A new bill, introduced in the State Duma on 20 September, changes the procedure for providing information about requests for data in the Unified State Register of Real Estate (EGRN).
• Data on requests by Rosfinmonitoring will now be excluded from the certificate of the persons who have received information on a property.
What this means for owners of real estate
Once the bill comes into force, owners of real estate will no longer be able to find out whether Rosfinmonitoring is monitoring their transactions. That is because Rosfinmonitoring carries out mandatory monitoring of real-estate transactions for an amount equal to or greater than RUB 5 million. By concealing information about the requests, the bill deprives owners of the chance to know whether their transactions are under close scrutiny by the supervisory authorities.
It is important to remember:
Since 14 July 2022, organisations that provide intermediary services on the purchase and sale of real estate (estate agents, for example) have been obliged to give Rosfinmonitoring information on transactions for an amount equal to or greater than RUB 5 million. A failure to comply attracts administrative liability for the intermediary.
The real-estate market is going through a period of change, in which the state is actively adjusting the mechanisms of control and of transparency. There is a tendency towards greater transparency of transactions. The Federal Tax Service is surveying estate agents in order to establish the real value of real estate, the Prosecutor General's Office is testing a procedure for taking property in favour of the state, and Rosfinmonitoring is checking transactions without being seen to do so. These measures are aimed at a more transparent environment in the real-estate market, in which every participant will have to act within the law. Sergei Pivovarchik, managing partner of Consul Group, comments.
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