Notarization of real estate transactions may become mandatory
This will provide property guarantees to property owners, according to the Federal Notary Chamber.
Secondary transactions with residential real estate are one of the most problematic segments of the market, experts say. According to the Ministry of Internal Affairs, the number of crimes in this area increases by 8% annually. As a result, people lose money and property. The Federal Notary Chamber proposed to introduce mandatory notarial registration of real estate transactions. Such an initiative was voiced during the XI St. Petersburg International Legal Forum.
Property owners must be sure that at some point their property will not be taken away through the courts. The state should give homeowners such a guarantee, says Konstantin Korsik, president of the Federal Notary Chamber. According to him, now up to 90% of real estate transactions are made in a simple written form. The head of the FNP stressed that this form does not provide guarantees for property owners. Corsica turned to representatives of the legislative authorities with a proposal to introduce a mandatory notarial form of real estate transactions. He added that since 2016, the mandatory notarial form has been used in the most vulnerable real estate segments and has proven its effectiveness over the past years.
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