When buying an apartment, the predominant number of citizens carry out the most expensive acquisition in their life. For this reason, the security issue is quite serious. The buyer should not only carefully check the current state of housing, but also its legal cleanliness. In addition, you must agree with the seller an acceptable method of transferring money.
It should be borne in mind that in the process of drawing up a contract of sale, a notary public does not certify the transfer of funds. Thus, the transfer of money when buying an apartment is regulated by the parties to the transaction at its discretion and under personal responsibility. Funds can be transferred without witnesses if intermediaries are not present when selling the apartment. Then the fact of transferring money is confirmed by a notary.
What are the ways to transfer money during the purchase process?
It is worth to find out what methods of transferring money exist when buying an apartment:
- cash from hand to hand before submitting documents for state registration;
- cash from hand to hand after the transaction;
- to the bank account before the transaction;
- transferring money from the buyer’s account in the bank to the seller’s account, which is available for transfer in Russia and abroad;
- transfer of money through a real estate agency;
- sending funds to the seller’s bank account after the transaction;
- transfer of funds through a depository cell of a banking institution;
- using a letter of credit.
Each of these options has its own nuances, so they should be considered in detail. Thus, it will be possible to choose the most suitable safe ways to transfer money when buying an apartment and not make a mistake.
Cash settlement
The easiest way to transfer money when acquiring real estate is cash. Formally, the granting of property rights takes place during the state registration of a transaction, which is carried out at the Registration Chamber. However, the registration itself will be completed ten days after the filing of the documents. If the acquisition involves the use of a mortgage, this procedure will take no more than five days. Many are interested in the question: "How is the transfer of money when buying an apartment in Volzhsky and in other cities?" In this case, the question arises: "When do I have to pay?" There are two options:
- Payment upon delivery. In this case, the registration of ownership is carried out, and then cash payment.
- Prepayment. This option involves the transfer of money before the state registration of alienation from property rights.
Both methods have their drawbacks. In the first case, the seller has the risk of being left without funds and without real estate, and in the second, the buyer faces the same risk.
How to make cash payments safely?
A large amount of money provided in cash will be a good bait for robbers and scammers. It is worth learning how to make cash payments and minimize all possible risks. To do this, you can use the following recommendations:
- The provision of funds must be confirmed by receipt. At the same time, the recipient's passport data, the purpose of the transaction and the amount of the calculation are indicated.
- It is undesirable to go alone with a large amount of money.
- The buyer must choose the place of transfer of funds on his own. It is better to carry out this procedure in a crowded place in which there are surveillance cameras.
It is understood that the transaction may become more secure with the help of a third party. A realtor will not be reliable, so it is better to contact a bank or real estate agency. This is due to the fact that large and long-standing institutions will not risk their reputation. In addition, the buyer in this case can find out how reliable the service representative is.
Settlement through a bank cell
A banking institution may accept cash for storage for the duration of the transaction and transfer of ownership. This happens on two grounds:
- Personal safe deposit box. In this case, contractual obligations appear between the recipient of the funds and the bank. The seller of the apartment receives the key to the cell that contains the payment. In this way, both parties protect themselves from the risks of losing money or real estate.
- Responsible storage. In addition to creating the main contract, an additional agreement must be signed. It provides the identification data of a citizen who has the right to withdraw money from the cell after the transaction.
- The conclusion of a tripartite agreement. It is signed by the buyer, seller and bank. The agreement divides the terms of access to a particular cell between the participants so that they cannot intersect. The seller will be able to withdraw his funds five business days after the state registration. In this case, the bank must provide confirmation that all agreed obligations have been fulfilled. If the deadline has expired, and the buyer has not received the apartment, he can return his funds.
It is worth noting that it is better to determine the money in the bank cell with the participation of the seller. This will help to avoid doubts about the amount of funds, the terms of the contract and the authenticity of banknotes.
The cost of maintaining money in a bank cell
The parties to the contract of sale must understand that the bank provides its services on a paid basis. The lease term will be from one to two months. This is because financial institutions generally do not provide this service for several days or weeks. Payment depends not only on the shelf life, but also on the volume of the cell. About a month the amount will be from 1200-3000 rubles. Clients can additionally order banknote authentication and counting by bank employees.
Verification procedures are carried out in the presence of participants in the transaction, after which the funds will be identified in a package and sealed. Mostly payment for services is the responsibility of the buyer. But this issue is decided between him and the seller of the apartment individually. The procedure for recounting and checking funds is agreed upon with the bank in advance.
Purchase by bank letter of credit
An alternative for a depositary cell may be the use of a bank letter of credit, which provides a high level of reliability of the operation. The letter of credit is the irrevocable obligation of the client to pay the necessary amount to the seller of real estate. This stage of the transfer of money when buying an apartment is carried out by providing an appropriate package of documents.
The buyer is not able to cancel his decision without the consent of the seller. This obligation is guaranteed by the bank that issued the letter of credit. He also checks the accuracy of the documentation provided by both parties. Use this method can not only legal, but also individuals who are competent.
Buying an apartment in a mortgage
When buying an apartment in a mortgage, the method of transferring money is established individually by the bank. For this reason, the buyer will have to change the bank or find a new apartment if he is not satisfied with the terms of the transaction.It should be understood that when choosing a bank, the method of transferring funds that is accepted by them is also determined.
At the same time, employees of the institution will monitor:
- the transfer of money from the start of the transaction to its completion;
- transfer of funds issued by the bank;
- methods of transferring money, which in some cases are not controlled.
You should learn in detail how the transfer of money occurs when buying an apartment in a mortgage.
Deposit when buying an apartment
Often, the bank's requirement is to issue collateral simultaneously with the acquisition of housing. The property is mortgaged to the institution automatically upon receipt of ownership.
In this situation, the bank independently chooses the method of transferring credit money and will control this process. The institution is not beneficial to change the procedure for this procedure because of one case. For this reason, if the buyer is not happy with everything, the bank will advise the borrower to find another property.
Ways to transfer money to a bank
Before contacting the bank, it is worthwhile to find out how the money is transferred when buying an apartment on a mortgage, and what is better to choose. There are four ways:
- using a deposit box;
- letter of credit;
- cash payment before submitting the prepared documents for state registration;
- by bank transfer to the seller’s personal account, which is done after registration of the purchase agreement and mortgage.
The transfer of money when buying an apartment in the first three cases was considered earlier, so you should pay special attention to the latter option.
Transfer funds to the seller’s personal account
This option provides for the transfer of borrowed money to the seller’s account. In this case, the remaining amount will be transferred by personal agreement of the buyer and seller. For example, you should find out how the transfer of money occurs when buying an apartment in mortgage in Sberbank, before contacting this bank to avoid trouble.
This method contains a risk that the seller trusts the funds to the buyer's bank because he will not see the full amount before the transaction is completed. A partial transfer of money is possible when buying an apartment, that is, selling it for a fraction of the cost. However, in practice, often the bank does not receive the due funds if it is closed for the period of the transaction. It can be terminated if the conditions specified in the contract have been violated.
Registration of ownership
After the transfer of money is completed when buying an apartment, the buyer must draw up ownership of the property. If the transaction is carried out with the help of third parties, for example, a real estate company, this procedure is their responsibility. Otherwise, the buyer must take care of this on his own.
When learning about how the money is transferred when buying an apartment in a new building, it is worthwhile to understand that a notary will be involved in the procedure when purchasing a mortgage. This is due to the lack of material benefits for the bank. You can also contact the appropriate companies that will help the buyer in this matter.
