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Buying a property. Execution of the transaction of sale Printable version
Last update: 12.05.2021
You are planning to buy housing space, but do not know how to do that in a better way? In this section, information is presented on how to select a housing space, finalise the purchase and sale transaction, and get your title for real estate registered. Here, you will find the information on what mortgage refers to and what rates for mortgage loans multiple banks are offering, as well as lists and forms of documents to be submitted for acquisition of real estate.
Selecting a housing space
There is a variety of ways to select an apartment or a house. You can make use of offers published in special newspapers and magazines on real estate, thus buying the apartment directly from its owner. This is the cost-efficient way, although some aspects might be left out of account. The second method is to apply to real estate companies. Professionals will search and select housing space for you according to the set-up parameters, which will save your time. However, you will have to pay for mediation services: 1 to 5 % of the cost of real estate you are buying.
Buying real estate is a very complicated matter. All cobwebs must be taken into consideration so as not to get into hot water. Recommendations on how to choose a real estate company, what are “black” realtors, and how to choose an apartment properly can be found in our helpful links.
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Executing a loan
So, you have chosen the apartment and decided to have it on mortgage terms. To decide on the period and amount of loan, you may make an analysis of your repayment capability based on the data on your family income and expenditures using a special calculator.
Currently, most commercial banks are offering their mortgage programs. If you have decided on the mortgage program terms and conditions that suit you, you may start executing the documents.
List of documents to be submitted for the application for loan to be considered:
– mortgager’s/co-mortgager’s identity document;
– statement of remuneration and job/abstract from Pension Savings Fund for the last 6 months.
As necessary, Bank may request some additional documents.
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Issue of reference on absence (presence) of real property
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Executing the purchase-sale transaction
Prior to starting the process of executing the transaction, you should make sure you will not have any problems after you have bought the apartment.
Therefore, you should request from the seller the documents as follows:
– Issuance of abstract of registered title (encumbrances) on real estate and its technical characteristics.
The reference confirms the fact that the real estate is not under pledge, prohibition, or arrest, and therefore, the owner has the lawful right to dispose of his/her property
– Documents of title to the apartment (agreement of sale and purchase, barter, gift, or privatization; certificate of right to inherit; certificate of title; act of purchase from the public sale; copy of effective court ruling that confirms the title.
Be sure to make sure that the document is stamped by the registration authority, except for electronic registration. After notarization of the transaction, certificate of inheritance, certificate of ownership state registration of rights to real estate, is carried out on the basis of an electronic copy of the title document coming into the information system of the legal cadastre from a single notary information system automatically. When electronic registration stamp on the document is not affixed.
– Technical layout plan of the apartment.
Actual layout must match the one shown in this plan. Otherwise, you will not be able to have your title to the apartment registered until you legalize the re-planning.
After that, you may start to execute the transaction. In some cases, agreement on transaction is concluded, if additional time is needed to pay the total cost
Around 90% of all transactions related to real estate are concluded through notary offices, though it is not compulsory under laws: transaction in writing will be enough. Upon conclusion of transaction, settlement between seller and buyer is performed. It is better to make settlements in banks where the buyer can either pay cash or execute an electronic fund transfer.
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Registration of title
According to Civil Code of the RK, a transaction shall only be deemed completed after it has been registered, i.e. a transaction for real estate executed in notary office but not registered in «State-owned corporation «Government for citizens» NJSC, shall not be valid.
Documents to be submitted for registration of title to real estate and transactions therewith:
- Application for state registration of rights (encumbrances of rights) to immovable property in accordance with Appendix 1 and (or) 2 to these Rules.
In case of state registration of the emergence, change or termination of the right of common joint property, an application for registration may be submitted by all participants or by one of them with the consent of the other participants, certified by a notary.
When state registration of the emergence, change, or termination of the right of shared ownership (other common rights), an application for state registration must be submitted by all participants (authorized representatives).
- Title document confirming the object of registration.
In case of registration of the right (encumbrance) to a land plot, an identification document for the land plot is submitted.
In case of assignment of rights (claims) under real estate pledge agreements, an agreement on assignment of rights (claims) is submitted (an agreement on simultaneous transfer of assets and liabilities);
- Document confirming payment for state registration of rights to real estate.
In cases where rights (encumbrances of rights) arise on the basis of a contract or other transaction in the absence of their notarization, the application must be submitted in accordance with the established procedure by all participants in the transaction.
An application for registration of the occurrence and modification of a pledge provided as security for a Bank loan agreement is submitted by the pledgor and (or) the pledgee. If the application is submitted by the pledgee, the notarized consent of the pledger to such registration is required.
In case of assignment of rights (claims) under real estate pledge agreements, an application for registration of the occurrence and modification of the pledge is submitted by the pledgee to whom the rights (claims) have been assigned, without the consent of the pledger for such registration.
If there is a prenuptial agreement, this agreement is submitted in two copies, one of which is the original or a notarized copy.
For registration of the rights of the other spouse, which is not contained in the title document, the applicant marriageable age in accordance with the Code of the Republic of Kazakhstan "On marriage (matrimony) and family", in the application for registration must indicate the absence of a condition in a marriage relationship or information on your spouse with a copy of the document confirming the existence of a marital relationship.
When changing the surname, first name, patronymic, date of birth of an individual or name, registration number of a legal entity, an application for registration of changes is submitted by the copyright holder to whom such changes relate.
Electronic registration is carried out without a statement of the parties to the transaction.
State registration of rights to real estate (encumbrances of such rights) is carried out within three working days from the date of receipt of the application to the registration authority. Electronic registration is carried out not later than one working day following the day of receipt in the information system of the legal cadastre of confirmation of payment for state registration of rights to real estate or exemption from payment.
Legal entities, in addition to the above documents, shall also submit constitutive documents. Applicant shall submit minutes/abstracts of meetings of shareholders (general meeting, meetings of Board of Directors and Board of Shareholders) for buying or selling real estate items in cases contemplated by legislation of the Republic of Kazakhstan or by constitutive documents.
Foreign legal entities shall submit legalized abstract from trade register or another legalized document confirming that the foreign legal entity is such legal entity in accordance with laws of the foreign state, with notarized translation to Kazakh and Russian, and any other documents provided for by applicable laws.
In case if the registration application contains the data that cumulative balance cost of acquire or selling assets exceeding the rates established by antimonopoly legislation of the Republic of Kazakhstan, so the previous agreement of antimonopoly agency is submitting.
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