nearby bank. It is 2,000 rubles - pp. 22 clause 1 art. 333.33 Tax Code of the Russian Federation. It is paid by buyers according to the size of their future shares in the purchased apartment, because the ownership right is registered in their name - Art. 17 of the Federal Law of July 13, 2015 N 218-FZ and clause 2 of Art. 333.18 Tax Code of the Russian Federation. The commission is around 50 rubles.
If a representative acts for the buyer in the transaction, then from him a passport and a notarized power of attorney (plus copies). There is no need to submit a passport of the buyer-principal.

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After purchasing an apartment, you can count on a refund of 13% of its cost in the form of a tax deduction (up to 260 thousand rubles)

What documents are needed to sell an apartment?

Basic list of documents for selling an apartment

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Cadastral and technical passport
Extract from the personal account
Certificates about family composition
Preliminary purchase and sale agreement
Contract of sale
Apartment acceptance certificate

Main stages of selling an apartment

As we said above, the main stage of buying an apartment includes:

Signing a preliminary agreement or deposit agreement;
Signing the main purchase and sale agreement;
Its registration;
Receipt of the remaining amount.

What is the difference between a preliminary purchase and sale agreement and a deposit agreement?

Preliminary agreement for the purchase and sale of an apartment	Deposit agreement for the purchase and sale of an apartment
If the security is an advance payment, then if the parties refuse to conclude the transaction, the entire amount must be returned to the buyer. The contract may contain a clause according to which, if the seller refuses to sell, he will return the amount transferred to him as an advance, with accrued interest (from the moment of receipt until the moment of return)	If the transaction does not take place due to the fault of the buyer, the deposit amount remains with the seller. If the transaction is not concluded due to the fault of the seller, he is obliged to return the deposit amount to the buyer in double amount.

The preliminary agreement includes the following points (they will also be duplicated in the main agreement):

The cost of the apartment and its main characteristics (footage, address, number of floors, etc.);
Payment procedure (one time, in parts, etc.);
Who pays and for what during the purchase and sale of an apartment (payment for notary services, renting a safe deposit box, etc.), as well as the responsibility of each party in case of refusal of obligations;
Deadlines - when the seller vacates the apartment and removes it from the register, as well as the terms within which the transaction will be finally completed, the money will be transferred, and the seller will hand over the keys to the apartment.

Payments for an apartment

When paying in cash. One of the most reliable ways to transfer money is a safe deposit box. It is rented by the buyer for the period within which registration actions must be completed (approximately 10-14 days). The money is placed in a safe deposit box in the presence of bank employees, the package containing the payment is sealed and sealed. After registering the transaction in Rosreestr, both parties receive a registration agreement and an extract from the Unified State Register of Real Estate confirming the transaction. Based on these documents and the apartment acceptance certificate, the seller will receive the money deposited in the locker.
For non-cash payments, a letter of credit and a payment order are used. If a buyer purchases your apartment with a mortgage, then non-cash payments are also used here. The bank transfers money to the seller’s personal account after registering the transfer of ownership (agreement).

Stages of obtaining a property tax deduction

So far the process consists of four stages. But most likely, already in 2021, a bill will be adopted that will amend the Tax Code in terms of introducing a simplified procedure for obtaining tax deductions for personal income tax. The deadline for submitting amendments is February 24, 2021.

Step 1. Collect copies of all necessary documents

Copies of documents confirming the right to housing:

when constructing or purchasing a residential building - a certificate of state registration of the right to a residential building or an extract from the Unified State Register;
when purchasing an apartment - a purchase and sale agreement, an act of transfer of the apartment to the taxpayer, a certificate of state registration of ownership or an extract from the Unified State Register of Real Estate;
when purchasing a land plot for construction or ready-made housing - a certificate of state registration of ownership of the land plot and a certificate of state registration of ownership of a residential building;
when paying off interest on a mortgage - a mortgage agreement, a schedule for repaying the loan and paying interest on the use of borrowed funds.

Until 2021, to receive a deduction, it was enough to provide a certificate of state registration of the right. But in 2021, there were changes in confirming the right to a property deduction when purchasing real estate (Federal Law dated July 3, 2016 No. 360-FZ). If you purchased real estate after July 15, 2021, then the right to a property deduction will have to be confirmed with an extract from the Unified State Register.

Copies of payment documents:

confirming expenses for the acquisition of property (receipts for receipt orders, bank statements about the transfer of funds);
evidence of payment of interest under the mortgage agreement (certificate of interest paid for using the loan).

Stage 2. Take certificate 2-NDFL from work

Just contact the accounting department - they will prepare it.

Step 3. Fill out the 3-NDFL declaration

You will need data from your passport, 2-NDFL and other documents.

Please note that Form 3-NDFL is updated annually, but you must use the one that corresponds to the year for which the personal income tax is being returned.

On its website, the Federal Tax Service provides an example of filling out a tax return in Form 3-NDFL.

If the property was purchased as a common joint property, you must provide:

a copy of the marriage certificate;
a written statement on the agreement of the spouses on the distribution of the amount of property tax deduction.

Please note: the new form 3-NDFL includes a statement for a refund of the amount of overpaid tax. It also needs to be filled out so that the tax office can transfer the amount to you.

Until 2021, the application had to be filled out separately using a special approved form (Order of the Federal Tax Service of the Russian Federation dated February 14, 2017 No. ММВ-7-8 / [email protected] ).

In your application please indicate:

Name of the bank;
bank account details to which the amount must be transferred (the amount in the application must match the amount indicated in the declaration).

Step 4. Submit a set of documents to the tax office

The package of documents is submitted either to the tax office at your place of residence in person, or through your personal account on the Federal Tax Service website. Specialists check documents within 3 months. If any questions arise, you will be contacted and asked for original documents. If everything is in order, the money will be credited to your account. In general, the procedure for obtaining a property tax deduction takes a maximum of 4 months.

Step-by-step instructions for selling an apartment without a realtor

Determining the value of your apartment.

There are two ways to go here:

Independently monitor prices for apartments in your area, comparing your apartment (footage, technical condition) with similar apartments. This way you can understand the average price on the market.
Order an apartment appraisal report (price from 2-3 thousand rubles), which will contain information about the market value and liquidation value of the property you own.

Do not forget that the price at which you are going to put the apartment up for sale must correspond to the market value. An inflated price will force potential buyers to consider more profitable offers, and accordingly, you will not be able to sell the apartment quickly.

Transferring an apartment and receiving money

After registering the transaction, the buyer receives a registered agreement and an extract from the Unified State Register of Real Estate, indicating that an entry has been made in the register. The seller is given only his copy of the contract. The next stage is the transfer of the apartment and the execution of the transfer and acceptance certificate. It is drawn up in two copies, and if the buyer attracts borrowed funds - in 3 (+1 for the bank). Based on the registered agreement and the transfer and acceptance certificate, the bank gives the seller access to the money. This concludes the transaction for the independent sale of the apartment! Congratulations!

Text: Daria Morozova

How to calculate the amount of deduction

The maximum deduction amount is: 2,000,000 x 13% = 260,000 rubles. This amount can be applied to several purchased residential properties if their total cost is less than 2 million rubles. (clause 3 of article 220 of the Tax Code of the Russian Federation).

If real estate is purchased by spouses, then each of them has the right to a maximum deduction amount of 2 million rubles.

If a loan was taken out to purchase property, you can receive a deduction of no more than 3 million rubles for interest. The maximum deduction amount is: 3,000,000 x 13% = 390,000 rubles.