In popular buildings, the most demanded “odnushki” and two-room apartments can be bought at the construction stage. Buying an apartment in a new buildings right before putting the house into operation can be obtained only under a contract of assignment. What risks are associated with the purchase of the assignment? How the transaction is concluded?
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The essence of an assignment
According to the legislation of the Russian Federation, a person who concludes an equity agreement with a construction company receives primary rights to real estate, which can later be transferred to a third party. These rights can be transferred any number of times, but only until the commissioning of the new building and the signing of the delivery and acceptance certificate. Such a transaction is called the cession, and, in addition to the seller and the buyer, the developer takes part in it, because after the contract is completed, the buyer will decide all disputed issues with him.
What is the assignment?
Assignment of rights to an apartment in a new building is possible in several variations. The most reliable is the transfer of rights of claim under the existing equity agreement in construction. Only this document guarantees the receipt of an unconditional and state-approved right of claim.
The main thing that the buyer should be aware of in such a transaction: he buys not an apartment, but the right to demand it from the developer. At the same time, all risks associated with shared construction and responsibilities for the execution of an equity participation contract are transferred to it: for example, to pay contributions if there is a debt, and to accept an apartment according to the act of acceptance-transfer within the period specified in the agreement.
How to choose an apartment with a transfer and issue cession transaction in Russia?
- Check the reputation of the developer
Do not be lazy to analyze the information available in open sources about the project developer and the residential complex under construction where you plan to purchase housing. Assess how quickly and efficiently the developer implements all of their projects, how open the company is to shareholders. Examine the constituent documents of the company and the permission to build a house, the project declaration. All this can be found on the official website of the project or in the developer’s office.
- Find out the reason for the assignment
It is important to understand why the equity holders want to sell their right to claim an apartment in this new building. A quality of purchased housing can be a problem. It is possible that the seller found technical flaws and violations in construction. Therefore, it would be useful to inspect the apartment for which the right of claim is acquired.
- Familiarize yourself with the contract and payment documents.
Carefully read the equity agreement that the seller entered into with the developer. Pay special attention to the rights and obligations of the equity holders, whether the document is authentic. Be sure to request an act of reconciliation or an act of settlement. It reflects whether the real estate investor paid for the cost of housing under construction or partially. If the object is not paid in full, then the assignment agreement stipulates that the debt is transferred to the buyer.
Note that the seller must pay an income tax for the transfer of property rights in a new building. The tax amount is 13% of the value of the object. Form 3-NDFL prescribes the income that was received during the term of the agreement; the document should be presented to the tax office at the place of residence until April 31 next year after the conclusion of the contract.
- Collect a full package of documents
The next step is to collect the documents and permissions to conduct the transaction. For example, family people need to obtain notarized consent of the spouses or a statement about the failure of the marriage, as well as permission from the guardianship and custody authority, if there are children. The seller notifies the developer that he intends to sell his right to claim, and receives from him a written permission and a certificate of the absence or presence of debt. For the transaction, you will also need an equity agreement and a passport of the parties.
- Understand the mortgage
If a real estate investor acquired an apartment on a mortgage, you need to get the consent of the bank to the transaction and transfer the debt to the buyer. In this case, you will have to collect a package of documents, which is usually required for a mortgage loan: property valuation, income information, a copy of employment record, SNILS, passport, etc. If the buyer is ready to pay the full cost of the apartment, the bank may require payment of the commission fee for the withdrawal burdens.
- Sign the cession agreement
As a rule, the signing of the cession agreement on the assignment of rights takes place in the sales office so that the representative of the developer or the agency can quickly endorse the document on its part. By law, the contract must be in writing, reflect the legal data of the parties to the transaction (information about the developer, shareholder and buyer), contain a detailed description of the object (floor, number, area, number of rooms, address), the rights and obligations of each party, the cost, procedure and terms of payment, date and signature. The contract is registered in Rosreestre, after which it is returned to the parties.