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Today in our video guide, we are going to talk about how to check an apartment yourself before purchasing it. What are the real risks that exist, how to check for them, what to look for, and how to eliminate these risks. Furthermore, by
Learn how to independently check an apartment before purchase, identify risks, verify ownership, and ensure a safe transaction.
Key Takeaways
- Checking an apartment before purchase is a systematic process that anyone can learn.
- Verifying the legal basis of ownership is crucial to avoid inheriting hidden problems.
- Privatization issues, especially persons who opted out, can cause lifelong residence complications.
- Proper transaction procedures and secure money handling are essential to prevent losses.
- Experience and thorough document analysis significantly reduce purchase risks.
What the video covers
- The video explains how to personally check an apartment before buying to avoid common risks and pitfalls.
- It emphasizes the importance of verifying the basis of ownership using official documents like the USRN extract.
- The presenter shares extensive experience from checking over a thousand properties and managing real estate investments.
- The process of checking an apartment is divided into three parts: inspecting the property, verifying the owner, and ensuring a proper transaction.
- Key risks include issues with privatization, such as persons who opted out and retain lifelong residence rights.
- The video outlines how to request and analyze documents like privatization agreements and archival forms to detect hidden risks.
- Other ownership bases covered include inheritance, gifting, equity participation agreements, and court decisions.
- The importance of understanding legal nuances, such as debts, bankruptcy, and utility charges, is highlighted.
- The video advises on how to handle suspicious sellers and secure safe financial settlements during the transaction.
- Viewers are encouraged to comment if interested in related topics like apartment search strategies or listing analysis.
Chapters
- 00:00Introduction and Overview of Apartment Checking Process
- 03:24Legal Basis of Ownership and Importance of USRN Extract
- 06:47Privatization Issues and Persons Who Opted Out
- 10:07Maternity Capital and Inheritance Risks
- 13:11Housing Cooperatives and Equity Participation Agreements
- 20:11Gifting and Multiple Ownership Transfers
- 26:45Utility Debts, Bankruptcy, and Legal Nuances
- 33:59Safe Transaction Practices and Handling Suspicious Sellers
Full Transcript — Download SRT & Markdown
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watching this material carefully to the end, you will not only be able to check a property yourself before buying, but also evaluate the qualifications of your realtor if you still decide to use outside help. I would, of course,
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generally advise you to find an experienced realtor right away, but given the title and subject of this video, we won't be considering that.
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Skipping that. If you are seeing me for the first time, there might be a slight prejudice that I’m about to start aggressively selling you something.
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Especially given the topic of the video. Like some sly-faced realtor telling horror stories. People get scared and run to him to book his services. I am not going to sell you anything. Not realtor services, not legal due
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diligence, nothing at all. Moreover, I am not even a realtor. Furthermore, I am not even a head of a real estate agency. My name is Maxim Fedotov. I truly possess extensive experience in property verification. I have personally checked well over a thousand
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properties. My partner and I run an investment fund. We deal in real estate, buying and selling a lot of properties for ourselves and our investors. This video is intended to share my experience with you and provide you with value. This material
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is being made as if for myself and for my own people. Agreed? You are safe here and you are in good hands. What will we not talk about today, what will we leave out of the scope of this video?
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Today we will not talk about searching for an apartment, how to find that dream apartment, where, how, or how to approach the search more effectively in general. We won't talk about how to analyze listings, how to guess from them whether there are risks
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involved or not. We won't talk about what kitchen size is optimal or whether a walk-through room counts as a room at all. All of that is out of scope. If you are interested in that, write about it in the comments. I will know you are
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interested, and perhaps I will record relevant material. So, let's get to the point. Having personally processed a large number of properties in search of those very emeralds I can profit from, I came to a rather banal, yet inspiring
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conclusion. Checking an apartment is a technology. It is not magic, nor secret knowledge available only to the chosen few; no, it is a perfectly standard activity that can be systematized, just like any other profession. And that means you can figure it out too. So,
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the technology of checking apartments consists of three parts: the first, the second, and the third. It's all logical. First and foremost, we check the object itself, the apartment itself. It carries the greatest number of risks, so it makes sense to start with it to
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avoid extra work later. Next. Second, we verify and take a close look at the owner, really sizing them up, to see if they can be trusted and if they are worth working with at all. And third, is the recipe for a proper transaction.
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Should the contract be notarized, or is a simple written form enough? When to hand over the money, when to sign the deeds? In short, at this stage, you can really burn out and screw up, even if everything was great before that. So,
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checking the property. What kind of risks are lying in wait for us here? What exactly can you get yourself into?
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The range of options is quite wide. From simply having to sue someone for some reason to the total loss of the property and your money. Well, that’s tempting, isn't it? Where do we start a legal check of an apartment? Exactly,
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with the main thing. And what is the main thing? Well done, it's the basis of ownership. That is, the answer to the question: why on earth does the apartment belong to the current owner?
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To find out this fascinating information, we will need an extract from the USRN, the Unified State Register of Real Estate, or a property certificate. And by the way, if your potential seller acquired the apartment after the summer of 2016, you don't
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need to grill them. They won't have a certificate. They were abolished back then. The reverse situation is also true, when a person says they have no certificate, but their ownership rights date back to before June 2016. Then questions arise: one way or another,
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ideally, we need a fresh USRN extract, which is extremely easy to get these days through the owner. They can order it on the State Services portal; it takes 5 minutes, and it's ready, hot off the press, fresh and ready for
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further work. Now comes a rather tedious part. Everything was fine until now, but there are about a dozen main bases for ownership rights. We will go through each of them together, examine in detail what risks they hold, where
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to find them, how to verify them, how to protect yourself, and we'll organize it all into a system. How do you use this? The video has time codes. You look at your extract, find yours, go to the right section, and see what I said,
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for example, about privatization, a gift, or an exchange. What if you're lucky and you have a court decision? So, let's take a look. Privatization.
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Privatization or a contract for the transfer of property to citizens. And what follows is always written differently, depending on who is transferring the real estate to these citizens. This is a story about how the state transferred the housing that
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citizens were living in at the turn of the USSR and the New Russia into their ownership. The main nasty surprise that might be waiting for you here is the so-called person who opted out of privatization. It's good if there is
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only one. This is a person who, prior to the moment of privatization and the signing of the privatization agreement, was registered at this property, but for some wild coincidence of circumstances, did not become an owner.
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Something got in their way. Maybe they were very busy that day. The trap is that a person who opted out of privatization has the right of lifelong —and I emphasize this with a big, red, soft pencil—lifelong residence in
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that apartment, well, where they were registered before the privatization was signed. This means that when you buy such an apartment, you get a bonus roommate, and no one can do anything about it. That’s quite a Kinder Surprise. And, as a rule, it is
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impossible to evict them. Yes, there are subtleties and nuances, but the basic position is that it’s a real headache, a big, throbbing one. Even if you somehow manage to deregister them from the apartment, they can later restore their registration through the
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court. And according to our laws, a person who is registered in a space, even if they are not the owner, can stay there. On one of our properties, we spent 2 years as apartment owners trying to oust such a terrorist. First,
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we tried persuasion and offered money, and then we went to court and to the bailiffs. That was quite an adventure, my friends. How to avoid getting into trouble and where to look. You will need the privatization agreement and
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Form 9, or better yet, Form 12, which is the archival Form 9. All of this must be provided to you upon your request by the owner or their representative. Again, if they are not in a hurry to provide it, that is
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suspicious. So, your task is to find everyone in Form 9 who was registered in the apartment on the date the privatization agreement was signed and compare if all the registered persons ended up becoming owners. If someone was registered but for some reason did
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not become an owner, they are indeed the one who opted out of privatization. And now you need to find out the fate of this person. Are they alive, where are they, maybe they already live and are registered somewhere else. By the
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way, it’s good to understand this in general. What about them? How are they doing? What should you do if you found someone who opted out? Bingo, wel
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my friends, this can be worked with. You need to avoid the risk, that is, take away their right to lifelong residence. This is done as follows. If the person agrees to deregister from the apartment, you can calmly include
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this in the deal. By the way, there will be a separate section on the terms for this. Please watch until the end for the recipe for a correct transaction. So, this is stipulated in the agreement. There are a few more
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nuances that need to be observed. Such an apartment can also be purchased. But in general, if you have alternative options, you can safely walk away or try to bargain, whatever interests you more. Next in our hit parade of
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property ownership grounds is the contract of sale, or SPA. A very common basis, on par with privatization. So, what risks are there, and how will we find and check them? A fresh SPA is not so much a risk as a reason to be wary,
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because you need to understand why an apartment that was just bought is already being sold. We in the fund often encounter this because we buy, spruce up, and sell. And people ask us: "Why are you selling so quickly?" And
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for some reason, we have to answer that . There is no risk here, but you need to make sure that the story is plausible. That is, you must understand why everything happened this way. Given that a sale is a paid basis for
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ownership, meaning money was paid for the apartment, it is important to verify the settlements. It is important that there is no risk of the SPA being rolled back, especially if it is recent , on the grounds that the previous
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owner was not paid and did not receive the money. Therefore, we request checks , receipts, and promissory notes. We treat promissory notes with extreme suspicion. You don't know who wrote them, do you, my friends? Pay attention to the proper drafting of the note.
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There are structural limits that must be met. This includes full names and passport details of the parties. Place and time of drafting; you don't need to write the exact hour, just the date.
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The amount in words and what the money was transferred for, which specific object was purchased, its address, and under which contract this all must be included. In my practice, there have been cases where, if you believe the note, the money for the purchased
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apartment was transferred much earlier, significantly earlier, than the sales contract was drawn up. That raises some questions. Mortgages and loans. If borrowed funds were used to purchase the apartment, you need to ensure that the debts have been paid off and there
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are no further obligations. The very fact that borrowed funds were used can be found in the SPA by examining it carefully. And by the way, an important point: we read all documents. All of them; if we don't understand something,
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we ask, Google it, or search for it on this channel. And it doesn't matter at all what anyone thinks of you at that moment. It's irrelevant. If you find a mention that loan funds were used in purchasing the apartment, you will need
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confirmation that the loans are closed. A certificate from the bank indicating the loan agreement number, the same as in the sales contract; they must match.
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And it should state, essentially, that the person has paid in full. Maternity capital. Maternity capital, which is allocated by the state for special fertility, could have been used in the sale. And there is not a drop of sarcasm or belittling of the mystery of
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motherhood here. No, not this time. If maternity capital was used during the purchase, then the children, who are the very source of this capital, must receive their share, and it likely won't be there. That is the case based
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on experience. This means that before you buy this apartment, shares must be allocated to the children in it, and only then comes your sale and purchase.
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And since there will be minor owners in the apartment by the time of your sale and purchase, the guardianship authority will be right there. But the pitfalls do not end there, my friends.
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You will not get guardianship approval for the transaction until those same minor owners have other housing or shares in other housing. To summarize, if maternity capital was involved, it is a huge headache. Look for information about it in the text of the
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contract as well; don't miss it. And you know, there is a very unpleasant aspect. The text of the sale and purchase agreement might not mention a word about maternity capital being used , but it was—only it wasn't used for
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acquiring this property, but for paying off the mortgage on an already purchased apartment, with all the consequences. If there is maternity capital, then the children must have a share. This is not written in the text.
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Such a wonderful point, indeed. So how do you check if maternity capital was used to pay off the mortgage? There are two ways to do this: both are correct.
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One is fast, the other not so much. So, the fast way is to request a statement from the bank where the mortgage was held, confirming that maternity capital funds were not used for repayment. Just a simple statement. The second option
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is to check all the receipts. As a rule , mortgage monthly payments are the same amount. If there are any partial early repayments, and it looks like maternity capital, you need to check if they exist and dig into whether that
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same notorious maternity capital was used here, and you will still need to look for that statement. Therefore, we get the statement in any case; any move , any risk must be covered by a piece of paper, preferably not toilet paper.
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There will be one more risk possible during a sale and purchase, but I will talk about it in more detail in the section on gifting, because it is more characteristic there. And now you will definitely watch until that section. I
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almost forgot about one extremely unpleasant thing. About marriage, or more precisely, about property jointly acquired during marriage. I cannot have anything against marriage, because I am married, and my wife won't let me.
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Regarding jointly acquired property, there is the following subtlety. Imagine that a husband and wife in a marriage bought an apartment via a sale contract or a construction equity agreement. Imagined it? This apartment will be jointly acquired property, even
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if only one of the spouses is listed as the owner. It happens: bought together, saved together, parents helped, but it's registered to only one. Well, that's just how it turned out. So, here is a purely hypothetical, wild situation from another universe. Food
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for thought: what if they divorced long ago, and now this apartment is being sold? And for some reason, there is no marriage stamp in the spouse's passport . The page in the passport is pristinely clean, you suspect nothing,
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calmly buy the apartment, and then the spouse appears and claims 1/2 of the jointly acquired property. Funny.
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Anything can happen next, from the previous spouse being a decent person and giving back half the money, though it's likely already spent and we'll never find them, to a court ruling that grants 1/2 of your apartment to the
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aggrieved party. The problem is that there is no way to reliably check if people were married if the corresponding passport page is empty; there is no unified civil registry database. Such are the legal complications. Inheritance. Inheritance . And what could be wrong with it? The
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will of the deceased is sacred. True. In Russian law, not entirely. If you see a will as the basis for property rights, you must understand that under Russian law, a will can be contested if it doesn't include persons entitled to
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a mandatory share of the estate. Simply by right of birth. These are first-priority heirs: parents, children , and spouses. And there are also second and third priorities, just for information. Therefore, if we see a will, we look at who the property was
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distributed to and if anyone was left out. Naturally, we don't believe the potential seller's stories that everyone is satisfied and happy. You have to explain why. Because they are an interested party, and the notary is not. The notary can be trusted. All
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this is checked via the will or the certificate of inheritance. You should, of course, request them from the current owner. You should be especially wary if you see a recent inheritance or , even worse, a recent will. And it's a
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double bonus if that recent will is in favor of a non-relative. A recent will is one less than a year old. Ideally, it should be left to "age" for at least 3 years. Even then, I personally read court case files that are a total combo
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. Long ago, a country house was bought with the first wife. They divorced, as often happens. The husband started a new family, lived with them long and happily, and then died. That happens too. The second wife grieved, inherited
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the property, and went on with her life . But the first wife finds out about the death of her first spouse, more than 3 years after he passed away. But since our statute of limitations is counted not from the moment of the
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event, but from the moment the injured party learned of it, the court sided with the first wife and awarded her 1/2 of her husband's inheritance, because at the time, it was jointly acquired property. And that happens too. So, if
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you see a will as the basis for ownership, check the timeframes and ensure there are no aggrieved parties.
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This is important. In principle, the longer the inheritance has been settled , the better. Rent (Life Estate). A life estate is next in line; it is a rare and, to me, a curious and rather compromising basis for property
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ownership. With a rent agreement, the owner gives up the right to their property in exchange for care, maintenance, money, groceries, or other services. Most often, a life estate is found with elderly people who promise to sign over their real estate to those
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who look after them. Accordingly, the apartment changes owners at the moment of death under the rent agreement.
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However, there is a clear conflict of interest between the parties. A direct one. One party really wants this agreement not to drag on, while the second, on the contrary, has nowhere to rush. Personally, I see no risks for
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you as a property buyer, especially if at least 3 years have passed since the transfer of rights. Do not worry. In my practice, there was one case where we were offered to buy an apartment with a rent agreement as the basis of
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ownership, with only one nuance. It was a month old; it had been signed a month ago, and everything happened. Whether it's a coincidence or not, your guess is as good as mine. There are no legal risks, but it leaves a bad taste. Next
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in line are the DDU (Equity Construction Agreement) and the Housing Cooperative certificate. Since the DDU and the Housing Cooperative certificate are essentially very similar things— both about shared construction—we will consider them together. So, the DDU is an extremely popular story
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recently. Housing Cooperatives, on the contrary, played out in the nineties. Have you heard about defrauded equity holders? Well, if you see an entry in the EGRN extract for the apartment you like stating it is an equity participation agreement, then it's not
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about them. They were lucky; their building was finished. It was finished, commissioned, registered with the cadastre, everything is fine, it can be bought and sold. The essence of DDU and Housing Cooperatives is very similar. A group of proactive citizens gathered
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together, pooled their money, built a house, and now they live there. Therefore, since this is a paid arrangement, we need to check if all settlements have been made. The risks lie only in this. You need to make sure
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that your potential seller, when they were a buyer, settled everything with everyone and there are no questions for them. In this case, we will confirm.
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Proof of payment will be receipts, certificates of no debt from the developer, and a certificate from the Housing Cooperative to the same effect.
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Well, he owes us nothing. Sell. Next in line as a basis for ownership is a court decision. It also happens, it happens in our life, that a court decides that this shack will belong to this citizen. This story is often found
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, especially in the south of Russia, in Sochi. Krasnodar Krai. That mechanic worked there for a long time; there is a moratorium now. But what was done? A plot of land was taken, and some three-story or higher shack was built
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on it. Then the person would go to the municipality with a request, saying, please register my building with the state. They would tell him right there: "Get out of here." And the person would go to court with that refusal and
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obtain ownership rights through it. This was a directly refined mechanic in the legislation that we have. What is the problem with a court decision as a basis for property rights? It means the following: that the previous owners had
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some kind of conflict. And your key task is not even to figure out what it consisted of, but whether the battle is still hot or not. That is, you need to dive directly into every court decision if you need it. And you need to look
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not at what they were arguing about, but whether they will argue anymore. Therefore, time works in your favor here. If the court decision is old, say 10-15 years, then everything is fine.
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If it is fresh, then I would not recommend getting into it, because you might also get hit, and neither you nor we need that. Right? Right. Moving on.
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Exchange is also a fairly rare form of basis for ownership, where real estate was swapped. As a rule, these are intra-family movements, when someone needs to give something or trade something. And here, just like with a court decision, it could be the case
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that not all the battles have died down . The fact is that exchange has the worst judicial statistics in terms of declaring such contracts invalid, because someone remained offended, some unclear movements start there, and if the exchange is fresh, you can become a
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hostage to such a situation. Therefore, the general rule is the same. If the ownership right is more than 3 years old, then it is better than if it is less. Perhaps someone will have a question: "Why? I am so sure that this
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is most likely an intra-family story. The logic is as follows. It is extremely unlikely that by going to the free market with your apartment, you will find another unique person who will like your apartment and you will swap with them. This is unlikely. For
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this, money was invented as a means of exchange. Therefore, most likely, this is an intra-family story with all the ensuing consequences, as I said just above. Be careful. There are no risks as such in an exchange, but remember
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that time is your friend. The more time passes, the better. Gifting. The cutest basis for property rights. It was a gift, after all. You didn’t have to slave away your whole life for a mortgage, right? But is everything as
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rosy as it seems in terms of risks? Let’s look into it. One of the risks with a gift is when it comes from an elderly person. When an elderly person gifts something to you, for example, or to your potential seller. The fact is,
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it is not uncommon for courts to prove that the person who gifted the property was not of sound mind or was suffering from senility at the time. For example, if the person had poor test results, medical records, or a history of
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illness that would have prevented them from being fully aware of their actions . If there are relatives who want to challenge the property, and the person was indeed sick—statistically, there are very few healthy elderly people— such an agreement could potentially be
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contested by an aggrieved relative who was hoping for an inheritance rather than a gift, as they were next in line.
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Therefore, if the gift was from an elderly person, and this is visible in the documents—you take the gift deed, look at the person's birth year and the year the transaction took place, it’s all right there on the front—you
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compare them. You need to pay attention to this. Especially there is the" combo "scenario, where an elderly person gifts property to a complete stranger.
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I mean, it was gifted to someone; it could be a hidden sale, or there could be relatives who won’t understand why the apartment was gifted to a neighbor.
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And that will also lead to court and litigation. You don’t need that. There is no guarantee that it will happen that way. It is one of the possible scenarios. Court rulings that reverse such transactions are numerous when conflicts arise regarding
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ownership rights. But if you see a gift from an elderly person, there is absolutely no hundred-percent guarantee that it will turn out that way. It is just one of the risks. You then, weighing all the pros and cons, decide
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whether or not you want to take that risk upon yourself. Perhaps it will be a reason for you to negotiate with the seller. How can you minimize these gifting risks? Again, the universal advice that has been mentioned several
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times today is time. The longer this ownership right has existed, the better the chances that everything will be fine. And now, a bonus risk that I mentioned back during the sales contract segment. We are discussing gifting, and now is the time to talk
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about it. It is called the right of lifelong residence, and it is often found in gift deeds and sales contracts . What is the problem? It's such a tiny little line that you could easily overlook, but this line allows the
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person it favors to live in that apartment permanently, just like someone who declined privatization. And the problem is that you might miss it, and later you'll have to at least negotiate, possibly with money, or in the worst case:" Well hello, neighbor,
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here's your burner. "You might ask me:" Mordaty, how do I protect myself from such a neighbor? "And I will tell you the same thing I've already said. Read the documents carefully, line by line, with a pencil in hand. I mean, read
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everything. There is no other option. Found an unfamiliar word? Google it. Encountered a specific situation? Ask a question in the comments, and we will answer you. And now, my friends, since we've examined the main risks you might encounter when buying that dream
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apartment on your own, let me give you a bonus. Want it? Well, what kind of bonus? Ideally, you need to check the entire chain of title succession for the property throughout its history, from the moment the building was
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commissioned. It could involve privatization, inheritance, and multiple sales, especially if the apartment is old. And every single transfer of ownership must be thoroughly verified. Can you choose not to check? You can. But then why are you watching this video? My friends,
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we’ve finished analyzing the grounds for ownership, but we are still looking at the EGRN extract. We flip the page and reach a section called—I’ll read it carefully to make sure I don't get it wrong. Restrictions of rights and encumbrances on the real estate
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object. This is the second most important section in the extract, which we check next, because it could contain seizures, liens, mortgages, or cultural restrictions from KUGI. That’s a committee for culture and various other matters. You definitely need to look
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there. And ideally, everything should be clean there. If you are looking at the extract and it’s not clean, then, frankly, it’s the owners 'job to get a clean extract before the sale. The one thing you can turn a blind eye to
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is a KUGI encumbrance. If you are buying an apartment or a share in a building that is, well, an architectural monument—this is common in St. Petersburg, especially in the center—that’s nothing to worry about. There will always be encumbrances from KUGI there. What
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could be scary in this section? Well, basically, everything else. It could be a seizure by bailiffs, which is less scary because it’s usually just debts that can be easily paid off. And if the bailiffs are working properly, they
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will lift all those prohibitions in a couple of weeks. If it’s a bank mortgage, it’s possible that it hasn’t been paid off, and such apartments are also sold. There’s no problem with that, but it does have its nuances. Or maybe the situation is that
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the bank messed up, especially if it's not a top-20 bank; they can easily just fail to submit the relevant documents to Rosreestr after the settlement, or, I don't know, maybe the dog ate the letter, anything can happen, and as a
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result, the person is stuck with an encumbrance. It's not a problem, it's just extra hassle that you have to deal with. A private investor's lien is the same as a mortgage with all the consequences, only private investors can sometimes be less flexible than a
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bank. You’ll still have to find them. Therefore, the general rule is: you need a clean extract. You are an average, normal buyer. You need a clean , standard block regarding encumbrances . N ext up, we have Form 9. We don't
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need the extract anymore, and we're moving on to the next documents that you must check before buying when you're inspecting a property yourself.
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By the way, the entire list of required documents will be in the description. You just go there and see what to ask for: this, that, this, that, and naturally, what I recommended in the specific timestamp based on your title
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deed. Remember, this is a video instruction, not just idle talk—you can actually use it. So, Form 9 is obtained at the passport office and contains information about the people registered at the property. Accordingly , it is desirable that it be fresh, not
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from last year. What do we care about regarding the registered residents? Who is registered there temporarily or permanently? And what about these people, what is their situation? Do they live in the property or not?
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Information about who was deregistered from this property will be checked in another document. That's not for now.
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What else can we see from Form 9? What risks can we glean from it? As a rule, it indicates debts for utility services , or housing and communal services, whatever you call them. That is, is there any debt on this property owed to
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the utility companies? And here is a tricky moment in the sense that if you are from the older generation, what I'm about to say might be met with hostility. So, let me say it, and you can write in the comments. I don't give
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a damn if there are utility debts or not, except for capital repairs. Why? Why is this guy so bold anyway? Because this guy, damn it, has read the Housing Code. The article number will be posted right here, which states that all
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utility debts are tied not to the property, but to the owner. And someone might object:" Look, buddy, why is it that when I go to those fancy utility offices, they tell me,' Please pay, you have a debt on your apartment from the
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previous owner '? "Well, because they don't want to work, because they just want to be paid without having to deal with any legal work. But utility debts, the housing and maintenance fees, they don't know it's a personal matter for
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the owner. So we shouldn't care about that at all, except for capital repair fees. Yes, of course, during a sale, you can ask the owners to pay it all off, but I've seen not one, damn it, not two, but dozens of deals fall
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through because those debts weren't cleared. Even though you couldn't care less about them. Read the Housing Code, it's all written there, and don't sweat it. And yes, of course, you need to write down the article number, because when you go to the housing office to
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complain, demanding new accounts and a recalculation from the moment you became the owner, they'll tell you that , as far as they know, the law doesn't work that way. You just say:" Well, read it, for heaven's sake. "And that,
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as a rule, works like magic on them. Form 12 or the archived Form 9. What is this paper for, and how do you use it?
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Which end do you start rolling the cigarette from? So look, this document contains the entire history of citizen registration and de-registration. Who are we interested in there? We are interested in the history of whether there were ever people in this
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apartment who were forcibly de-registered. Meaning they didn't check out voluntarily, no one pushed them, but, for example, the person went to prison or the army. From the standpoint of registration records, it's the same thing. What's the problem ? If this character went somewhere and
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has the luck to return, they can restore their registration. And we remember, we watched the Mordatov material in full, that a person who is registered at this property has the right to be there, even if they aren't the owner. I mean, they'll show up,
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you'll kick them out, they'll come back with a police officer, and you'll be forced to let them in. We'll skip all the other events, but basically, by law , a person has the right to be where they are registered. Continuing to look
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at mandatory documents. Form 9, Form 12 . We've covered those. What now? Right. Form 7. Form 7 is a technical description of the property. Number of floors, the area of each room, what it's made of. In general, a technical,
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technical thing. Absolutely practically useless papers. As a rule, it's checked if there's a floor plan included, to see if there's any illegal remodeling.
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From my own experience, I'll say the following, my friends. Without being a technical expert, it is hard to find things that, for example, need to be legalized or cannot be legalized at all . There are nuances there that you
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simply need to know about. I have not delved into that territory. Therefore, if there are any alterations, and I notice them, I simply bring in a specialist. So, you don't need to pore over form seven; there will be nothing
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useful for you there, except for the description of the building's height. Well, unless you count, if it's a tall building, then you can look at form seven. My friends, we are nearing the end of the first section, which is
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dedicated to property due diligence. And here I will talk about things that raise questions, those suspicious stories that you need to pay close attention to, namely frequent changes in ownership. On one hand, I said that in our case, it is absolutely normal
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because we earn money by buying and selling real estate. We buy a property, improve it, and sell it for more. In an ideal world, that is how it works, although sometimes it even turns out to be cheaper. Alas, that is business. But
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this should put you on alert. If you suddenly happen to be buying our apartment, I will tell you what we did, that we bought the apartment. This is how it looked before. This is what we did with it. This is us selling it to
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you. That is why it happened so often. But if the person selling you the apartment cannot, well, normally and honestly tell you what happened there?
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If they seem hesitant, then that is a challenge with an asterisk. You need to dig in here and understand if it is worth digging into this history at all or just moving on. Look at it based on how much you liked the property. That
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is a separate story. If you liked the apartment, I implore you, find the strength of mind to put emotions aside for a second or at least for a couple of days, because if you want something, you will automatically close your eyes
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to things that confuse you, because the object of your desire is right there next to you. Hurry, hurry, hurry, I want to buy this apartment, and then the circus begins. A similar story is a short ownership period. The same recipe
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as with frequent ownership changes: you need to find out why the hell all this was happening, buddy? The thing is, they might be trying to dump the property. Here is our example. We bought something, realized we messed up
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, and start dumping it quickly. That has never happened. Actually, no, it has, it has. Therefore, as a buyer, you need to understand why the person is selling so abruptly. It is especially suspicious if a person just bought it
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and is already selling it. That is suspicious. If a person inherited property and is already selling it, that is understandable, because they were suddenly gifted with an asset. But again, remember the section on inheritance: a short ownership period,
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especially with a will, can be a potential risk. So, go back to that section, review it, and decide for yourself if you are interested in this or not. In any case, it is suspicious if owners change frequently or if the
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ownership period is short. This needs to be looked into. My friends, we have reached the second section. Now we are going to take a close, squinted look at our potential seller. What to check, what nooks to look into, and where, God
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forgive me, to take a swab to understand if they are someone you can work with. And we will start with checking the passport. This is a topic that really irritates me, because there are so many" experts "writing about how
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to test passports by biting them or holding them to a flame—just kidding —or checking them on various websites ; in short, too much attention is paid to this nonsense. Let me explain why.
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When you check a person's passport for validity—by the way, all the services you will need for self-checking real estate and owners will be in the description under this video. You just go there and use them. You can; everything is gathered there to make it
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easier for you. So, when you try to check someone's passport by entering their details, specifically the number, you will get the following system response. Does such a number exist in the system or not? And there is no photo. Well, you will only verify if a
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passport with that number exists. And it might not have anything to do with your seller. Therefore, you can check a passport using this service, but it is of little use. To properly verify a person's passport, it is advisable to
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conduct a notarized transaction. But we will talk about this in the third section, in the recipes for a correct transaction. How to ensure you don't get into trouble in terms of the execution and structure of the deal.
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But speaking of the passport here. Use it, but it doesn't really make much sense. Debts and bankruptcy. A block that must be given some time. What needs to be checked, what the myths are , and what doesn't need to be looked at
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. Over the last 5-7 years, a number of buyers have suffered because their sellers declared bankruptcy some time later. There is a sort of mythological story in the bankruptcy law. Well, strictly speaking, it exists, but it is full of myths that all transactions
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made 3 years before bankruptcy will be rolled back and all property will return to the bankruptcy estate so the receiver can sell it at auction and return the money to creditors. But that is not entirely true. Let's look at
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this in detail and item by item. Where shall we start? Let's start with debts.
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Checking the FSSP website. You absolutely must do this. To do this, you need the person's passport details.
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It's a standard procedure. You go to the site, enter the data, and get a statement. If it's empty, that's good.
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It means there are no enforcement proceedings against them. What could it be? It could be unpaid traffic tickets.
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It could be child support, utility debts, or other debts from their employment history. What do you need to understand? If a person's FSSP record is clean, it doesn't mean they have no grounds for bankruptcy. The thing is, from a formal perspective, only
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court-adjudicated debts appear there. But for a person to file for bankruptcy , they don't need to have court-adjudicated liabilities. They just need to owe an obligation to someone. So, we check the FSSP, but it's no guarantee. Here’s another
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life hack. Don't just take photos of these checks; take screenshots on your computer. Ideally, you should have this document notarized. That’s for the very meticulous folks. I'll explain why this is necessary. We check the FSSP for debts and the bankruptcy registry
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to see if a bankruptcy case is open. In this situation, you must prove that at the time of purchase, you did everything in your power to check if they were in a pre-bankruptcy state. If they do go bankrupt, and some big, mean
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insolvency administrator tries to reverse your deal to sell the apartment at auction, you’ll need to show the court:" Listen, guys, back off, we did everything we could. "Here is the screenshot from the FSSP site. It’s officially certified. Here is the
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screenshot from the bankruptcy registry . They weren't on it. Get lost, my friends. Next is a section full of wisdom and purity: certificates from psychiatric and drug treatment clinics.
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The general rule is: it's desirable to have these papers. My answer is: it's good to have them, but they’re useless because these certificates are easily forged. I personally have a case where we checked a person at the neuropsychiatric dispensary to see if
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they were registered. They weren't registered, the deal went through, then problems started, and they claimed they were mentally incompetent. Moreover, this" incompetent "person brought an outpatient record to court stating that they really are. And, well, they have flare-ups every spring and autumn. And
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I lost several million rubles on that deal. So, you can check everything, or you can check what really matters. I would request his medical records. But the problem is, if you’re buying an apartment and you walk up to the owner
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with a straight face and say," Show me your medical records, "they’ll most likely tell you to get lost, and they’d probably be right. I paid a pretty hefty price for this experience, but I still understand that it’s not
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always appropriate to ask for that. And if you see that he’s acting strange, twitching a little, or looks like he’s having Vietnam flashbacks, then feel free to request a psychiatric evaluation. But, most likely, this apartment has been on the market for a
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long time, and, in all likelihood, everyone knows everything except for you. Let’s dig into the sacred ground of debts and credit history. I have seen the recommendation to ask the seller to provide their full credit history—an extended report—in many
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sources. In my view of the world, that’s inappropriate, because a credit bureau report is a large document containing very important financial information about what requests a person has made, for what purpose, and for what amounts. That is, it contains the entire history of
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interactions with credit organizations. And if you’re refused, I’d honestly understand, because what could you even find there? To be honest, nothing at all. You need to check for signs of pre-bankruptcy. For that, we look at another section, where I already
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covered it. But in credit histories, you won’t see anything. It’s a massive tome that you have to flip through. And unless you’re a professional, someone who buys and sells real estate regularly, you really don’t need it. You won’t find any
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risks there. Other than just how many loans they have. This could indirectly suggest that a person is gathering cash and wants to file for bankruptcy, but that’s such an unlikely scenario that it’s not even worth looking into. And
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at the very least, the owner will look at you sideways because, well, it’s not very appropriate. The next thing people recommend checking—and I recommend it too—is court records.
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That is, what exists for this person in the case filing system: who they are suing, who is suing them, and why they are in court. You can look all of this up. What is important to see here?
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It’s important to see if there is any heat on the person. It’s quite possible that they are selling the property now, especially if it’s at a good price or a discount, because they are trying to get rid of potential
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bankruptcy assets before filing. So, you might check everything and find no signs of bankruptcy, but the courts might say otherwise. It is also advisable to take screenshots from such websites for yourself. And if you’re a very thorough person, you should even
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have them notarized. It costs pennies, but in court, you will look like a completely reasonable citizen. I looked , and the notary recorded it. I looked, the notary recorded it. It is very difficult to push aside such folks in
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court. Again, all working websites and links where you need to go and enter the data of your potential sellers will be in the description. My dear friends, we have reached the third section, where we talk about how to properly
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conduct a real estate purchase and sale transaction. The thing is, by this point, you have already checked the apartment, checked the owner, and everything suits you. Well, now there is a non-zero chance of ruining the whole thing. And here is why. Let’s
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proceed sequentially once again. We will start with the advance payment, the deposit, and the preliminary agreement. What is important to know by this point? By the moment you are inspecting the apartment and are ready to either put down a deposit, leave
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some prepayment, or even sign a preliminary sales agreement. This is a good situation. You need to understand that you could be scammed in the following way. In particular, if you haven't seen the documents by this point, that is bad. That is, going for
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an advance payment without seeing the documents is a strange story. You can only afford to do this if the advance agreement is drawn up in such a way that you can easily walk away from it.
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For example, the most common advance payment scam. They show you a beautiful apartment, but they are only ready to provide documents after you make an advance payment. And the text of the advance agreement, if it is even recorded in any way, is such that you
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cannot voluntarily refuse it. So you pay because the property is attractive, but there is some ambush in the documents. Nothing lethal, for example, there is someone who refused privatization, or there is a very fresh inheritance. So you no longer want to
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buy this property, but the reason is yours, far-fetched. And thus, some very unscrupulous characters are simply trying to scam you out of 50-100,000 rubles. Which, by the way, is quite a lot of money. Rule number one: before the advance payment, you must verify
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all documents. First you check everything, and then you nod your head, saying," Buddy, I'm ready to pay the advance so you stop showing it to anyone else. "Again, a separate story.
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If you pay an advance for a property, then showings must be stopped. The following could happen. You paid the advance, showings continue, and the price in the ad goes up. Who knows, maybe someone else will be ready to buy
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at a higher price. And if that person is found, your advance is returned even in double the amount, and the apartment is sold for more. Whether you need this or not is up to you, but such a mechanism exists. What's the best way
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to handle a deposit: with a receipt or a preliminary sale agreement? A preliminary sale agreement is a contract before the actual purchase.
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The first thing to say is that it is important to document the deposit. You can't just hand cash to the realtor or the owner and call it a day; that’s not allowed. Any transfer of money must be accompanied by something. Either a
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transfer, which provides a receipt, or a handwritten note. It must follow a specific structure. By the way, this was covered in the buying and selling section. Go back and find the structure of a proper receipt, or just Google it.
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And you should know that a receipt not properly formatted doesn't count as one . So, any transfer of money must be recorded by something, either a receipt or a note. It is also advisable to draft a preliminary sale agreement
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specifying the price and the property, but most importantly, listing what remains in the apartment as an attachment or in the text itself. This is a very unobvious issue that also cost me at one time. The profitability of a property. You need to explicitly
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write it down or force the person to confirm that what we see now will remain. Or, if something is being taken away, what will not be there. We had a story where we bought an apartment for flipping. That is when you buy, improve
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, sell, and make a profit. Well, we didn't account for the fact that what we saw could be carried off. So, instead of having the existing plumbing , bathtub, toilet, and exhaust fan, none of that was there. When we
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returned to the site, the toilet was ripped out, the tub was gone, and the exhaust fan was torn out by its roots.
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All of this eventually affected our expenses because we had to buy, restore , and so on. Therefore, a mandatory step in the process of inspecting an apartment you want to buy is making a list of what will stay there. A note
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for the perfectionists. Recording meter readings. I might be wrong, but in my opinion, it's a small thing. Ideally, you should also record meter readings in the preliminary sale agreement. Like how much water was there at the moment you recorded it? Well, it's hard for me
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to imagine that as soon as you head to the closing, people start draining pipes or heating the street intensely.
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It's not expensive enough to worry about, but it's up to you. Therefore, you should know that the mechanism of recording these readings is also standard practice. What else is extremely, critically important before reaching the deal? So, you’ve already
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paid the deposit and, for example, signed the preliminary sale agreement. It is desirable to have it clearly written down and discussed with the owner that you will only proceed to the transaction when they show you a" clean nine. "What does that mean in plain
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English? A" clean nine "means that no one is registered at the property. It often happens that people, trying to play it safe, say," We’ll enter the deal, and a week after the closing, we will de-register. "You don't need that
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at all, not even in the slightest. Be very, very strict about this; circle it in red ink. You only enter the transaction when there is a" clean nine . "Even scenarios where, for example, your settlements are via a letter of
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credit, and the seller promises to bring you a" clean nine "as a condition for releasing their funds—it is better not to do that either. Everyone must be de-registered before entering into the deal. Why? Because there are frequent cases where minors or people
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from various vulnerable social groups are registered in the apartment. For example, a disabled child. And it might turn out that your seller refuses to hand over the property or refuses to de-register. It will be very difficult to de-register them through the court
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because the court will investigate the person's situation, and it likely won't take the responsibility of de-registering—and consequently evicting—a disabled child. Because, well, it's not their money at stake.
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Why would they take that burden upon themselves? Especially since they won't lose any money over it. Therefore, everyone must be de-registered before the deal. Selling price and under-reporting. Friends, I don't want to be a prude and say," No, that never
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happens on the market, never ever. " Under-reporting exists. It is tax evasion. There is a specific price for this, but it exists on the market. And you must understand what the risks are for you as a buyer. For instance, if
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your seller wants to avoid paying personal income tax—if they have owned the property for less than 3 years and bought it—they would have to pay 15%on the difference between the purchase and sale price. And if they don't want to do that, they might offer
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you to understate the purchase price. And that is their motivation. A question for you. If you suddenly buy an apartment with an understated price, the question is, how will the remainder of the actual price be covered? Because it's possible that you bought the
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apartment, moved in, everything is fine , and then a month later the owner says ," No, I don't agree. "They find some grounds to unwind this deal. The deal gets reversed, and the court will say," Fine, we will return everything to the
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initial state. "This means the property will return to the previous owner, and you will only get back the reduced amount stated in the contract. And you won't be able to pin the difference on anything. Naturally, I won't be telling
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you how things are done in the market. And, well, I have seen it, observed it directly, but that is not the topic of this video. Just assess the risks. If you are considering an undervaluation, you must get something for it, some
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kind of appropriate perk, for it to make sense. But often, the risks for you are higher than for the seller. My friends, as you have noticed, we have a sequential narrative so that it is understandable. Well, we are doing our
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best for you. So, now we are not yet entering the sale transaction; we are still preparing for it. And what needs to be prepared before the deal? What do you need to agree on with the seller?
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That’s right, the payment scheme. Chairs in the morning, money in the evening. Or," Money in the evening, chairs in the morning. "Spoiler alert: neither scheme works for us. So, the key thing to do with settlements is to decide where the money will be held
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until the transfer goes through. Ideally, you would want to sign the purchase agreement, have the property handed over to you, and have everything completed, but with such a scheme, your seller will most likely tell you off, and they would be right. In the modern
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world, safe settlements, nominee accounts, letters of credit, notary deposits, safety deposit boxes— anything goes—are used as a place where the money will be deposited, meaning held, and where there will be clearly defined conditions for accessing it. What is important is that
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the deposit for your seller should only be opened, along with the money, once you have already obtained the property title. Now it is registered very quickly, and you have essentially accepted the property. So, one of the important conditions for unlocking the
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deposit box, escrow account, and so on, must be the property handover certificate. Many people don't really pay much attention to this. They sign the contract and the handover certificate at the same time and assume they've accepted everything. Properly
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speaking, you need to actually inspect and accept the property. What’s the point? At the moment you sign the purchase agreement and it goes to the Rosreestr for registration, it’s unclear whose property it is—that is stated in the contract—but imagine
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you have already become the owner because you received the registration, yet you haven't physically accepted the property yet. What if you flood someone , or cause a fire? Well, obviously, you wouldn't do that, but whoever has access to the apartment could
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accidentally cause such mischief. This is important. The same goes for settlements. You should settle the full payment with the seller only when the deed has been signed. That is, you have officially accepted the premises. A healthy approach. In the morning, you
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deposit the money into a safe deposit box, a nominal account, a notary escrow , or anything similar. Next, you sign the deal and send it for registration.
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It takes two or three days to register. You receive information as parties that the title has transferred. Before opening the safe deposit box, you accept the property and then release the funds. That is the correct sequence . The eternal battle of the titans. A
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notarized contract or a simple written form. Lately, I see fewer and fewer such disputes, but before, everyone wanted to save money, because a simple written form is a standard contract on plain paper that you can send to a
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service center, and everything is fine. And the state fee back then was, I think, 1,500 rubles. Or maybe it was 500 back then, it doesn't matter. But a real contract means you have to pay, send all documents to a notary, agree
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on certain clauses, and it's going to be expensive. Screw that. But I am a proponent of a notarized deal. All else being equal, it is often more robust in judicial practice, and it’s not worth saving money on. Especially 20,000–
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30,000 when you are buying an apartment . Yes, perhaps I am wrong here, because I buy and sell them in bulk; for me, it's work, but for you, probably not.
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In any case, I recommend a notarized contract to you. But you need to understand the following. Even a notarized contract needs to be read carefully because a notary will only check what they are asked to check. I mean, checking passports, validity, the
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competence of the parties—what is actually written in the text is irrelevant to them. Therefore, you must take care of this yourself, read it, and see if everything necessary is included. What you need to pay attention to in the contract. Well,
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besides the fact that the price must be correctly stated, and the settlements and their actual stages must be properly outlined, what else is important? It is important to specify exactly at what moment the responsibility for the premises transfers, because it could turn out
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that you are already the owner and carry the liability, but you haven't been there yet, and there is a fire blazing or pipes bursting or something else like that. Therefore, the moment your responsibility for the fate of these premises begins should be when
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you sign the handover deed, when you have actually visited these premises. And now it is yours. This is important.
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The deal. If you have done everything correctly in the previous stages, there is nothing for you to do at the deal itself. Well, in the sense that you must show up and sign the notarized deal after checking the text, but all
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the preparatory work has already resulted in the contract text and the deal structure. Before the notary, you most likely appeared at the bank, opened a letter of credit, and deposited the funds. Perhaps, if you have a mortgage, you will be told all
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of this anyway. But now, this is the culmination of all the preparation that took place. Here, you need to sign the deal and submit it for registration.
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What could go wrong here?" Everything " is a bad answer, but here is what you need to pay attention to. If a party starts trying to renegotiate at the moment of signing—right before we go to the notary, let's renegotiate, let's
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make changes—or if some details emerge that weren't there before. These are red flags. If you are being pressured into something at the closing —and this is exactly the place where that works, like," fine, whatever, let's just sign and move on "—you
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shouldn't do that. That is why I said at the very beginning of the video to hire an experienced realtor; they will cut off all those things. Or, if a mistake really did occur and you can resolve it and renegotiate right now,
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they will at least be able to professionally determine how much of a risk it is, or if it is a risk at all.
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That is why I said that at the beginning. In general, in an ideal situation, you shouldn't be renegotiating anything at the closing.
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Handing over the property, my friends. The climax is over. Everything you prepared at the beginning: you looked for the property, checked it, found risks, or, conversely, confirmed that there were none. You approached the deal structure competently, and you
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signed it. The deal is registered with Rosreestr. Excellent. There is one last , important thing left. Accepting the property. What needs to be done? Just minor things. You need to verify if everything that was promised to be left
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in the apartment is actually there. And for this, you will need the preliminary purchase agreement with the written list. If suddenly something is missing, you will be able to hold the person accountable for it. At the very least,
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you will be able to receive this compensation later through the court. It’s a small thing, but nice. Check the utility meters, and, finally, pick up the keys. Next, you will have to go to the utility office, open new
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personal accounts, and brush off any neighbors who try to impose utility debts on you, if there are any. All of that comes later. But you did it. Well done, you're smart. You checked the property yourself. Perhaps theoretically, but now you have a guide
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on how to do it, and you will manage. As I already said, our material is a video guide. And in the description of this video, there is a link to all the useful resources that will help you check the apartment, where you can go,
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where you need to verify something— everything that was mentioned in our material. So, use this video as an instruction manual. We are happy to share it, my friends. Perhaps, while searching for information on this topic , you have come across various banking
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or non-banking services that promised to provide you with check reports on the property you are interested in.
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Often, these reports are quite expensive. I want to warn you against using this service. What is the issue?
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Such services provide you with a data dump from various sources and databases containing whatever information is available about the apartment. But they do not provide analytics, because while the data and facts that you might find interesting are great, it is the
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analysis that matters. Everything we have been doing throughout this video shows there are two different approaches. You can look at everything, peek into every nook and cranny, perform every different check, or you can check what really matters. And I am
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a proponent of the latter. Subscribe to the channel if you haven't already. Click the bell, because there will continue to be a lot of interesting and useful content here about real estate, financial strategies, and how to live well during your lifetime. And in
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addition to the promised content, we already have a lot of interesting things. About what successful people think about money, how to handle it, what you need to understand about basic financial literacy, and what you need to do with money to make it grow. All
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of this is already available. So welcome again, subscribe, and see you in the next video.
Topics:real estate checkproperty verificationapartment purchase risksownership verificationprivatization issuesreal estate transactionUSRN extractproperty due diligencereal estate investmentsafe property buying
