Fokina M. M. Buying and selling residential property: modern legal problems

Abstract: Over the quarter of a century, there were considerable changes on the market. There has been a flux of demand in relation to residential properties. Due to the collapse of USSR and the emergence of a new country, the problem of legal regulation of property market emerged in both, legal and economic fields. The state issues new normative acts to improve the regulation of various spheres of social life. But, as the normative base grows, collisions emerge, and citizens who want to make property transactions, as well as courts that produce decisions in this field, meet considerable difficulties. Today, the real estate market is regulated by Russian Federation’s normative Acts, as well as a considerable amount of international Acts. But, seeing the prevalence of international Law, the courts face a persisting problem of legal collisions. From the economics viewpoint, the real estate market plays an important role, being one of the major points of investment, used for mitigating inflation peaks and valleys that inevitably affect savings. The abovementioned points support the notions of rapid real estate market growth in Russia, as well as dynamic changes in the Civil Law that regulates property transactions. Following a thorough research, the author reaches a conclusion that it is necessary to employ the norms regulating only the transaction contract, and there is little need for other norms stated in the Russian Civil Code, because a property transaction contract has established major conditions and rules.

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