Real estate transactions in electronic form have received additional protection

13 August 2019, Tuesday

Russian President Vladimir Putin signed a law that gives citizens the right to make a note in the Unified State Register of Real Estate (USRR) on the possibility of submitting an application to the Federal Service for State Registration, Cadastre and Cartography to transfer or terminate the right to their property, signed by electronic signature. The law was adopted with the aim of protecting the rights of citizens as a result of the joint work of deputies of the State Duma and the Government of the Russian Federation.

If a citizen admits conducting transactions with his real estate in electronic form using an enhanced qualified electronic signature, then he must separately submit an application to the Federal Service for State Registration, Cadastre and Cartography in paper form. In the absence of such a statement from the owner, state registration of the transfer of rights on the basis of an electronic package of documents will be impossible.

In particular, the law protects citizens from fraudulent actions with their real estate committed by electronic signature. It is aimed at eliminating cases when fraudsters take possession of someone else’s apartments by submitting documents for state registration of rights with the illegal use of the electronic signature of the owner obtained at the certification center, including using forged documents.

Moreover, the law provides for a number of cases when a special mark in the USRN, made on the basis of a statement by the owner of the real estate, will not be required to conduct real estate transactions in electronic form.

 

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