Residential real estate transactions in the Russian Federation

Numerous legal and policy reforms of the past several years have created the environment to make private transactions in residential real estate possible. However, there are still major areas in need of reform to encourage consumer participation in the market, including more certain title assurances, better land titling and registration procedures, a less onerous tax regime, and better consumer education generally in negotiating contracts to buy or sell real estate. While changes in these broad areas will ultimately improve the quality and security of real estate transactions and encourage expansion of the market, shorter term solutions in areas that do not require such broad-based reforms may also be found. One of these areas is reforming the contract forms that parties use to facilitate their transactions. (Author abstract)