Recommendation points
- Documents required for real estate re-registration
- The process of transferring an apartment under a will
- Making a will
- Inheritance
- The process of transferring an apartment when donating
- Conclusion of a contract
- Registration of the contract
- Subtleties of the will of housing procedure
- The nuances of the procedure for registration of a deed of gift for housing
- Features of taxation
- Which is better: to issue a will or deed
Documents required for real estate re-registration
To register a donation agreement, you will need the following documents:
- Passports of the parties to the contract.
- Registration application.
- Receipt of payment of state duty.
- Real estate cadastral passport.
- Certificate of persons registered on the living space.
- Donation agreement (both copies are required – the donor and the gifted one).
To make a will with a notary, you only need a passport. You can also take documents for the bequest property. This will help to describe it more accurately and in the future it will be much more difficult to challenge the will. For example, if a land plot is bequeathed, it is worth indicating its cadastral data.
But to enter the inheritance, you will need much more documents:
- Declaration of acceptance of inheritance.
- Testator’s death certificate.
- Documents confirming the last place of residence of the testator.
- Documents confirming the relationship of the heirs with the deceased.
- Will.
- Documents proving that the property really belonged to the deceased.
The process of transferring an apartment under a will
Making a will
To draw up a will, it is enough to contact any notary who will compose the text. You can do this yourself, but since the will is still necessarily certified by a notary, it is better to entrust the drafting of the text to a specialist.
The notary makes sure that his client is competent and adequately assesses what is happening. The will is then signed by the client and the notary. After that, the notary puts a seal on the document and registers it in the register.
Inheritance
To do this, you need to find a notary at the place of residence of the testator. He is submitted an application and a list of documents specified above, on the basis of which he opens an inheritance case. The heir orders an appraisal of the property bequeathed to him (this can be done in the BTI or in specialized organizations that have an appropriate license). Six months after the opening of the will, the notary issues a certificate of inheritance to the heir. True, before that you need to pay the state fee.
The process of transferring an apartment when donating
Conclusion of a contract
The contract must be signed by the donor and the gifted. If there is a suspicion that the donation can be challenged, it is better to contact a notary in order for him to certify the document.
Registration of the contract
The gift must be registered. This can be done at Companies House or the Multifunctional Center. To register, you must provide the documents listed in the previous section. Based on the information contained in them, employees of government agencies will draw up a statement that must be signed by the person who is gifted. He will also be given a receipt stating that the documents have been accepted.
The maximum registration period is 7 days. After this period has expired, you need to visit the registration authority again, make sure that the registration has been carried out and pick up the donation agreement.
Subtleties of the will of housing procedure
A will can be drawn up an unlimited number of times, and each new will will override the previous one. But do not abuse this opportunity, otherwise, after your death, the heirs may start lengthy litigation, trying to challenge various versions of your will, and even the judges may have reasonable doubts about your adequacy.
Consider all required heirs
In Russian legislation, there are concepts of heirs “by law” and “by will”. The first category includes persons who are entitled to a share in the inheritance when the owner of the property did not draw up a will.
The “by will” category includes persons whom the owner of the property has mentioned as heirs in his will. But there are people who cannot be deprived of inheritance, regardless of the text of the will.
These are minor children or disabled close relatives. If the owner of the apartment does not want them to receive the right to part of the real estate after his death, it is better to use a deed of gift for the transfer of housing.
The nuances of the procedure for registration of a deed of gift for housing
Do not issue a deed of gift until adulthood
Minors and incapacitated persons cannot transfer real estate under a donation agreement. The Civil Code explicitly prohibits this. If the deed is drawn up on behalf of such persons, it will be considered invalid.
Find out the form of ownership
There are two forms of ownership, in cases where the housing is owned by several people: joint ownership without allocation of shares and common shared ownership. When donating real estate, be sure to pay attention to this. If a share in an apartment is allocated, it can be donated to anyone without any problems. But if you own an apartment on the basis of joint ownership, in order to donate your share, you must first change the form of ownership to a common share.
Legalize illegal redevelopment
Redevelopment changes the technical characteristics of the apartment and if it was carried out illegally, the actual characteristics will not correspond to those indicated in the documents. Therefore, it will not be possible to take possession of such property until the redevelopment is legalized.
Special conditions
The legislation allows specifying in the donation the conditions under which the property will be transferred to the donated. This may be the onset of a certain date or event. For example, parents often indicate in the deed that their children will receive an apartment only after their children get married..
Conditions can be absolutely anything, but they must meet two main criteria:
- their offensive should not be inevitable;
- they should not provide for the commission of any retaliatory actions in relation to the donor.
In theory, special conditions can be prescribed in the will. In Russia, such cases are not uncommon. For example, testators often indicate that their heir can receive real estate only after receiving higher education. But these conditions are not always met in practice. Heirs can easily file a lawsuit in court with the requirement to recognize the will partially invalid (the part that talks about the conditions).
The law does not explicitly prohibit such conditional wills, but it does not regulate this issue in any way. It is not scheduled who should look after the property until the heirs fulfill all the conditions of the will and many other points. Although in Western countries such wills have long won’t surprise anyone. It comes to curious cases when the property is bequeathed to a beloved cat and the mandatory conditions for its maintenance are prescribed.
Features of taxation
When donating housing, the new owner is obliged to pay tax – 13% of its value. Moreover, the amount is calculated not from the book value, but from the market value of the property. The tax must be paid within two weeks. If the property is donated to a close relative or family member, no tax is required.
For property received by will, no tax is paid at all, but to obtain a certificate of inheritance, you must pay a state fee. For relatives, it is 0.3% of the value of the property, for all other persons – 0.6%.
Which is better: to issue a will or deed
Each of the above methods of transferring real estate has its own advantages and can be beneficial for the home owner under certain conditions..
Will:
- No need to pay tax.
- No need to change the form of ownership of the apartment when the shares are not allocated in kind.
- You can change conditions an unlimited number of times.
Donation:
- You can specify special conditions under which the apartment will be transferred.
- The registration procedure is much easier.
- Ownership passes immediately after registration.
- Donation agreement for a share of an apartment – download in .doc format
- Donation agreement, sample – download in .doc format
What are the key factors one should consider when deciding between gifting or including an apartment in their testament? Are there any legal or financial implications that differ significantly between the two? I’m curious to understand the best approach for properly disposing of an apartment based on individual circumstances.
What are the main factors to consider when deciding between gifting or leaving an apartment as a testament? Is one option more advantageous in terms of taxes, legal procedures, or potential conflicts among beneficiaries? I’m curious to know the best approach to ensure a seamless and fair distribution of assets while minimizing any complications or disputes.
When deciding between gifting or leaving an apartment as a testament, there are several factors to consider. Gifting the apartment during your lifetime can have advantages such as avoiding probate and potentially reducing estate taxes. However, gifting may incur gift tax consequences if the value exceeds a certain threshold.
On the other hand, leaving the apartment as part of your estate in a will or trust ensures that your wishes are carried out after your passing. This allows for a more structured distribution of assets among beneficiaries and can help minimize potential conflicts. However, this option may involve legal procedures and estate taxes that could impact the overall value of the apartment.
Ultimately, the best approach to ensure a seamless and fair distribution of assets while minimizing complications or disputes may depend on your specific financial situation and family dynamics. Consulting with a financial advisor or estate planning attorney can help you determine the most advantageous option based on your individual circumstances.