Gift Agreements Are Now Subject to Notaries
In January 2025, amendments went into effect in the Civil Code of the Russian Federation, which were enacted by Federal law #459-FZ “On entering amendments to article 574 of part 2 of the Civil Code of the Russian Federation” as of 12/13/2024.
Whereas previously only shares-based transactions establishing real estate ownership as well as transactions involving minor owners were subject to obligatory notarization, now real estate gift agreement transactions between citizens has been added to that list.
Now, any transaction between individuals, the subject of which is the gifting of real estate property shall be subject to notarization, regardless of whether it's a share in the property that's being gifted or the entire property.
This means that the cost of processing a gift agreement will increase, seeing as a notary fee will be tacked onto that as well.
On the other hand, a notary's participation will allow the agreement's parties to minimize the risk that possible unscrupulous or fraudulent activities could occur.
Do you plan to gift, purchase, or sell your apartment, house, or land lot to someone? Are you in need of legal support? Get in touch with our real estate lawyers today!
