Real estate economics. Cheat sheet: briefly, the most important

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Real estate economics. Cheat sheet: briefly, the most important

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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Table of contents

Real estate as an investment object
Types of real estate and its classification
Characteristics of real estate as a commodity
Life cycle of real estate objects
Characteristics of the real estate market
Legal basis of the real estate market
The real estate market as part of the financial market
Participants in the real estate financing process
Ownership of real estate
Types of real estate transactions
Investing in real estate
The system and content of contracts for real estate transactions
Origin of mortgage
The emergence and development of mortgages in Russia
Features of mortgage lending
Mortgage (pledge) of housing
Conclusion of a mortgage agreement
State registration of mortgage
Features of the mortgage of enterprises
Features of the mortgage of land plots
Operations with living quarters
Privatization and rental of residential premises
Real estate valuation in a market economy
Types of real estate value
Non-market types of value
Real estate valuation principles
Real Estate Appraisal Process
Comparative approach to real estate valuation
Cost approach
Estimation methods for the cost approach
Export
Applying the Cost Approach
The main provisions of the income approach
Analysis of income and expenses
Applying the Income Approach to Real Estate Financing
Land valuation
Analysis of the best and most efficient use of land
Land categories
Land legislation and land relations in Russia
Use of urban land
Cadastral registration
Land valuation methods
Forest as real estate
Real Estate Appraisal Report
Rights and obligations of the appraiser. Appraiser's Responsibility
State registration of rights to real estate
The procedure for state registration of rights to real estate and transactions with it
Forms of state regulation of the real estate market
Basic principles of real estate taxation
Tax on property of individuals
Corporate Property Tax
Land tax
Real estate insurance
Property Management
Real estate market management

1. Real estate as an investment object

К Real Estate can be attributed to the land and objects that were created on it: buildings, structures, objects of construction in progress.

In Russia, during the reign of Peter I, the term "immovable and movable property" first appeared in the Decree of March 23, 1714 "On the order of inheritance in movable and immovable property." At that time, real estate included: land, land, houses, plants, factories, trading shops, as well as minerals and other structures (for example, mines, bridges, dams)

From the point of view of economics, real estate is considered as a tangible asset, a tool with which you can earn income, as an investment object. In Russia, there is a division of property into movable and immovable According to Art. 130 of the Civil Code of the Russian Federation (Civil Code of the Russian Federation) "real estate includes land plots, subsoil plots, isolated water objects and everything that is firmly connected with the land, i.e. objects that cannot be moved without disproportionate damage to their purpose, including forests, perennial plantings, buildings, structures. Real estate also includes air and sea vessels subject to state registration, inland navigation vessels, and space objects.

Signs of real estate as an investment object:

1) the property is immovable; it cannot be moved without causing damage to the object;

2) there is a strong physical and legal connection with the land

3) each real estate unit is unique in terms of its physical characteristics and investment attractiveness;

4) the property cannot be stolen or damaged in any way;

5) the value of real estate is currently very high;

6) access to complete and reliable information about transactions is low;

7) durability of the investment object;

8) the loss of consumer properties or the transfer of value in the production process occurs gradually as it wears out;

9) the ability to satisfy a person's need for residential and other space is determined by the usefulness of real estate;

10) new construction especially affects the value of adjacent land, buildings, structures;

11) the value of real estate gradually (over time) increases;

12) some risks are inherent in real estate - this is the risk of physical damage under the influence of natural or man-made factors, the risk of accumulation of functional and external wear and tear, financial risk associated with the terms of the rent;

13) real estate, an investment portfolio must be constantly managed in order to receive income;

14) transactions will require a very high level of costs;

15) it is necessary to comply with the procedures established by the state when making certain types of transactions (for example, the purchase of land, buildings, structures).

2. Types of real estate and its classification

The social role of real estate is the satisfaction of all human needs (psychological, physiological, intellectual).

There are three main types of real estate - this land, housing and non-residential premises.

The basis of the property is land.

Earth - it is a fundamental factor in any commercial activity that is directly or indirectly involved in the production of goods or the provision of services

The land is subdivided into:

1) land plots intended for building or for other purposes of use;

2) natural complexes intended for their exploitation (deposits, etc.)

Housing - This is a building with all amenities, designed for human habitation.

Housing can be: elite, typical, urban suburban, etc.

Real estate is heterogeneous in its composition, ability to meet various human needs and in its functions.

The real estate is subdivided on a functional basis into residential and non-residential.

Non-residential property is divided into industrial, commercial, recreational real estate, institutional, motels, hotels and real estate that is intended for mixed use.

Industrial real estate is understood as industrial buildings, working factories, warehouses.

recreational property intended for recreation - these are facilities in the territories of resorts, stadiums, clubs, swimming pools and other facilities intended for entertainment.

Institutional Real Estate - these are buildings for government or municipal authorities, hospitals, sanatoriums and other special-purpose functions.

Mixed use property - it is a combination of the listed types of real estate.

Types of real estate according to the degree of readiness for operation:

1) facilities put into operation;

2) buildings that require major repairs or reconstruction;

3) construction in progress.

According to the degree of reproducibility in natural form, real estate is distinguished:

1) irreproducible - these are mineral deposits;

2) reproducible - these are structures, buildings. According to the degree of specialization, there are:

1) specialized: chemical and oil refineries; museums and other buildings belonging to culture.

2) non-specialized - this is other real estate for which there is a demand on the open market for investment.

According to the nature of use, real estate is necessary for housing, commercial activities, agricultural needs, special purposes (schools, churches).

According to the purpose of ownership, it is intended for business, residence of the owner, as an investment, for development and development, as a commodity stock, for the consumption of resources that are currently depleted.

3. Characteristics of real estate as a commodity

The object of any transactions (purchase and sale, pledge, etc.) is real estate - a product that satisfies various needs, certain qualitative and quantitative characteristics.

Real estate includes land plots, separate objects, i.e. something that is closely connected with land

The property has a number of properties.

1. Utility. Real estate objects should maximally satisfy the needs of the owner in the production area or residential area, environmental friendliness or comfort of the premises in a given place or for a certain period of time.

2. Fundamentality. Under normal conditions, real estate cannot be lost, broken or stolen.

3. Durability. Depending on the building material of the main structures (walls, foundations, floors), real estate objects are divided into six groups with standard service lives from 15 to 150 years. Since enterprises are property complexes, they are usually always created for an indefinite period.

4. Stationarity. Real estate objects are closely connected with the land, their movement is unrealistic without causing some damage to the object in question. If land is considered as a commodity, then we can say that the amount of land offered on the market is limited by nature.

5. Uniqueness. Each property is unique and has individual (certain) properties that are unique to this property and distinguish it from other properties.

Three characteristics that distinguish the real estate market from other markets:

1) a very high level of costs associated with finding the right product and counterparty of the transaction;

2) the period for the sale of goods in the real estate market is much longer than in other markets;

3) a limited number of goods that can satisfy the needs of the buyer and, consequently, the number of buyers for sellers of this product is limited. This limitation leads to the formation of individual prices.

6. Controllability. Any (every) property that makes a profit requires management. Real estate management is the implementation of repairs, preventive maintenance, the provision of utilities, control over the receipt of payments, etc.

7. Detailed regulation of transactions with real estate by state bodies, local governments. This is explained by the fact that the property is part of the infrastructure and its use affects the interests of many individuals and legal entities.

8. Steady upward trend in value. The value of real estate as a commodity has steadily increased over time due to scarcity of real estate and other factors.

9. Liquidity. In the real estate market, low liquidity of goods contributes to a high level of costs for the seller and buyer, which are formed in the conditions of the transaction.

4. Life cycle of real estate objects

Since real estate objects undergo economic, physical, legal changes during their existence, any immovable thing (with the exception of land) undergoes the following life cycle stages:

1) formation - this is a construction, i.e. the creation of a new enterprise, the purchase or allocation of a land plot;

2) exploitation - includes operation and development, i.e. expansion, reorganization or reconstruction

3) cessation of existence it is demolition, natural destruction or liquidation.

The life cycle of real estate acquired for commercial purposes, from the point of view of the owner of this real estate, can be repeated with the new owner of the same real estate until the end of the life of the object. The life cycle is constantly subject to certain patterns, according to G. Harrison - this is the term of the physical, economic, chronological and the remaining period of economic life.

The term of the physical life of an object refers to the time when it is possible to live or work in an existing building or structure. This indicator can be standard, calculated, actual and increase due to improvement of conditions or due to modernization. If the real estate object is demolished, then the term of physical life ends.

The term of economic life includes the period during which the object can be used, receiving - while profit, these improvements contribute to the value of the object. If the improvements made do not make a certain contribution to the value of the property due to the fact that it is obsolete, then its economic life ends there.

Chronological age is understood as the period that has passed from the day the property was put into operation until the date of its valuation.

The effective age is based on the assessment of the appearance of the real estate object, its technical condition, economic factors that affect the total cost of the object.

Effective age - this is the age corresponding to a certain physical state of the object and taking into account the possibility of its implementation.

The typical service life is called the standard service life.

Standard service life - this is the service life of buildings or structures, which is defined in regulatory enactments.

Under remaining economic life buildings understand the period from the date of its appraisal to the end of its economic life. This period is used by an appraiser to estimate future income. The term of the remaining economic life of the object is increased by its modernization or repair.

All the above stages of the life cycle and the life of real estate objects are interconnected. For the implementation of adequate measures that will ensure an increase in the profitability of the property and its safety, the owner of real estate should take into account the presence of real estate in a certain (any) stage of the life cycle.

5. Characteristics of the real estate market

The real estate market refers to the totality of relationships that are created around operations with real estate. The real estate market is a certain area of investing money in the system of economic relations that arise in real estate transactions, and in real estate.

Real estate segmentation is understood as the division of real estate into certain homogeneous groups of indicators.

The real estate market can be divided according to the following criteria:

1) geographical feature. It includes the following types of real estate markets: urban, local, regional, global and national;

2) by type of object. These are markets for buildings, structures, enterprises, premises and other objects;

3) functional purpose. Markets for industrial buildings, residential, non-industrial buildings and premises;

4) according to the degree of readiness for operation, the markets of existing facilities, construction in progress, new construction;

5) by type of participants: individual sellers and buyers, resellers, commercial firms, municipalities;

6) by type of transactions: purchase and sale, lease, rights in rem, mortgage;

7) sectoral affiliation: industry facilities, public buildings and agricultural facilities;

8) by form of ownership: state and municipal facilities, private facilities;

9) way of making transactions: primary and secondary market, organized and unorganized, traditional and computerized, exchange and over-the-counter.

The main segments of the real estate market are the housing market, the land market and the non-residential market. The housing market is divided into:

1) urban housing stock, which, in turn, is subdivided into low-quality housing, typical housing, improved planning houses, Stalin-era buildings, and elite housing;

2) the suburban housing market, its formation is associated with the removal of restrictions on individual suburban construction.

The market for non-residential premises. In this market, the number of transactions is much less, but due to the very high cost of real estate, it is attractive to people working in this market.

Earth - it is an integral part of any real estate object.

Features of the real estate market:

1) locality;

2) low interchangeability of objects;

3) seasonal price fluctuations;

4) transactions must be subject to state registration;

5) investment in real estate.

In Russia, the real estate market began to take shape after the introduction in the early 1990s of the right to private ownership of real estate and privatization, in connection with this, the state became not the only owner of real estate.

The markets of different regions of the real estate have significant differences. These differences are due to economic or natural conditions, the regional legal framework, which is formed by local authorities.

6. Legal basis of the real estate market

Legislation in the field of real estate - it is a set of laws and other normative legal acts through which state bodies can establish, change or cancel the relevant legal norms.

In the field of real estate, rights and interests are divided into both private and public.

Public rights include:

1) the right to tax, i.e. property taxation;

2) the right to alienate real estate for public needs for compensation;

3) the right of the police power - restrictions established by society to protect their own interests (the introduction of restrictions in the field of traffic, construction, etc.);

4) the right to take property to the treasury. For example, property belonging to a certain owner may become the property of the state after the death of the owner in the following cases if the owner has no legal heirs, if he did not take care of the will in advance.

Private rights include:

1) the possibility of owning the property of individuals or legal entities;

2) lifelong property right;

3) rights to real estate in accordance with the law. There are three groups into which

sources of law:

1) federal laws and other regulatory legal acts have been adopted in the field of real estate;

2) laws and other regulatory legal acts of the constituent entities of the Russian Federation;

3) laws on local self-government and local regulatory legal acts.

The legal basis for the development of all Russian legislation is the Constitution of the Russian Federation, which has supreme power and direct impact. All existing and adopted legal acts must fully comply with the Constitution of the Russian Federation.

The principles set out in the Constitution of the Russian Federation determine the legal and civilized management of real estate in Russia. The constitution guarantees "the unity of the economic space, free movement of goods, services and financial resources, support for competition and freedom of economic activity", while "private, state, municipal and other forms of ownership are recognized and protected." "Everyone has the right to own property, own, use and dispose of it both individually and jointly with other persons." According to Art. 36 and 40 of the Constitution of the Russian Federation, citizens and their associations have the right to have land in private ownership, everyone has the right to housing.

The Civil Code of the Russian Federation (Civil Code of the Russian Federation) contains a number of sections that regulate relations in the field of real estate management as a single object, including relations related to real estate transactions, such as exchange, donation, sale, lease, etc.

7. Real estate market as part of the financial market

The property - it is a financial asset. It is created by investing capital and human labor Real estate development is costly, and as a result, it becomes necessary to attract borrowed funds, etc. In connection with the above, real estate market - this is one of the sectors of the financial market

A complex economic system, which includes a set of certain procedures and institutions aimed at the interaction of buyers and sellers, is the financial market.

Under financial market understand the sphere of manifestation of the emerging economic relations in the distribution of the created value and its implementation by exchanging money for financial assets.

As the financial assets are investment values and cash. The instrument for the formation of funds are securities, money, deposits, borrowed (loan) capital, precious metals and stones, real estate

Features of the financial market:

1) the use value of the financial asset is recognized as the sales method;

2) the process of selling a financial asset occurs through the creation of certain financial institutions;

3) financial support for the process of consumption and investment by creating conditions for the accumulation of capital and borrowing it;

4) the impact on money circulation as a result of creating conditions for the continuous movement of money.

Financial market - it is a system of separate independent markets.

All markets are interconnected. The same financial asset can become a commodity in several markets. The real estate market is one of the most significant components of the financial market. The part of the financial market in which the redistribution of borrowed capital secured by the pledge of real estate takes place is called the mortgage capital market. In Western Europe, approximately 70% of loans are secured by real estate, while in the housing market - more than 90%.

The Russian Federation has a very poorly developed system of mortgage lending.

In Russia, borrowed funds are quite expensive, and domestic resources are focused on lending to export-import transactions, foreign exchange transactions and transactions with high-yielding securities.

Currently, the risk of investing in real estate is high due to its low liquidity and the long payback period of invested funds.

The state manages the process of activating investments in the real estate market, promotes the attraction of funds for reconstruction, modernization or the creation of new fixed assets. The government securities market absorbs financial resources, and because of this, they become expensive.

There is a relationship between the real estate market and the financial market. Investments in real estate grow - the market revives, decrease - the market calms down. Lenders and investors are constrained by economic instability. Government support is needed to boost financing for real estate investment.

8. Participants in the real estate financing process

Participants in the real estate financing process include local and federal government authorities, financial institutions, investors, etc. The economic and legal relations that are created between the participants in the real estate financing process are provided either by the state or public organizations The state is the owner of many real estate objects property. It controls and establishes compliance with the rules and certain norms that are closely related to the functioning of the real estate market; regulates urban development and registration of property rights to certain real estate objects; establishes benefits or imposes restrictions on investment in real estate.

Lenders - These are financial institutions that provide capital to those investors who do not have sufficient funds.

Investors may be individuals and legal entities that purchase real estate and maintain it in a usable condition. Investors decide which project, when and how much to invest

There are two types of investors:

1) active investors are engaged in construction or finance it, develop the object or manage it;

2) passive investors only finance the project and take further part in it.

All participants in the real estate market can

grouped into three groups:

1) sellers. Sellers can be citizens, enterprises, foreign persons who are owners of immovable objects;

2) buyers-investors, they invest borrowed, own funds in the form of capital and ensure the targeted distribution of capital; 3) professional participants are infrastructure enterprises that ensure the functioning of the market in accordance with established standards. Participants in the real estate market these are professional intermediaries who sell real estate: brokers, law firms, brokers, realtors, dealers, insurance companies, authorized persons.

Realtor - a person engaged in entrepreneurial activities in the real estate market, while carrying out various types of transactions with real estate and rights to it. Realtors sell only their services.

Currently, the key figure in the real estate market is Development, which performs activities related to the management of an investment project in the field of real estate. Developer - an organizer who transforms the land for its new use.

The activity of the developer can be divided into three stages:

1) at the initial stage, the possibility of implementing the project is analyzed;

2) at the second stage, a plan for the implementation of the project is developed;

3) at the third stage, the implementation of the investment project takes place.

The developer tries to organize the creation of the property in such a way as to recoup all the resources that have been invested in this property. Ultimately, its main goal is to make a profit from the sale of the object.

9. Ownership of real estate

The right of ownership of real estate is understood as the right of a certain person to own, dispose of and use property in his own interests.

Possession refers to the ability to possess a certain thing. The right of ownership can only be exercised in accordance with the law. The legal exploitation of property and the receipt of profit or useful properties is the right to use

The right of disposal is understood as providing the owner with the opportunity to perform certain actions that legally determine the future fate of the property.

The legal content of property rights is a combination of the above factors.

The law establishes the main features of the acquisition or termination of ownership of property. The use, possession or disposal of property depends on what property it is in, i.e. in the ownership of a citizen or legal entity, in the ownership of a subject of the Russian Federation or in the ownership of the Russian Federation, etc.

The types of property that can also be only in municipal or state ownership are determined by law. The rights of owners are protected by the state.

According to Art. 213 of the Civil Code of the Russian Federation, any property may be owned by citizens and legal entities, with the exception of certain types of property, which, in accordance with the law, cannot be owned by citizens or legal entities.

Commercial and non-commercial organizations are the owners of property transferred to them as contributions of the founders, as well as property acquired by these legal entities on other grounds.

According to Art. 214 of the Civil Code of the Russian Federation State property in the Russian Federation is property owned by the right of ownership of the Russian Federation, and property owned by the right of ownership of the constituent entities of the Russian Federation - republics, territories, regions, cities of federal significance, autonomous regions, autonomous districts. Land and other natural resources are state property.

Article 217 of the Civil Code of the Russian Federation states that state or municipal property may be transferred by its owner to the ownership of citizens and legal entities in the manner prescribed by laws on the privatization of state and municipal property.

When privatizing state and municipal property, the provisions stipulated by this Code regulating the procedure for acquiring and terminating the right of ownership shall be applied, unless otherwise provided by laws on privatization.

Common property plays a special role, since it becomes necessary to determine the share of each owner in the ownership of property that is owned by two or more persons.

The law provides for the formation of joint ownership, it occurs when more than two persons enter into ownership of property that is not divided without changing its purpose.

10. Types of real estate transactions |

Deal - This is an action of a legal or natural person aimed at establishing, changing or terminating civil rights and obligations.

Make a deal - this is the signing of documents on actions aimed at establishing, terminating or changing legal relations of individuals or legal entities, as well as on the transfer of bank documents of securities, money from one person to another.

Each transaction has a legal purpose, which is called the basis (cause). The cause must be legal and enforceable. The transaction is deemed feasible if the following conditions are met:

1) the transaction is concluded by capable citizens;

2) the transaction was made on the basis of the conscious will of the parties and is aimed at a specific result;

3) the transaction is carried out in accordance with the goals that will meet the statutory activities.

Transactions can be divided into several types:

1) by number of sides: one-sided, two-sided, multi-sided

2) according to the form: notarized; in simple writing.

All forms must be registered in the State Register;

3) at the time of occurrence: real; formal;

4) under the obligation of the parties: reimbursable; gratuitous;

5) by the certainty of the mutual obligations of the parties when concluding a transaction: communicative - the volume, level and relationship of mutual obligations are specifically defined; conditional - the emergence and termination of obligations depends on a condition, the occurrence of which is not known in advance;

6) by way of conclusion: concluded personally; concluded to the bearer by proxy;

7) place of execution: transactions in the organized market (competition, auction); transactions in the unorganized market;

8) according to the legality of the content: valid; invalid.

Transactions are declared invalid if they do not comply with the requirements of the law. Invalid transactions are of two types: void and voidable, that is, absolutely and relatively invalid.

A voidable transaction is invalid by a court decision.

Void is invalid from the very beginning of its commission.

Restitution entails recognition of invalidity.

There are the following types of restitution:

1) bilateral - when each of the parties returns to the other everything acquired under the transaction in cash or in kind;

2) unilateral - when everything executed is returned only to the bona fide party, and the second one transfers it to the state.

According to Art. 131 of the Civil Code of the Russian Federation, all transactions with real estate are subject to state registration, which acts as the only evidence of the existence of rights to real estate, restriction of these rights, their occurrence, transfer and termination. Failure to comply with these requirements entails the invalidity of the transaction, regardless of its recognition as such by the court.

11. Real estate investment

The real estate market is closely connected with investment activity. Investments are made in the primary and secondary real estate markets

Investments - accumulated savings by an investor that are invested in the acquisition of property and have the potential to generate income or other useful result.

Investment activity is the execution by an investor of actions to invest his accumulated savings or attracted funds from outside in the acquisition of property, which in the future will bring income to the investor.

There are differences in regional real estate markets, which are caused by the economic, natural, social and political characteristics of different regions, there are differences in regional investment attractiveness. To make any investment decisions, a potential investor needs to analyze information about the investment climate in the region. Factors hindering the development of the real estate market: discrepancy between the high cost of real estate and the financial capabilities of buyers; lack of long-term investment resources to attract real estate.

The main objectives of real estate investors are

1) receipt of cash income;

2) capital gains due to an increase in the value of real estate due to changes in market prices for the development or reconstruction of facilities;

3) long-term operation of the facility

4) receiving income from the resale of the object at the end of the holding period.

There are three main areas for investing in real estate: housing, land and real estate that will generate income in the future.

If you invest in land plots, then there is a high dependence on external factors, i.e., on the decisions of local authorities, economic factors, ecology, changes in land legislation.

Investment in housing generates cash flow from rising home prices. High demand for housing arises in connection with an acute housing problem, since at present the influx of refugees is only growing, and therefore this direction of investment is promising and attractive.

If investing in real estate generates income, this direction is the most profitable.

Methods of investing in the real estate market are direct and indirect:

1) straight - this is the acquisition of real estate at auction under a private contract;

2) indirect - is the purchase of securities of companies that specialize in real estate investments.

Investments in real estate are long-term.

The sources and amount of investment in real estate are affected by the bank interest rate, the expected return on investment, tax policy in the investment field, inflation rates, and the degree of risk of investing in real estate.

In Russia, housing is the most attractive investment, but its cost often exceeds the income of the main part of the Russian population, so a long-term loan is required, and the mortgage lending system is not well developed.

12. System and content of contracts for real estate transactions

In civil law, a contract is an agreement between two or more persons, which is aimed at establishing, changing or terminating civil rights and obligations.

Agreement - it is a civil law relationship; is a document that sets out the content of the transaction, it is concluded in writing

The contract allows to take into account the main features that arise in the relationship of the parties to coordinate their individual interests. The contract allows you to create legal guarantees for its participants.

There are the following types of contracts:

1) reimbursable contracts, their essence lies in the fact that each of the parties to the contract receives a benefit: rights or property

2) gratuitous, these include contracts of donation, inheritance, etc.;

3) consensual, they require only the agreement of the parties;

4) real, for them the actual transfer of property, which is the subject of the contract, is sufficient;

5) the final contract allows the parties to be vested with obligations and rights that will be aimed at achieving the goals that interest them;

6) a preliminary agreement, it helps the parties to conclude an agreement in the future or agree on some of its conditions;

7) an open contract, it agrees on the essential terms;

8) a contract is called divisible if it contains several obligations independent of each other, otherwise an indivisible contract is concluded.

Structural construction of contracts may vary depending on the conditions. But almost every contract has 10 or more sections: details of the contract, subject of the contract, preamble, subject of the contract, term of the contract, conditions for the transfer of real estate, contract price and settlement procedure, rights and obligations of both parties, final provisions.

According to the Civil Code of the Russian Federation Art. 427 provides for the possibility of using exemplary terms of contracts that are not binding on the parties and can be applied by them voluntarily.

The contract begins with the name, followed by the number, place and date of its signing. The date of conclusion is the date on which the contract enters into force.

Preamble - this is an introductory part that contains information about the parties entering into contractual relations, their legal status, indicating the abbreviated and full names.

The variety of conditions that are included in real estate contracts are grouped into three groups: essential, ordinary and occasional.

The conditions necessary for the conclusion of a contract transaction in relation to real estate and expressing its nature are called essential.

The conditions that determine certain issues of contractual relations that arise from the specifics of the type of contract are called additional.

Random conditions are terms that become legally effective only when they are included in the contract.

The type of contract, the type and variety of real estate are indicated in the subject of the contract.

13. Origin of mortgage

Mortgage - the word is ancient Greek, which is translated as "foundation", "pledge" (Dictionary of Antiquity. M., 1989, p. 230). Its emergence was determined by the emergence of private property and mainly land. These processes were most actively developed in Ancient Greece, which was a prerequisite for the development of the pledge law. So, when movable things were pledged, they were transferred into the possession of the creditor and remained with him until the payment of the debt. In case of non-payment of the debt, the creditor sold them to satisfy his claims.

The mortgage lending system is an integral part of any developed system of private law, starting from the times of Ancient Rome and Ancient Greece. The role of mortgages is constantly growing, as the state of the economy is currently unsatisfactory. A well-thought-out and efficient mortgage system can help reduce inflation and solve economic and social problems.

Origin of mortgage. According to historians, the very first mention of the mortgage falls on the VI century. BC e. In Greece, the word "mortgage" meant the responsibility of the debtor to the creditor by certain land holdings. On the border of a certain land area that belonged to the debtor, if an obligation was drawn up, a pillar was placed, which was called "mortgage". The debts of the owner of the land were marked on this pillar. Later, instead of pillars, special books were used, which were called "mortgage" In ancient Greece, the original forms of mortgage provided publicity: any interested person could verify the state of land ownership.

In ancient Greece, the institution of mortgage appeared, it had a very great influence on the development of Roman civil law, it developed several forms of real security, which later became the foundation for the subsequent development of the institution of pledge. Fiducia was the original form of pledge in ancient Rome, its essence is that the debtor, in order to secure his debt, could transfer any property into the possession or ownership of the creditor, and the creditor had to return this property to the debtor after the latter paid off his debt. Subsequently, pygnus appeared. With pingus, property was transferred into temporary possession until the debt was paid.

The creditor had the right to independently sell the subject of pledge only when the debtor delays the performance of his obligation. Roman law accepted the mortgage, which was developed in Greece, as a form of pledge, with it it was not required to give the pledged property into the possession of the pledgee.

In Russia, for the first time the concept of "mortgage" was introduced in 1992 by the law of the Russian Federation "On Pledge", which secured the possibility of mortgage as a way to secure obligations.

14. The emergence and development of mortgages in Russia

The first pledge acts in Russia appeared in the XNUMXth-XNUMXth centuries, and legislative norms - at the end of the XNUMXth or the beginning of the XNUMXth centuries. in the Pskov Judicial Charter. At that time, a new form of pledge appeared in Russian law, which was provided with guarantees for creditors and allowed the use of pledged property instead of interest on a loan.

in Russia at the end of the 1787th century. a system of mortgage lending to the nobility was formed, a bank for the nobility was reorganized, the capital of the Noble Bank increased, the size of loans, the term for granting loans, and additional guarantees were provided for the preservation of estates for their owners. In XNUMX, the State Loan Bank was created, it was close to the standard mortgage bank

At the end of the XVIII century. in Russia there was an issue of new securities - mortgage bonds.

In the 14th century the procedure for registering a pledge was determined by the Regulations on the notarial part, which received the force of law on April 1866, 31, and the Rules approved by the Ministry of Justice on May 1891, XNUMX, which determined the procedure for maintaining a register of serf deeds.

At the end of XIX - beginning of XX centuries. the process of lending secured by land plots that the borrower was going to acquire was actively going on.

From 1922 to 1961 in Russia, the Civil Code of the RSFSR was in force; in accordance with Art. 85 pledge - this is the right of claim, it allows the creditor in case of non-fulfillment of the obligation by the debtor to receive priority satisfaction of the claim over other creditors at the expense of the value of the pledged property.

Real estate registration is regulated by the Federal Law of July 21.07.1997, XNUMX "On State Registration of Rights to Real Estate and Transactions with It". Realization of the bank's rights under the mortgage is possible within the framework of the Law "On Enforcement Proceedings".

In 1998, the Federal Law "On Mortgage" was adopted.

According to Art. 2 of the above law "A mortgage may be established to secure an obligation under a loan agreement, under a loan agreement or other obligation, including an obligation based on the purchase and sale, lease, contract, other agreement, causing harm, unless otherwise provided by federal law" . The mortgage agreement is concluded in compliance with the general rules of the Civil Code of the Russian Federation on the conclusion of contracts. A loan is a type of loan agreement.

With the emergence of the Law "On Pledge of Real Estate", a mortgage security appeared, which freely circulates on the market. A mortgage security is registered, it certifies the owner's right to use it under a monetary obligation, which is secured by the mortgage of the property specified in the mortgage agreement, without presenting other evidence of the existence of the obligation and the right of pledge.

15. Mortgage as a way to secure obligations

According to the Law "On Mortgage" (Article 5), real estate specified in Art. 130 of the Civil Code of the Russian Federation, the rights to which are registered in the manner established for the state registration of rights to real estate, including

1) land plots, with the exception of land plots specified in Art. 63 of the Federal Law;

2) enterprises, buildings, structures and other immovable property used in entrepreneurial activities;

3) residential buildings, apartments and parts of residential buildings and apartments, consisting of one or more isolated rooms;

4) dachas, garden houses, garages and other consumer buildings;

5) air and sea vessels, inland navigation vessels and space objects.

The collateral in a home mortgage must meet the following requirements:

1) have a kitchen and a bathroom separate from other houses or apartments;

2) there must be electric, steam or gas heating, which will ensure the supply of heat to the dwelling;

3) must be provided with hot and cold water supply in the bathroom and kitchen;

4) plumbing fixtures, doors, windows and roof must be in good condition.

The mortgage agreement specifies the subject of the mortgage, the results of the assessment of its value, the essence and term of performance of the agreement secured by the mortgage.

The agreement defines the subject of mortgage with the name, location and description. The appraisal of the subject of mortgage is determined in accordance with the Law "On appraisal activities in the Russian Federation" by agreement between the mortgagor and the mortgagee.

A mortgage agreement is subject to state registration from the moment it enters into force. The contract must be notarized.

A mortgage secures the pledgee's claims to the extent that they exist by the time they are satisfied at the expense of the pledged property.

Pledge of real estate is separated into a separate category, which is called "mortgage". The advantages of real estate as an object of collateral in relation to other objects of collateral are as follows:

1) the value of mortgaged real estate may grow depending on the level of inflation;

2) a good incentive for the debtor to fulfill his obligations is the real danger of losing property.

Real estate can be used as collateral if the loan is long-term and significant in amount, because real estate is durable and its value is very high. An increase in the value of real estate can be predicted.

A long-term loan is provided on security with the transfer to the pledgee of the pledged property: precious metals and products made from them, secured by reliable securities, the price of which is particularly stable. In world practice, the majority of long-term loans are issued on the security of real estate. Mortgage is becoming the most priority way to ensure the fulfillment of obligations in Russia.

16. Features of mortgage lending

Mortgage - it is a pledge of real estate.

Mortgage - This is a loan secured by real estate.

Mortgage credit lending - This is a loan secured by real estate.

It is possible to create a system of mortgage lending based on the development of primary and secondary mortgage capital markets.

Composition of the primary mortgage capital market: 1) lenders - they provide loan capital; 2) borrowers-investors buy real estate

for use or investment in commercial activities.

Secondary market - is the process of buying and selling mortgage securities issued in the primary market. To provide primary creditors with the opportunity to sell the primary mortgage security, and to provide another loan on the income received in the same market - this is the main task of the secondary mortgage capital market.

The lender can dispose of the property at his own discretion, if the borrower does not repay the loan, this is the advantage of mortgage lending. Real estate is durable and its price is stable.

Attraction of financial resources on the basis of a mortgage has received the greatest development in the real estate market, because the value of real estate does not meet the financial capabilities of potential buyers, but a loan received for the purchase of real estate can serve as security - an obligation to repay it.

The main problem of mortgage lending is the lack of long-term financial resources. Private deposits can become a source of long-term funds.

In 1998, the financial and economic crisis that occurred led to a decrease in the real incomes of the population and devalued their savings, and contributed to the outflow of private deposits to Sberbank. One of the problems is to assess the solvency of a potential borrower based on real income.

The official income of potential borrowers is low, because the share of the shadow sector of the economy is very large, which makes it difficult for commercial banks to make lending decisions. A well-thought-out state tax policy of mortgage lending to the population will make it possible to bring real incomes out of the "shadow".

The development of the mortgage lending system is the main direction in eliminating the observed imbalance between the high cost of real estate and the financial capabilities of the majority of the population. Mortgages can finance most real estate transactions in many countries. A long-term loan at a low interest rate will speed up the process of acquiring housing by the population. Currently, the population is forced to set aside funds for the purchase of housing in full for a very long time. Traditional approaches to real estate appraisal are widely used when making decisions on financing investments in real estate, when determining the value of objects that are used as collateral for mortgage loans.

17. Mortgage (pledge) of housing

The mortgage process is regulated by the Federal Law "On Mortgage (Pledge of Real Estate)" (as amended by Federal Laws No. 30.12.2004-FZ of December 216, XNUMX).

Under an agreement on pledge of immovable property (mortgage agreement), one party - mortgageewho is a creditor under an obligation secured by a mortgage, has the right to receive satisfaction of his monetary claims against the debtor under this obligation from the value of the pledged immovable property of the other party - pledger predominantly over other creditors of the pledgor, with the exceptions established by federal law.

The pledger may be the debtor under the obligation secured by the mortgage, or a person not participating in this obligation (third party).

The property on which the mortgage is established remains with the mortgagor in his possession and use.

To a pledge of immovable property arising on the basis of a federal law upon the occurrence of the circumstances specified therein, the rules on a pledge arising by virtue of a mortgage agreement are applied accordingly, unless otherwise established by federal law.

A mortgage may be established to secure an obligation under a loan agreement, under a loan agreement or other obligation, including an obligation based on the sale, lease, contract, other agreement, or damage, unless otherwise provided by federal law.

Obligations secured by a mortgage are subject to accounting by the creditor and the debtor, if they are legal entities, in accordance with the procedure established by the legislation of the Russian Federation on accounting.

The mortgage secures the payment to the mortgagee of the principal amount of the debt under the loan agreement or other obligation secured by the mortgage in full or in the part provided for by the mortgage agreement.

A mortgage established to secure the performance of a loan agreement or a loan agreement with the condition of payment of interest also ensures the payment to the creditor (lender) of the interest due to him for the use of the loan (borrowed funds).

If the mortgage agreement specifies the total fixed amount of the mortgagee's claims secured by the mortgage, the debtor's obligations to the mortgagee in excess of this amount shall not be considered secured by the mortgage.

Under a mortgage agreement, real estate may be pledged, the rights to which are registered in accordance with the procedure established for state registration of rights to real estate and transactions with it, including:

1) land plots;

2) enterprises, as well as buildings, structures and other immovable property used in business activities;

3) residential buildings, apartments and parts of residential buildings and apartments, consisting of one or more isolated rooms;

4) dachas, garden houses, garages and other consumer buildings;

5) air and sea vessels, inland navigation vessels and space objects.

Part of the property, the division of which in kind is impossible without changing its purpose (an indivisible thing), cannot be an independent subject of mortgage.

18. Conclusion of a mortgage agreement

The procedure for concluding a mortgage agreement is defined in the Federal Law "On Mortgage (Pledge of Real Estate)" (as amended by Federal Laws No. 30.12.2004-FZ of December 216, XNUMX).

The mortgage agreement is concluded in compliance with the general rules of the Civil Code of the Russian Federation on the conclusion of contracts and the provisions of the above-mentioned Law No. 216

The mortgage agreement specifies the subject of the mortgage, its valuation, the essence, the size and the term for fulfilling the obligation secured by the mortgage.

The subject of mortgage is determined in the agreement by indicating its name, location and a description sufficient to identify this subject.

The mortgage agreement specifies the right by virtue of which the property that is the subject of mortgage belongs to the pledgor, and the name of the body that carries out state registration of rights to real estate and transactions with it, which registered this right of the pledgor.

The valuation of the subject of mortgage is determined in accordance with the legislation of the Russian Federation by agreement between the mortgagor and the mortgagee, subject to the requirements of Article 67 of the Federal Law "On Mortgage" when mortgaged, and is indicated in the mortgage agreement in monetary terms.

When state and municipal property is mortgaged, its appraisal is carried out in accordance with the requirements established by federal law, or in the manner determined by it.

In the case of a pledge of immovable property under construction, which is in state or municipal ownership, an assessment of the market value of this property is carried out.

An obligation secured by a mortgage must be named in the mortgage agreement with an indication of its amount, the grounds for the occurrence and the deadline for fulfillment. In cases where this obligation is based on any contract, the parties to this contract, the date and place of its conclusion must be indicated. If the amount of the obligation secured by the mortgage is to be determined in the future, the mortgage agreement must indicate the procedure and other necessary conditions for its determination.

If an obligation secured by a mortgage is subject to performance in parts, the mortgage agreement must specify the terms (periodicity) of the relevant payments and their amounts, or conditions that make it possible to determine these amounts.

If the rights of the pledgee in accordance with Art. 13 of the Federal Law "On Mortgage" are certified by a mortgage, this is indicated in the mortgage agreement, with the exception of cases where a mortgage is issued in a mortgage by virtue of law.

A mortgage agreement is concluded in writing and is subject to state registration.

Failure to comply with the rules on state registration of a mortgage agreement shall entail its invalidity. Such an agreement is considered null and void.

The mortgage agreement is considered concluded and comes into force from the moment of its state registration.

When a mortgage agreement is included in a loan or other agreement containing an obligation secured by a mortgage, the requirements established for a mortgage agreement must be observed with respect to the form and state registration of this agreement.

19. State registration of a mortgage

According to the Federal Laws of June 29, 2004 No. 58-FZ and FZ "On Amendments to Certain Legislative Acts of the Russian Federation and the Recognition of Certain Legislative Acts of the Russian Federation as Invalid in Connection with the Implementation of Measures to Improve Public Administration" and the Federal Law of December 30, 2004 No. 216-FZ "On Mortgage (Pledge of Property)" mortgage is subject to state registration in the Unified State Register of Rights to Real Estate and Transactions Therewith. State registration of a mortgage is carried out at the location of the property that is the subject of the mortgage. State registration of a mortgage is carried out on the basis of a joint application of the mortgagor and the mortgagee.

For state registration of a mortgage, the following must be submitted:

1) the mortgage agreement and its copy;

2) documents specified in the mortgage agreement as attachments;

3) a document confirming the payment of the state fee;

4) other documents required for state registration of a mortgage in accordance with the legislation of the Russian Federation on state registration of rights to real estate and transactions with it.

State registration of a mortgage is carried out without submitting a separate application and without paying a state fee. The state registration of a mortgage by virtue of law is carried out simultaneously with the state registration of a person's property right. The mortgagee's rights under a mortgage may be certified by a mortgage.

An application for state registration of a pledge of immovable property that secures claims constituting mortgage coverage, the share in the common ownership of which is certified by a mortgage participation certificate, shall be submitted by the manager of mortgage coverage. For the state registration of a pledge of real estate that secures the claims constituting such mortgage coverage, in addition to other documents required in accordance with the Federal Law "On Mortgage Securities" and the Federal Law "On State Registration of Rights to Real Estate and Transactions with It" documents, the following documents are submitted:

1) license to manage mortgage coverage;

2) rules for trust management of mortgage coverage.

A mortgage must be registered within one month from the date of receipt of the documents necessary for its registration by the body that carries out the state registration of rights.

The date of state registration of a mortgage is the day the mortgage is registered in the Unified State Register of Rights to Real Estate and Transactions Therewith. Registration entries in the Unified State Register of Rights to Real Estate and Transactions with it are made in the order determined on the basis of the dates of receipt of all necessary documents by the body maintaining the said register.

For the state registration of a mortgage agreement and mortgage as a restriction (encumbrance) of rights to real estate, the state duty is paid once for all these actions in the amount and in the manner established by the legislation of the Russian Federation on taxes and fees.

20. Features of the mortgage of enterprises

According to the Federal Law "On Mortgage (Pledge of Real Estate)", when a company is mortgaged as a property complex, the right of pledge extends to all the property included in it. Mortgage of a building or structure is allowed only with simultaneous mortgage under the same agreement of the land plot on which this building or structure is located, or of a part of this plot that functionally provides the pledged object, or of the right to lease this plot or its corresponding part belonging to the pledgor.

The right of pledge does not apply to the right of permanent use of the land plot on which the enterprise, building or structure is located, belonging to the pledgor.

The transfer of an enterprise into a mortgage is allowed with the consent of the owner of the property related to the enterprise, or a body authorized by him.

If the subject of the mortgage is an enterprise, then the pledged property includes tangible and intangible assets related to this enterprise, including buildings, equipment, inventory, raw materials, finished products, claims, exclusive rights.

The composition of the property related to the enterprise transferred to the mortgage and the assessment of its value are determined on the basis of a complete inventory of this property. The act of inventory, the balance sheet and the conclusion of an independent auditor on the composition and value of property related to the enterprise are mandatory annexes to the mortgage agreement.

An enterprise mortgage may secure an obligation, the amount of which is not less than half of the value of the property related to the enterprise.

The enterprise's mortgage secures a financial obligation to be fulfilled not earlier than one year after the conclusion of the mortgage agreement.

The mortgagor has the right to sell, exchange, lease, lend property related to the enterprise transferred to the mortgage, and otherwise dispose of the said property, as well as make changes to the composition of this property, if this does not entail a decrease in the total specified in the mortgage agreement. the value of property related to the enterprise, and also does not violate other conditions of the mortgage agreement.

If the pledger of the enterprise fails to take measures to ensure the safety of the pledged property, inefficient use of this property, which may lead to a decrease in the value of the enterprise, the pledgee has the right to apply to the court with a demand for early fulfillment of the obligation secured by the mortgage or the introduction of mortgage control over the activity of the pledger.

If the pledgor fails to fulfill the obligation secured by the mortgage of the enterprise, foreclosure on the pledged property may be levied only by a court decision.

The buyer, who has acquired an enterprise at a public auction, transfers the rights and obligations of the owner of the enterprise related to the latter from the moment of state registration of ownership of the acquired property.

21. Features of the mortgage of land

Land is the most reliable object of collateral, as it does not wear out over time, and its value is constantly growing.

In the mortgage agreement, if a land plot is mortgaged, it is necessary to indicate the subject of the mortgage agreement, its essence, the estimated cost, the term and the amount of fulfillment of obligations secured by the mortgage. Copies of drawings of the boundaries of the plot, which were issued by the committee on land resources and land management, are attached to the mortgage agreement. In the contract, the subject of mortgage must be described in such a way that its location and name can be easily established.

Mortgage Law Allows Pledge

1) if land plots are owned by citizens and legal entities;

2) if the land plots are provided for gardening, horticulture, garage or summer cottage construction

3) household plots of personal subsidiary plots;

4) land plots on which buildings and structures have already been built;

5) land plots that are in common, joint or shared ownership that have been allocated in kind.

The mortgage must provide claims to the extent that it has by the time of its satisfaction - these are interest, damages, penalties, delay in performance or improper performance of obligations, and most importantly - reimbursement of the mortgagee's costs that occurred as a result of foreclosure on the pledged property and its sale .

It is not allowed to mortgage a part of a land plot, the area of which is less than the minimum size established by the regulations of the constituent entities of the Russian Federation and the regulations of local governments for lands of various purposes and permitted use.

When a land plot is mortgaged, the right of pledge extends to the facilities or buildings of the pledgor constructed or being built on the land plot.

A land plot acquired with the use of credit funds from a bank or other credit institution or funds of a targeted loan provided by another legal entity for the acquisition of this land plot is considered to be pledged from the moment of state registration of the borrower's ownership of this land plot.

The pledgee under this pledge is a bank or other credit institution or other legal entity that has provided a loan or targeted loan for the acquisition of a land plot or the right to lease a land plot.

The evaluation of the land plot is carried out in accordance with the legislation regulating the evaluation activities in the Russian Federation.

The collateral value of a land plot pledged under a mortgage agreement is established by agreement between the mortgagor and the pledgee.

The mortgage agreement is considered concluded and comes into force from the moment of its state registration. Registration is carried out exclusively at the location of the land plot within certain limits of the city or district.

22. Operations with living quarters

In the housing sector, real estate includes real estate with established rights of ownership, disposal and use within the boundaries of the property, which include: land plots and residential buildings built on them that have non-residential and residential premises, outbuildings, green spaces; residential buildings - residential premises in these houses and other buildings of the apartment, all of which are suitable for permanent or temporary residence; structures with elements of the engineering infrastructure of the housing sector. In the housing sector, real estate may be in private, state, municipal, collective and other ownership

The motive for making transactions with residential premises is the acquisition of ownership or the right to use these premises.

Residential transactions include:

1) privatization of residential premises is a free transfer of ownership to citizens of Russia on a voluntary basis of residential premises occupied by them in state and municipal housing stocks;

2) purchase and sale of residential premises - a very common type of transaction in the field of real estate. When buying and selling a dwelling, a contract is drawn up, which is concluded exclusively in writing by drawing up one document. The contract is signed by both parties

3) auctions-sales. Organizations of the construction complex of the Russian Federation have the right to conduct auctions for the sale of apartments that were built at the expense of this enterprise and at the expense of a bank loan

4) housing certificates are securities or obligations that are denominated in units of the total area of housing and have an indexed nominal value expressed in monetary terms, they are placed among legal entities or citizens and entitle their owners to demand their redemption from the issuer by the method of exchange for a conclusion a contract for the sale of residential premises or construction, which was financed from the funds that were received from the circulation of these securities or obligations;

5) lease - the right to use someone else's real estate under certain conditions;

6) mortgage;

7) housing lease - an agreement under which the owner of a state or other dwelling place provides a citizen with a comfortable living space (apartment) for use, and the tenant undertakes to use it for living and pay for living;

8) exchange. The tenant may exchange the occupied premises for another;

9) exchange. Each party, under an exchange agreement, undertakes to transfer one residential building to the ownership of the other party in exchange for another;

10) donation is a gratuitous transfer of any property into the ownership of another person;

11) inheritance. In the event of the death of a citizen, the right of ownership to the property belonging to him passes by inheritance to another person or persons, in accordance with a will made or in accordance with the law;

12) participation in shared construction - is currently a very common way of acquiring housing.

23. Privatization and rental of residential premises

According to the Law on Privatization of the Housing Stock in the Russian Federation privatization of residential premises - free transfer to the ownership of citizens of the Russian Federation on a voluntary basis of residential premises occupied by them in the state and municipal housing stock, and for citizens of the Russian Federation who have booked occupied residential premises - at the place of reservation of residential premises

Citizens of the Russian Federation occupying residential premises in the state and municipal housing stock, including housing stock under the economic management of enterprises or operational management of institutions, on the terms of social employment, have the right, with the consent of all adult family members living together, as well as minors aged 14 up to 18 years of age to acquire these premises for ownership on the terms provided for by the Law on Privatization of the Housing Stock in the Russian Federation and other regulatory acts of the Russian Federation and the constituent entities of the Russian Federation. Living quarters shall be transferred into common ownership or into the ownership of one of the cohabiting persons, including minors.

Every citizen has the right to acquire ownership free of charge (in the order of privatization) of a dwelling in the state and municipal housing fund of social use once.

Rental of residential premises. According to the Law of the Russian Federation "On the Fundamentals of the Federal Housing Policy" dated December 24.12.1992, 4218 No. 1-06.05.2003 (as amended on May 52, XNUMX No. XNUMX-FZ), owners of the housing stock have the right to provide citizens, legal entities with houses or apartments of any area under a lease agreement. The shares of the state and municipal housing stock provided under a lease agreement are determined by the Government of the Russian Federation and the executive authorities of the constituent entities of the Russian Federation.

Lease contract - this is an agreement under which the landlord provides the tenant and members of his family with residential premises without size restrictions for a contractual fee for temporary possession and use, and the tenant undertakes to use it in accordance with the contract and pay the rent in a timely manner, including utility bills.

The lease agreement, which is drawn up between the tenant and the landlord, specifies the terms, procedure, terms of the lease. The lease agreement is concluded in writing, registered with the housing maintenance authority and the tax office.

When renting out the premises, the owner must not violate the housing and other rights and freedoms of other citizens, as well as public interests.

24. Valuation of real estate in a market economy

Currently, an independent and professional real estate appraisal is a necessary element in real estate transactions.

Under real estate appraisal understand the special area of professional activity in the real estate market, which requires a high qualification of an appraiser, an understanding of the methods and principles of valuation, free orientation in the real estate market, knowledge of the state and trends of supply and demand in various market segments.

A professional assessment is needed to make decisions on the sale, purchase, exchange, issuance of loans secured by property, the transformation and liquidation of enterprises, for making investment decisions, decisions on the reorganization or bankruptcy of an enterprise, property insurance, etc.

The problem of a competent professional assessment of real estate in Russia is very acute. Increased attention should be paid to such areas as valuation for sale and pledge of buildings of privatized enterprises, revaluation of fixed assets in connection with inflationary processes and development of housing finance.

In the 1930s, in developed countries, real estate valuation appeared as a professional activity, and in the early 1990s. it appeared in Russia with the assistance of the Economic Development Institute of the World Bank for Reconstruction and Development. The Institute provided training based on training materials developed by the American Society of Appraisers.

The Ministry of Labor of the Russian Federation, by Resolution No. 27.11.1996 of 11, approved the qualification characteristics of the position of "appraiser". The appraiser's duties include establishing the market value of objects of civil rights, researching the needs for appraisal and establishing business contacts with clients, compiling a written appraisal report, using all known appraisal methods, creating the information base necessary for professional activities.

The problem of valuation in Russia was first encountered in connection with the privatization of July 3, 1991.

Appraisal activity increased significantly during the revaluation of fixed production assets, when enterprises could involve independent expert organizations to determine the market value of property. The Decree of the Government of the Russian Federation "On the revaluation of fixed assets" as of January 1, 1995 granted enterprises and organizations the right to revaluate fixed assets based on the indices of change in their value, which were developed by the State Statistics Committee of Russia.

Public organizations of professional appraisers are currently operating in Russia. In 1993, the Russian Society of Appraisers (ROO) was established, in 1996 - the National College of Appraisers (NPO). In the spring of 1999, the Virtual Club of Appraisers was founded, in which interested persons share their opinions and suggestions. The main task of the Virtual Club of Appraisers is to form and strengthen a society of experts in the field of economic and legal expertise, government, business and scientific and educational structures.

25. Types of real estate value

Currently, there are four components of value: demand, utility, scarcity, alienability of objects.

Demand - the quantity of a given good or service in the market of solvent buyers. There is a very large potential demand in the housing market.

Usefulness - the ability of property to meet human needs.

Utility stimulates the desire to acquire a certain thing.

The usefulness of housing is the comfort of living.

For an investor operating in the real estate market, a land plot without restrictions for development will have the greatest utility.

Scarcity - it is a limited supply. If the supply of a certain product increases, then the price of this product falls, and when the supply decreases, it begins to rise.

The possibility of alienation of objects - the possibility of transferring property rights that allow real estate to pass from seller to buyer, i.e. become a commodity.

Previously, land was not considered a commodity, so in Russia there was a single state property.

Cost - this is not a characteristic that is inherent in real estate: the value is in direct proportion to the desire of people, the availability of purchasing power, utility and relative scarcity.

If real estate appraisal is carried out in order to obtain a loan secured by real estate, then the appraiser needs to obtain very accurate information about the likely sale price of this property, which in turn should cover the losses of the lender if the borrower does not repay the debt.

If the assessment of objects is carried out for reconstruction, then the investment value is selected, which is calculated for one (specific) investor.

The most common type of value is the market value. It shows the interaction between buyers, sellers and investors in the real estate market.

Market value of the appraisal object - the most probable price at which the object of appraisal can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and any extraordinary circumstances are not reflected in the value of the transaction price.

The market value of real estate is determined under the following conditions of an equilibrium transaction:

1) the market is competitive and provides a sufficient choice of property for the interaction of buyers and sellers;

2) the buyer and the seller are free, they act only in order to increase income or better satisfy needs;

3) the period of exposition of the object of assessment is sufficient to ensure its availability to all potential buyers;

4) payment for the transaction is made in cash or cash equivalent.

Price - is the amount of money that is offered or paid for the property being valued. Market value of real estate - is the expected price under certain conditions, and Selling price - This is the amount that, in a particular situation, the buyer agreed to pay, and the seller accepted for the property. The market value is objective and does not depend on the desire of real estate market participants.

26. Non-market types of value

If the sale of an object on the open market is unrealistic or requires additional costs compared to the costs that are necessary for the sale of freely traded goods on the market, then the value of this object is called the value of the object of evaluation with a limited market.

The cost of reproduction of the object of assessment - this is the sum of costs in market prices that exist on the date of the assessment, for the creation of an object identical to the object of assessment, using identical materials and technologies. The valuation date is the date on which the property is valuated.

The cost of replacing the object of assessment - the sum of costs for the creation of an object similar to the object of assessment in market prices existing on the date of the assessment.

The value of the appraised object under the existing use - value determined from the existing conditions and the purpose of its use.

Investment value of the appraisal object - value, which is determined from its profitability for a particular person with given investment goals. Real estate for an investor is a tool for generating income streams. The investment value is the cost of capital investments for a particular investor, taking into account his investment requirements.

Liquidation value of the appraisal object - the value of the appraisal object in the event that the appraisal object must be alienated within a period less than the usual exposition period for similar objects.

Utilization cost of the appraisal object - a value equal to the market value of the materials that it includes, taking into account the costs of disposing of the object of assessment.

Special value of the appraisal object - value, for the determination of which the valuation agreement or the regulatory legal act stipulates conditions that are not included in the concept of market or other value specified in the valuation standards that are mandatory for use by the subjects of valuation activities. There are the following types of value.

The cost of the operating enterprise - the cost of a single property complex, determined in accordance with the results of the functioning of the established production.

Insurance cost - the cost of full compensation for damage to property in the event of an insured event.

Security deposit - the value of real estate used to secure the loan.

The cost of the right to rent - a one-time payment for the right to use and dispose of property under a lease agreement.

The change in the value of real estate depends on a number of factors. They can be divided into objective and subjective.

Objective factors characterize typical market situations and behavioral motives of transaction participants. Objective factors are mainly economic, they are divided into microeconomic (environmental, seismic factors) and macroeconomic (taxes, inflation).

27. Principles of real estate valuation

The number of economic factors affects the value of real estate. The principles of real estate valuation help to take into account the most significant of them.

The principles of real estate valuation are interrelated. One object can be influenced by several principles.

The basic principles of real estate valuation are divided into four categories.

Best and Most Efficient Use Principle (NNEI) is based on determining the value of real estate in the case of using the object in the best and most efficient way.

The results of the NNEI analysis are taken into account when determining the value of real estate, when choosing a construction and reconstruction option, and when analyzing investment projects

Principles reflecting the components of real estate. The contribution principle is based on measuring the value of each element that it contributes to the total value of the object.

The principle of marginal productivity. The point is that successive improvements will be accompanied by an increase in the value of the object, exceeding the cost of their creation, until a point of maximum productivity is reached, after which the costs of creating additional improvements will not be fully offset by the increase in the cost of the object.

The principle of balance is that the more harmonious and balanced the elements of the object, the higher the value of the object on the market.

The balance of the elements of the object is determined based on market requirements

Principles based on user perceptions. The principle of utility is that a property with greater utility to the user has a greater value in the market.

substitution principle. An informed buyer will not pay more for a property than for an object of similar utility and profitability.

The principle of expectation. The value of real estate is influenced by the expected future benefits of owning the property. Expectations associated with real estate are expressed in obtaining the expected return on investment through income streams from the use and future resale of the property.

This principle is based on the attractiveness of the future benefits of owning a property: the more positive expectations, the higher the value of real estate.

Principles related to the market environment. The principle of external influence is based on taking into account changes in the value of real estate caused by the influence of changing environmental factors.

The principle of change is based on taking into account changes corresponding to life cycles, which are inherent both in specific objects and real estate markets in cities, and in society as a whole.

The principle of competition is based on the fact that market prices are set at a certain level, taking into account competition.

The principle of supply and demand is based on determining the value of an object by the ratio of supply and demand in the real estate market.

The principle of conformity is based on the fact that the property reaches its maximum value in the environment of compatible harmonizing objects with a compatible land use.

28. Real estate appraisal process

Real estate appraisal can be mass and individual.

Mass real estate appraisal - evaluation of a large number of objects on a specific date using standard methods and statistical analysis

Individual property valuation - This is the assessment of a particular object on a certain date.

Mass assessment is approximate, and individual assessment is exact.

The real estate appraisal process takes place in six stages:

1) problem definition;

2) preliminary inspection and evaluation plan. The issue of the data necessary for the analysis of the object is resolved, the sources of their receipt are established;

3) collection and verification of data;

4) application of approaches to valuation, at this stage the cost of the object is determined by traditional methods;

5) coordination of the result of the assessment - obtaining the final assessment of the property based on the results of applying various approaches to the assessment;

6) the final stage is the preparation of a valuation report - a document containing the rationale for the appraiser's opinion on the value of the property.

When compiling the appraisal report, the appraiser is obliged to use information that ensures the reliability of the appraisal report as a document containing information of probative value.

The customer always sets a specific goal for the appraiser: to determine the value of the real estate object, which the customer needs to accept .. a certain solution. The appraiser must determine the specific type of value (investment, market and other value) and the area of use of this object (insurance, sale, etc.).

When evaluating a real estate object, it is very important to determine the legal and other rights associated with the object, because the customer may only have the right to rent or a certain share in the partnership. On the basis of an agreement between the customer and the appraiser, an assessment of real estate objects is carried out. In this contract, it is necessary to indicate the type of assessment, the value of the object of assessment, the type and amount of payment for the work.

The appraiser begins to develop a work plan only after both parties sign this contract. The evaluation plan includes the following types of tasks:

1) study at the regional level of general factors in the value of the property;

2) research at the local level of specific factors;

3) study of specific factors that affect the value of the site being assessed and the property located on this site.

Next, the appraiser collects and processes the information he needs. These data must be very accurate, otherwise it will be difficult for the appraiser to give a reasonable opinion on the value of the real estate object.

When evaluating real estate, three approaches to valuation are used: costly, profitable, comparative.

Each approach uses a unified set of scoring principles.

29. Comparative approach to real estate valuation

A comparative approach to real estate valuation is based on the principle of substitution - the buyer will not purchase a property if the value of this property exceeds all the costs of acquiring a similar property on the market that has the same utility for the buyer. This approach is mainly used where there is a sufficient database of sales or lease transactions in the real estate market.

Comparative approach - a set of methods for estimating the value of a real estate object based on a comparison of the object with its analogues, in respect of which there is information on the prices of transactions with it.

The cost of a real estate object in this approach is equal to the weighted average price for sold analogues, taking into account amendments that take into account their difference from the property being valued:

where Pk - selling price of a similar property;

ΣD- amount of adjustments. The comparative approach to the valuation of real estate is based on the principles of substitution, demand, supply and balance.

The sequence of actions when evaluating a property using a comparative approach:

1) market research;

2) collection and verification of data, reliability of information on offered for sale or recently sold analogues of the appraisal object;

3) comparison of data on selected analogues and real estate;

4) adjustment of sales prices of selected analogues in accordance with their differences from the object;

5) establishment of the value of the appraisal object. Market research is carried out in order to identify

in this market or its segments sold or offered for sale of an analogue of the property. If sales data or sales prices are hidden, the analysis is based on the offer price of comparable properties.

The main sources of information can be the data of registration, information, insurance services and company brokers; periodicals on real estate, information provided by participants in transactions, archives of the appraiser.

An accurate assessment depends on the quality and quantity of information used for analysis, so the collection and verification of data on analogues of the object of assessment should be given great importance.

Various specific circumstances may affect the specific sale price of a property, therefore, the details of each sale are verified by an appraiser, i.e. it is necessary to obtain confirmation of the data by the buyer, seller or broker.

In order to determine the final value of the property being valued, an adjustment to comparable sales is necessary. Adjustments are calculated on the basis of a logical analysis of previous calculations, taking into account the significance of each indicator. An important point here is the definition of correction factors.

The calculation of the cost of an element for which an amendment is required is carried out minus wear, mainly functional aging of this element.

30. Cost approach

The cost approach is based on the calculation of the costs for the reproduction of the evaluated structures and buildings, taking into account all types of wear and tear and business profit. The market value of the land is added to the value received.

Cost approach is a set of valuation methods that are based on determining the costs necessary to replace or restore the object of assessment, taking into account the accumulated wear and tear

This approach is based on the assumption that a typical buyer will not pay more for a completed item than for a similarly useful item. When calculating the costs of a possible new construction of the appraised object, only the costs of the investor are taken into account. The following data are used in the evaluation process: salary level, overhead costs, equipment costs, the rate of return of builders in this region, market prices for building materials But the total cost of acquiring a land plot and building a similar object on it is not always equivalent to market value.

The cost approach is based on the principle of displacement Valuation of real estate by the cost method includes the following steps

1) calculation of the cost of the land plot, taking into account the most efficient use (Cz);

2) calculation of costs for new construction of buildings being assessed (SNS);

3) calculation of accumulated wear: functional wear, physical and external wear (In);

4) calculation of the cost of improvements, taking into account the accumulated depreciation (Cu) is determined by the formula;

Su = Sns - Ying

5) calculation of the total value of real estate (SZP), is determined by the formula:

Szp \uXNUMXd Sz + Su

With the cost approach, the determination of the value of real estate begins with the valuation of the land.

The land plot is not only part of this approach, but also an independent stage of the valuation process. Next, the cost of new construction of the assessed improvements is determined, and the accumulated depreciation is calculated. At the last (final) stage of the cost approach, in order to obtain the final cost of the object, the cost of the land plot and the costs associated with the new construction of buildings and structures are summed up, minus the depreciation accumulated by the buildings.

This method includes four main types of assessment:

1) index;

2) estimated;

3) element by element;

4) comparative unit.

For the valuation of buildings that have historical value, when a building with very high physical wear and tear is evaluated, when it is impossible to make an independent assessment of the land plot, the cost approach is not applied.

31. Estimation methods for the cost approach

Costs are divided into direct and indirect

Direct costs - is the cost of labor and material resources. Indirect costs occur during construction, but cannot be directly detected in the structure itself.

There are four main methods of estimating the cost approach: estimated, comparative units, index and item by item.

Comparative unit cost method - property valuation based on the use of single adjusted aggregated cost indicators for creating analogues. The essence of the method lies in the fact that for the object to be evaluated, an analogue object is selected, which will be very similar to the one being evaluated in almost all characteristics, materials used and its manufacturing technology. The cost of a unit of measurement of an analogue object is multiplied by the number of units of the property being valued.

The cost method of aggregated elements is to evaluate the property based on the value of the cost of creating its main elements. The method uses data on the cost of various elements, i.e., the components of a building or structure - elemental costs.

The calculation of elemental costs includes the breakdown of the building into its component parts, the establishment of the average cost for these parts.

The lumped element cost method helps to better compare the elements of the property being valued with typical elements, and as a result of the application it allows to obtain a value of greater accuracy than using the comparative unit cost method.

The element-by-element method is less time-consuming. The most characteristic indicators of structural elements are taken as cost units.

The method of quantitative analysis is based on the assessment of the object based on the full cost estimate for its reproduction. For example, the cost of construction is determined by summing up all the costs of erecting or installing the components of a building, but indirect and direct costs must be taken into account. In order to apply this method, it will be necessary to compile a list of all materials and equipment, calculate the labor costs required to install each element, take into account indirect, overhead costs and profits for the developer. Errors may occur when applying the method of quantitative analysis, due to incorrect selection of data on the cost of units of comparison in buildings that do not correspond to the type of the object of assessment. This method is quite laborious, its application is based on compiling a list of all materials and equipment, calculating the labor costs required for the installation of each element, which requires the involvement of qualified estimators.

The index method consists in determining the replacement cost of the property being valued by multiplying the book value by the corresponding revaluation index. Indexes for the revaluation of fixed assets are approved by the Government of the Russian Federation and are periodically published in the press.

32. Wear

Under wear and tear property is understood as a decrease in its value under the influence of various reasons. Depreciation is determined on the basis of the actual state of the property, according to statistical or accounting data.

There are three types of property depreciation:

1) physical deterioration - wear associated with a decrease in the performance of an object as a result of natural physical aging and the influence of external adverse factors;

2) functional wear occurs due to non-compliance with modern requirements for such objects;

3) external wear - depreciation as a result of changes in external economic factors.

Wear is divided into:

1) removable - depreciation of property, the cost of eliminating which is less than the value added in this case;

2) irreparable - depreciation of property, the cost of eliminating which is greater than the value added in this case.

The main methods for determining the amount of accumulated depreciation are: the split method, the method of life, the method of comparable sales.

Partition method - consists in determining separately three types of wear with the division of physical and functional into removable and non-removable types.

Physical wear is manifested in the deterioration of the physical properties of the object over time, in the loss of the initial technical and operational properties by the elements of the structure. Physical wear is caused by improper use, physical and chemical influences.

When assessing physical wear and tear, it is taken into account that building elements are divided into two categories:

1) long-term: walls, ceilings, foundations;

2) wear parts - elements with a service life less than the economic life of the building: roofs, pipes, painting.

The wear of each element of the object is evaluated separately. The percentage of depreciation is determined as a result of the inspection and converted into monetary terms by multiplying the percentage of depreciation by the cost of reproduction of each element, taking into account indirect construction costs. Functional deterioration can occur if the object does not meet modern functional requirements or due to inefficient building layout, poor design.

Lifetime method is based on the determination of accumulated wear and tear as a result of direct inspection of buildings. If depreciation is determined in this way, then a number of basic concepts are used: economic life, chronological and effective age.

Economic life span the period of time during which the object can be used and profited, the contribution of improvements to the value of the land plot is greater than zero.

Chronological age - the actual age of the building, i.e. the number of years since it was built. Effective age - the age of the building, determined on the basis of its appearance.

Comparable sales method is to determine depreciation as a result of an analysis of market data on current comparable sales.

Over time, the value of real estate may decrease, then when evaluating an object on the basis of a cost approach, the costs of possible new construction, the accumulated depreciation of the building, are taken into account.

33. Applying the cost approach

Valuation of property objects based on the cost approach is appropriate and only possible in the following cases:

1) when identifying the best and more efficient land plot. For example, the choice of storeys in the construction of houses. If you build few floors, then construction costs will be significantly reduced, but rental income will be low; during the construction of multi-storey buildings, operating costs are high; it is necessary to determine the number of storeys of the house, the income from which will compensate for the costs of construction;

2) during the technical and economic analysis of new construction and the creation of improvements that will justify the feasibility of a particular construction or reconstruction;

3) in the evaluation of public and special objects that are not intended to generate income, and the probability of finding information about typical sales is very low

4) when valuing objects in inactive markets, for example, unique objects are not currently sold at all, and the only way to evaluate these objects is based on costs

5) when assessed for the purposes of taxation and insurance. Insurance requires the separation of objects subject to and not subject to insurance.

Disadvantages of the cost approach:

1) costs are not always equivalent to market value;

2) attempts to achieve a more accurate assessment result are accompanied by a rapid increase in labor costs;

3) the discrepancy between the costs of acquiring the property under appraisal and the costs of new construction is exactly the same, since in the process of appraisal, accumulated depreciation is deducted from the cost of construction;

4) it is problematic to calculate the cost of reproduction of old buildings;

5) separate valuation of a land plot from buildings - such a separation is actually impossible in practice or is associated with significant costs;

6) it is very problematic to evaluate land plots in the Russian Federation;

7) it is very difficult to determine the amount of accumulated depreciation of old buildings and structures, because in most cases the judgment on the degree of depreciation is based on the expert opinion of the appraiser, and the accuracy of the results received from the appraiser largely depends on his experience and qualifications.

If, based on the conclusions from the features and specifics of the methods used, the valuation of real estate objects on the basis of the cost approach is the most appropriate and applicable in situations of feasibility study for new construction, for the valuation of new objects, for tax purposes or for the seizure of property of individuals and legal entities, then for objects special purpose for insurance purposes and when assessing the value of objects, information about the sale of which is practically absent on the market, it is difficult to apply the cost approach.

34. Basic provisions of the income approach

The income approach is based on the fact that the value of the property in which capital has been invested must correspond to the current assessment of the quality and quantity of income that this property is capable of bringing. In the income approach for real estate valuation, you need to have an idea about investments and their motivation, understand the financial mechanisms that are available to the investor

The income approach is a set of methods for assessing the value of real estate objects based on determining the current value of the expected income from it.

A prerequisite for calculating the value of real estate based on the income approach is its rental. Capitalization of income is carried out to convert future income from real estate into current value.

Capitalization of income - it is a process that determines the relationship between future income and the current value of the property being valued. The basic formula for the income approach is:

V=I/R,

where V is the value of the property

I - expected income from the property being valued;

R is the rate of income or profit.

There are different methods of capitalization, different ways of measuring income and rates of return.

Under income understand the net operating income that real estate can bring in a year.

Profit rate - is the capitalization ratio or rate.

Capitalization ratio - this is the rate of return, which reflects the relationship between income and the value of the object of assessment. There are two main areas of capitalization:

1) direct capitalization;

2) capitalization of income according to the rate of return on capital.

Annual income and capitalization rate are the two values that are considered in direct capitalization. The ratio of the property's market value to its net annual income is used to convert future income from the appraisal object into its current value. This indicator is called the capitalization rate. As a result of the analysis of income during the period of ownership of real estate, the expected income from the property is determined, but it takes into account whether a decrease or increase in income is expected, what is the risk of investing in real estate for debt and equity capital.

The discount rate is understood as the compound interest rate applied when recalculating the value of cash flows that arise from the use of property at a certain point in time.

The main stages of property valuation using the income approach:

1) calculation of the sum of all possible receipts from the object of assessment;

2) calculation of the actual gross income;

3) calculation of costs associated with the object of assessment - these are conditionally fixed, conditionally variable, reserve costs;

4) determination of the amount of net operating income;

5) transformation of expected income into current value: direct capitalization; capitalization of income by the rate of return on capital: discounting of cash flows, capitalization by calculation models.

35. Analysis of income and expenses

Based on the income approach, real estate valuation begins with the determination of the potential gross income.

Under potential gross income understand the maximum income that the assessed property is able to bring, is determined by calculating the amount of expected income from the object at 100% occupancy of the area

The calculation of potential gross income is based on an analysis of current rates and tariffs in the rental market and paid services for comparable properties.

There are rents: market - applied during the period of the lease agreement, and contract - is constant during this period.

The calculation of potential gross income is reduced to determining the amount of all income that the property being valued can bring, starting from the first year after the date of valuation, provided that the area is fully occupied, excluding the costs of its operation.

Next, the actual gross income is determined.

Potential gross income minus losses from underutilization of the object of assessment, non-payments, as well as additional types of income is called real gross income, which is calculated by the formula

EGI=PGI-V amp; L

where EGI is the actual gross income from the facility;

PGI - potential gross income;

V amp; L - loss of rent due to the presence of vacant premises and bad payments.

The net operating income is then calculated.

Net operating income - is the actual gross income from the subject property, excluding operating costs.

NOI \uXNUMXd EG - OE,

where NOI - net operating income;

OE - operating expenses.

Operating expenses - is the cost of maintaining the reproduction of income from property.

The costs of the property owner are divided into fixed costs (FE), variable costs (VE) and reserves (RR):

OE = FE + VE + RR

Fixed costs - These are costs that are practically independent or slightly dependent on the degree of operation of the property, for example, the cost of insuring the property and paying property taxes.

Variable costs - these are operating costs, they are necessary to maintain the functional suitability of the facility and depend on the degree of its operation. The calculation of the costs of operating the appraised object is based on an analysis of the actual costs of its maintenance, taking into account typical costs in this market. Variable costs are directly dependent on the cost of construction, the area and technical characteristics of buildings or structures, and the features of engineering solutions.

Reserves - costs associated with the property, they need to be made no more than once every few years. The amount of reserve costs changes over time. For example, the improvement of footpaths, entrances to the building can be attributed to reserve costs.

36. Applying the Income Approach to Real Estate Financing

The income approach helps the investor to take into account the expected investment income, so it should be used when substantiating decisions on financing investments in real estate, when analyzing the feasibility of investing.

The income approach, in contrast to the comparative and cost approaches, reflects the investor's view of real estate as a source of real income. The results that will be obtained on the basis of the income approach are significant in the evaluation of income-generating objects: warehouse and office space, retail space, industrial buildings and hotels.

The application of the income approach is of great importance in the analysis of investment and financial decisions in the field of real estate. However, there are problems associated with its use:

1) the need to predict a long-term income stream (the process of obtaining the most accurate estimate of future income is difficult, since Russia has a stable economic situation and the probability of an inaccurate forecast increases in proportion to the long-term forecast period);

2) the influence of risk factors on the projected income (in order to determine the current value, it is necessary to take into account the possible risk that is associated with receiving future income from owning real estate, and the amount of possible risk in Russian conditions is significant and these factors will affect the accuracy of the real estate valuation result) ;

3) the problem of collecting data on the profitability of similar objects (information on profitability has always been undisclosed, i.e. confidential). Checking the profitability of real estate objects is difficult, therefore, the cost estimate may not be accurate enough, the inaccuracy increases in the process of capitalization;

4) valuation of income (in the case of the valuation of real estate with amenities and unique objects, the valuation of benefits is significantly difficult due to frequent price changes).

The application of the income approach is important not only for investors, but also for other participants in the real estate financing process, because it allows you to take into account the expected investment income. But the instability of the Russian economy increases the inaccuracy of forecasts about real estate earnings. The risk of investing in real estate, which is characterized by a significant long-term and stimulates the investment of financial resources in other areas of investment, is quite large. The correct application of the income approach will allow the investor to make sufficiently informed and accurate decisions regarding the financing of investments in real estate.

37. Land valuation

In real estate appraisal, land is considered to have value and the rest is improvements that add value. The terms "land" and "land" are different.

Land plot - it is a part of the earth's territory, which is equipped and ready to be used for various purposes. Improvements made to create the site:

1) external: arrangement of streets, sidewalks, drainage and engineering networks;

2) internal: planning, landscaping, paving, device outlets for connecting engineering networks, communication communications, etc.

Land valuation does not only apply to vacant and undeveloped land. The property consists of land and buildings. There is a need to determine the value of the land separately from the improvements built on it. This is due to the following reasons:

1) difference in taxation of buildings and land (property tax and land tax);

2) a separate valuation of the land plot is required from the buildings or structures built on it when applying the cost method for determining the value of real estate;

3) making decisions on the demolition of existing buildings or structures in order to make the best and most efficient use of the land

When evaluating a land plot, it is necessary to take into account the set of rights associated with it. The most common rights to be assessed are

1) full ownership - the ability to use a plot free from tenants in any legal way

2) the right to lease - the possibility of owning a land plot under a lease agreement.

The use of land in the Russian Federation is paid. Forms of payment for the use of land are land tax and rent.

In Russia, most land is leased rather than sold, so appraisers determine the value of its lease rights.

The cost of the lease rights - This is the amount that a potential buyer is willing to pay for the right to own this site under a lease agreement in order to benefit from this ownership. The valuation of lease rights is used when determining the sale price of the right to lease a land plot, when determining the value of the object of which the leased land plot is a part, and when assessing the damage from the termination of a lease agreement.

The introduction of the Land Code is aimed at the development of the land market, land valuation should be carried out taking into account the most efficient use, which will provide the highest residual value of the land.

The procedure for calculating and paying land tax is established by the legislation of the Russian Federation on taxes and fees.

The market value of a land plot is established in accordance with the federal law on appraisal activities.

To establish the cadastral value of land plots, a state cadastral valuation of land is carried out. The procedure for conducting the state cadastral valuation of land is established by the Government of the Russian Federation.

The executive authorities of the constituent entities of the Russian Federation approve the average level of cadastral value for the municipal district.

38. Analysis of the best and most efficient use of land

When evaluating a land plot, it is necessary to determine the option for its best and most efficient use (NNEI), which is determined by the interaction of a number of factors.

NNEI analysis involves the study of alternative land use options and the selection of the optimal one, while taking into account the prospects of the location, the state of market demand, the cost of development, the stability of expected income, etc.

When assessing the value of an object, which consists of a land plot and buildings on it, great importance is attached to the analysis of NNEI

1) an alleged vacant land plot; 2) a land plot with existing improvements.

Analysis of a supposed vacant land plot is an important step in determining its value. It is based on establishing the most profitable land use option.

The most profitable and probable use of the site provides its highest value. Use cases must be cost-effective and legal.

Factors determining the optimal use of land:

1) location - has a major impact on the cost of the land (taking into account the prospects of the location, transport accessibility);

2) market demand - this factor reflects the ratio of supply and demand in the market, is being studied to justify the chosen option for using the land plot (prospects for market demand for the proposed use, types of taxes and other conditions). It is necessary to identify a segment of the market, and it is necessary to develop activities on it;

3) financial feasibility - implies the ability of the project to provide income from the use of the land. The income generated must be sufficient to reimburse investors and to ensure that the expected profit is received;

4) the physical suitability of the site is the prospect of making improvements - size, climate, topography, soil quality, environmental parameters, engineering-geological and hydrogeological characteristics of the site, existing zoning, etc.;

5) physical feasibility and technological feasibility - this is an analysis of the ratio of quality, costs and terms of the project, the availability of transport, the likelihood of natural disasters, the ability to connect to public amenities, taking into account the size and shape of the site;

6) legislative or legal admissibility is related to the compliance of the option of using the land plot with the current legislation. This admissibility is revealed as a result of an analysis of building, environmental standards, height restrictions, complexity in the area of historical urban development, possible changes in regulations, compliance with zoning rules, negative sentiments of the local population;

7) the maximum return, it is determined by discounting the future income of alternative use cases, taking into account the risk of investment.

39. Land categories

According to the Land Code of the Russian Federation, land is divided into seven categories.

All categories of land are used exclusively for their intended purpose.

The first category includes agricultural lands - these are lands that are located outside the boundaries of settlements, are provided for the needs of agriculture and are intended only for these purposes.

In the lands of agriculture, there are: lands occupied by on-farm roads, communications, vegetation; agricultural land, land occupied by buildings, structures that are used for the production and processing of agricultural products.

The second category is the lands of settlements. They are intended for the construction and development of rural or urban settlements and are separated by a line from lands of other categories.

The third category is land for industry and other special purposes. They are subdivided depending on the nature of the tasks into the following types: lands of industry, lands of energy, lands of transport, lands of communication, broadcasting, informatics and television, lands for ensuring space security, lands of defense and security.

The fourth category includes lands of specially protected territories - these are lands that have a special scientific, environmental, aesthetic, health and other value. The lands of specially protected natural areas include the lands of state nature reserves, natural monuments, national parks, botanical gardens - all these lands are classified as a national property, they are in federal or municipal ownership or in the ownership of subjects of the Russian Federation.

The fifth category of lands is the lands of the forest fund. The lands of the forest fund include forest lands that are covered or not covered with forest vegetation, intended for its restoration (glades, burnt areas, clearings), and non-forest lands (swamps, clearings, roads), they are intended for forestry. By the method of delimitation from lands of other categories, in accordance with the forest management materials, the boundaries of the forest fund lands are determined, then the data obtained on the boundaries of the forest fund lands are recorded in the State Land Cadastre.

Water fund lands are the sixth category of lands. These include lands occupied by water bodies, lands of water protection zones of water bodies, lands for establishing right-of-way and water intake protection zones, hydraulic structures and other objects.

The seventh category includes reserve lands - these are lands that are in state or municipal ownership, this category of lands is not provided to citizens or legal entities, but use is allowed after the transfer of reserve lands to another category.

40. Land legislation and land relations in Russia

According to the Land Code of the Russian Federation (Articles 2-6), land legislation, in accordance with the Constitution of the Russian Federation, is under the joint jurisdiction of the Russian Federation and the constituent entities of the Russian Federation.

Land legislation governs relations for the use and protection of land in the Russian Federation as the basis for the life and activities of the peoples living in the relevant territory (land relations).

In the Russian Federation, in relation to the use and protection of subsoil, waters, forests, wildlife and other natural resources of the environment, specially protected natural territories and objects, atmospheric air and objects of cultural heritage of the peoples of the Russian Federation, the legislation on subsoil, forestry, water legislation, legislation on wildlife, on the protection and use of other natural resources, on environmental protection, on the protection of atmospheric air, on specially protected natural territories and objects, on the protection of objects of cultural heritage of the peoples of the Russian Federation and other special federal laws.

Participants in land relations are citizens, legal entities, the Russian Federation, subjects of the Russian Federation, municipalities.

The following concepts and definitions are used:

1) owners of land plots - persons who are owners of land plots;

2) land users - persons owning and using land plots on the right of permanent (unlimited) use or on the right of gratuitous fixed-term use;

3) landowners - persons owning and using land plots on the basis of the right of lifetime inheritable possession;

4) tenants of land plots - persons owning and using land plots under a lease agreement, a sublease agreement;

5) easement holders - persons who have the right to limited use of other people's land plots (servitude).

The objects of land relations are:

1) land as a natural object and natural resource;

2) land plots;

3) parts of land plots.

Land plot as an object of land relations - part of the earth's surface (including the soil layer), the boundaries of which are described and certified in the prescribed manner.

Land may be divisible or indivisible. Divisible is a land plot that can be divided into parts, each of which, after division, forms an independent land plot, the permitted use of which can be carried out without transferring it to another category of land, except for cases established by federal laws.

41. Use of urban land

City lands - this is a special category. The value of urban land is affected by the size of the city, production and economic potential, the level of development of social and engineering infrastructure, regional natural environmental and other factors.

The same factors can have the opposite effect on the value of a particular site:

1) heavy traffic is undesirable for a residential area, but increases the value of the site for trade purposes

2) placement relative to educational institutions and shopping centers, aesthetic merits and conveniences taken into account when assessing land for housing construction, practically do not affect the value of territories oriented to industrial development; transport infrastructure and economic zoning are important to them.

Currently, most land resources are in state and municipal ownership. Under market conditions, urban land is the most valuable resource; it can serve as a stable source of income for the local budget.

The city authorities determine the amount of land tax, the rental rate for land and the standard price of a land plot upon redemption. In this regard, the issue of increasing the efficiency of land use is relevant for the city authorities. In order for land property to bring maximum income from its use and contribute to the improvement of the overall investment climate, it is necessary to develop market relations in the land market.

Market price - it is a measure of user value that encourages rational and efficient use and serves as a tool for the development of the city's economy.

The results of the urban area assessment are information for solving such problems as:

1) development of urban policy and social planning;

2) formation of a proposal for the types of functional use of the territory along with its quality;

3) formation of economic mechanisms for accommodating different options for land use and investment and construction policy;

4) analysis of the consequences of options for the development and restructuring of the urban environment;

5) optimization of municipal investments in the maintenance and development of the urban environment;

6) determination of the investment attractiveness of the territory as a function of the value of urban land.

If an enterprise purchased a land plot, it will allow this enterprise to get the opportunity to use the land as collateral for a bank loan, expand the company's investment opportunities, sell excess land, receive income from renting out the land plot, and increase the value of fixed assets.

Two views on the value of urban land:

1) a designer-urban planner in the process of functional zoning of the territory as a section of the master plan of the city;

2) an appraiser in the process of developing a cadastral valuation of land.

42. Cadastral registration

The cadastral division of the territory of the Russian Federation is one of the main areas of real estate management. The units of the cadastral division of the territory of the Russian Federation are districts, quarters of the district. The cadastral number of a land plot consists of the numbers of the district, district, quarter and the land plot in the quarter. The Government of the Russian Federation establishes the procedure for the cadastral division of the territory of the Russian Federation and the assignment of appropriate numbers to land plots.

There are currently three types of cadastres:

1) legal cadastre is a record of rights to real estate objects;

2) fiscal cadastre - a record of the value of real estate objects and information necessary for taxation;

3) multi-purpose - combining legal and fiscal systems with information on planning and land use.

The registration subsystem of the land cadastre is formed to guarantee the rights of land users, is a necessary condition for the creation of a real estate market and any investment.

The fiscal subsystem of the land cadastre is in charge of land taxes, rent, cash receipts from all operations carried out with land

Fiscal cadastre implies forecast control and calculation of revenues from land tax and from rental payments. One of the tasks of the fiscal cadastre is to determine the tax base.

At the same time, legal and fiscal cadastres were created in Russia.

Rights to real estate objects act as a commodity in the real estate market, therefore, for its functioning, real estate must be registered legally, which means that for each real estate object it is necessary to create a cadastral file with subsequent state registration of rights to real estate.

Cadastral business is a system for the management of territories, taking into account their arrangement, with the obligatory display in the registration sources of information of state authorities, acts of economic activity on a land plot.

State land cadastre - this is a systematized set of documented information that is obtained as a result of the state cadastral registration of land plots, about the location, intended purpose, legal status of the lands of the Russian Federation and information about territorial zones and the presence of objects located on land plots and strongly associated with these plots.

State cadastral registration of land plots - this is a description and individualization in the Unified State Register of Land Plots, as a result, the site receives characteristics that allow it to stand out, and in relation to other plots to carry out qualitative and economic assessments. In the state cadastral registration of land plots, each land plot is assigned a cadastral number.

43. Land valuation methods

Determining the value of a land plot is considered from the point of view of its availability for the best and most efficient economic use. The object of assessment in Russian conditions is not the absolute right of ownership of a land plot, but only the right to use it on a leasehold basis.

The normative method is based on determining the normative price of land; it is used when transferring the purchase of land into ownership, establishing shared ownership in excess of the free rate, transferring by inheritance or donation, obtaining a loan secured.

Urban lands are assessed taking into account the prestige of the area, building density, nature of the surrounding land use, ecological condition, transport infrastructure, etc. The lands are divided into zones differentiated by the base rates of land tax and the standard price of land (Law of the Russian Federation "On payment for land"). The normative price of land is fixed in the Land Cadastre.

Sales comparison method - simple and effective, used to evaluate vacant land. It helps to determine the specific price of a land plot by making percentage adjustments to the sales prices of analogues. With this method, the calculation of the market value of a piece of land is based on the principle of replacement.

Land rent capitalization method. If sufficiently complete information is available on the lease rates for land plots, the cost of these plots is determined as the current value of future income in the form of rent for the land plot being assessed. The amount of land rent is calculated as income from the lease of a land plot under the conditions prevailing on the land market. As a regular income stream, land rents can be capitalized into value by dividing by a capitalization ratio for land determined from market analysis.

Distribution method - this is the determination of the cost component of the land plot based on the known ratio of the cost of land and improvements in the property complex. The method is based on the principle of contribution and the assertion that for each type of real estate there is a normal ratio between the value of land and the value of real estate in general.

Selection Method is used to evaluate built-up land plots, if there is information on the prices of transactions with similar real estate objects.

Remainder method based on the investment group technique for physical components, it is applied to the valuation of built-up and non-built-up areas, if it is possible to make structural improvements to the land under appraisal that generate income.

Plot method used in the evaluation of land suitable for subdivision into individual parcels.

44. Forest as real estate

In accordance with Art. 130 of the Civil Code of the Russian Federation, real estate includes land plots, subsoil plots and everything that is firmly connected with the land, i.e. objects whose movement without disproportionate damage to their purpose is impossible, including forests, perennial plantings, buildings, structures, objects of construction in progress .

The Forest Code of the Russian Federation (as amended by the Federal Laws of December 23, 2003 No. 186-FZ) establishes the legal basis for the rational use, protection, protection and reproduction of forests, increasing their ecological and resource potential.

Lease of a plot of the forest fund. Under a lease agreement for a forest fund plot, the forestry enterprise of the federal executive body in the field of forestry or an organization carrying out forestry (lessor) undertakes to provide the forest user (tenant) with a forest fund plot for a fee for a period of 1 to 99 years for the implementation of one or more types of forest management.

The forest resources (products) extracted in accordance with the lease agreement for a forest fund plot are the property of the tenant. Forest resources (products) extracted in accordance with the lease agreement for a forest fund plot are the property of the tenant

The lease agreement for a forest fund plot is concluded in writing and is subject to state registration in accordance with civil law.

From the moment of state registration the contract , , the lease of a forest fund plot is considered concluded.

The following terms and conditions shall be specified in the lease agreement for a forest fund plot:

1) boundaries of the forest fund plot;

2) types of forest management;

3) volumes (sizes) of forest management;

4) the term of the lease;

5) the amount of rent and the procedure for its payment;

6) obligations of the parties for the protection, protection of the forest fund site and reforestation;

7) the procedure for payment to the forest user for the forestry work carried out by him;

8) other conditions stipulated by the forest legislation of the Russian Federation and determined at the discretion of the parties.

Plots of the forest fund are leased out based on the results of forest competitions.

The provision of forest fund plots for lease should be carried out taking into account the interests of the population living in the relevant territory.

Forest competitions are organized and held by the federal executive authority in the field of forestry or by the executive authority of a subject of the Russian Federation within the limits of their competence. The person who won the forest competition and the organizer sign a protocol on the results of the forest competition, on the basis of which a lease agreement for a forest fund plot is concluded.

The organization and holding of forest competitions shall be carried out in accordance with the procedure determined by the federal executive body responsible for the development of state policy and legal regulation in the field of forestry, in accordance with this Code and civil law.

45. Real estate appraisal report

Assessment Report - a written document that meets the basic requirements of professional ethics, which clearly and in an accessible way reflect the course of the assessment process and contain the initial data used by the appraiser, their analysis, conclusions and the final value. The real estate appraisal report must contain an attachment. The application must contain all photographs, sketches and maps that were not included in the main sections of this report. The application can include a glossary of terms.

Assumptions can be indicated in the report - these are statements that are made by the appraiser during the assessment process based on his professional opinion, but they are not supported by actual data

According to Art. 11 of the Law of July 29.07.1998, 135 No. XNUMX-FZ "On valuation activities in the Russian Federation", the proper performance by the appraiser of his duties assigned to him by the contract is the timely preparation in writing and transfer to the customer of a report on the valuation of the object of valuation

The report must not be ambiguous or misleading. The report must indicate the date of the assessment of the object, the assessment standards used, the goals and objectives of its implementation.

In the event that during the assessment of an object, other types of value are determined not by market, but by other types of value, the report must indicate the criteria for establishing the assessment of the object and the reasons for the deviation from the possibility of determining the market value of the object of assessment.

The report must include:

1) date of compilation and serial number of the report;

2) the basis for the assessment of the object by the appraiser;

3) the location of the appraiser and information about the license issued to him to carry out appraisal activities for this type of property;

4) an accurate description of the appraisal object, and in relation to the appraisal object owned by a legal entity, details of the legal entity and the book value of this appraisal object;

5) valuation standards for determining the appropriate type of value of the valuation object, the rationale for their use in the valuation of this object, the list of data used in the valuation of the object, indicating the sources of their receipt, as well as the assumptions made during the valuation;

6) the sequence of determining the value of the appraisal object and its final value, as well as the limitations and limits of the application of the result obtained;

7) the date of determining the value of the appraisal object;

8) a list of documents used by the appraiser and establishing the quantitative and qualitative characteristics of the appraisal object.

For the assessment of certain types of objects, the legislation of the Russian Federation may provide for special forms of reports.

The report must be page numbered, stitched, sealed, and signed by an appraiser - an individual entrepreneur or an employee of a legal entity.

46. Rights and obligations of the appraiser. Appraiser's Responsibility

According to Art. 14-16 of the Law of July 29, 1998 No. 135-FZ "On valuation activities in the Russian Federation", the appraiser has the right:

1) apply independently the methods for assessing the object of assessment in accordance with the assessment standards;

2) require from the customer, when conducting a mandatory assessment of the object of ensuring access in full to the documentation necessary for the implementation of this assessment;

3) receive clarifications and additional information necessary for the implementation of this assessment

4) request in writing or orally from third parties the information necessary for the assessment of the object, with the exception of information that is a state or commercial secret, if the refusal to provide this information significantly affects the reliability of the assessment of the object, the appraiser shall indicate this in the report

5) involve, as necessary, on a contractual basis, other appraisers or other specialists to participate in the assessment of the object;

6) refuse to conduct an assessment of the object in cases where the customer violated the terms of the contract, did not provide the necessary information about the object of assessment or did not provide the working conditions corresponding to the contract;

7) demand reimbursement of expenses associated with the assessment of the object, and monetary remuneration for the assessment of the object, as determined by the court, arbitration court or arbitration court.

The appraiser must:

1) comply with the requirements of this Federal Law, as well as the regulatory legal acts of the Russian Federation and the regulatory legal acts of the constituent entities of the Russian Federation, adopted on the basis of it;

2) inform the customer about the impossibility of his participation in the assessment of the object due to the occurrence of circumstances that prevent the objective assessment of the object;

3) ensure the safety of documents received from the customer and third parties during the assessment of the object;

4) provide the customer with information on the requirements of the legislation of the Russian Federation on valuation activities, on the charter and code of ethics of the relevant self-regulatory organization, membership in which the appraiser refers to in his report;

5) provide, at the request of the customer, a license to carry out valuation activities, an insurance policy and a document on education confirming the acquisition of professional knowledge in the field of valuation activities;

6) not to disclose confidential information received from the customer in the course of the appraisal of the object of appraisal, with the exception of cases provided for by the legislation of the Russian Federation;

7) keep copies of prepared reports for 3 years;

8) in cases stipulated by the legislation of the Russian Federation, provide copies of stored reports or information from them to law enforcement, judicial, other authorized state bodies or local governments at their legal request.

47. State registration of rights to real estate

The system of registration of rights to real estate and transactions with it adopted in Russia is one of the conditions for effective and rational management of real estate. Registration of rights gives a person the title of owner - this is a legal right to real estate, which regulates the rights and obligations of the owner. State registration procedure - it is a set of rules that govern the relationship between the state (represented by the registering authority) and the person applying for this registration.

All objects that are subject to state registration can be combined into five groups: ownership, real rights, real estate transactions, physical objects, restrictions on rights.

The rights of all forms of ownership (municipal, private, common, state, etc.) are subject to mandatory state registration.

Real rights of persons are understood as the rights of economic possession of property, the right to permanent use of a land plot, the right to life-long use of a land plot and other rights.

Real rights by their legal nature are absolute, that is, the subjects of the above rights exercise them independently, that is, without the help of third parties. Any property right regulated by the Civil Code of the Russian Federation must be registered.

The third group of objects of registration includes - restrictions (encumbrances) of rights to real estate: mortgages, easements, leases and trust management, i.e. those that have an unequal legal nature.

easement - is a limited right in rem mortgage understand the way to secure obligations, rent и trust management - These are contractual obligations.

Actions (transactions) - this is the fourth group of registration, entails the emergence, change, termination or transfer of rights to real estate. The right of ownership and other property rights arise from contracts of sale, donation, exchange, during the construction of an object, its reconstruction, sale at an open auction in enforcement proceedings.

In addition to state registration, special registration or accounting of certain types of real estate is carried out, as well as cadastral and technical registration of real estate.

The subjects of state registration are holders of rights to real estate. The state registration of rights to real estate and transactions with it is carried out by the established institutions of justice for the registration of rights - legal entities accountable and controlled by the Ministry of Justice of the Russian Federation. State registration of rights is carried out at the location of real estate within the registration district in which the institution of justice operates.

The basis for registration is acts of authorities, contracts and other transactions, certificates of the right to inheritance, as well as the prescription of acquisition.

48. The procedure for conducting state registration of rights to real estate and transactions with it

State registration of rights is carried out in accordance with Art. 13 of the Federal Law of July 21, 1997 "On State Registration of Rights to Real Estate and Transactions with It" (as amended by Federal Laws of June 30.06.2006, 93 No. XNUMX-FZ) in the following order

1) acceptance of documents necessary for state registration of rights and meeting the requirements of this Federal Law, registration of such documents with the obligatory attachment of a document confirming the payment of the state fee;

2) legal examination of documents and verification of the legality of the transaction

3) establishing the absence of contradictions between the claimed rights and already registered rights to this real estate object, as well as other grounds for refusal or suspension of state registration of rights

4) making entries in the Unified State Register of Rights to Real Estate in the absence of these contradictions and other grounds for refusal or suspension of state registration of rights

5) making inscriptions on title documents and issuing certificates of state registration of rights.

State registration of restrictions (encumbrances) of property rights and other property rights with the rights of third parties may be carried out at the initiative of the right holders or persons acquiring these rights. 16 of the above Federal Law for the registration of contracts and transactions, with the obligatory notification of the right holder (right holders) of the registered restriction (encumbrance).

State registration of restrictions (encumbrances) of rights established in accordance with the law in the public interest by state authorities and local governments is carried out at the initiative of these bodies with the obligatory notification of the right holder (right holders) of the property. Notification of the right holder (right holders) of the real estate object is carried out by the body carrying out the state registration of rights, within a period of not more than five working days from the date of state registration.

State registration of the transfer of rights to an object of immovable property, its restriction or transactions with an object of immovable property is possible subject to the state registration of previously arisen rights to this object in the Unified State Register of Rights.

State registration of rights is carried out no later than one month from the date of submission of the application and documents required for state registration.

The state registration of the agreement on alienation of the real estate object and the subsequent transfer of the right to this real estate with the simultaneous submission of applications and documents required for the state registration of the specified contract and the transfer of the right shall be carried out within the time specified in this clause, unless otherwise provided by a federal law or contract.

49. Forms of state regulation of the real estate market

State regulation of the real estate market is carried out in two forms:

1) the method of direct intervention is an administrative method;

2) the method of indirect influence, or economic methods of management.

Direct administrative control includes:

1) creation of a legal (normative) framework: issuance of laws, regulations, instructions that will regulate the functioning of the real estate market in the regions and in the center of the country;

2) registration, licensing, granting rights to authorized persons for transactions with objects of municipal and state property;

3) establishment of mandatory requirements for the content and quality of various types of activities in the real estate market and for its participants;

4) control over compliance by all market participants with established norms and rules;

5) introduction of prohibitions and sanctions for deviation from regulatory requirements when making transactions with real estate;

6) redemption into state ownership of any real estate for public needs.

Economic methods of managing the real estate market are implemented using:

1) property tax systems;

2) issue and circulation of housing certificates;

3) implementation of state target programs;

4) discount policy of the Central Bank;

5) depreciation policy;

6) foreign economic activity, etc.

Management of real estate objects is carried out by various branches of state power (legislative, executive, judicial), they are independent in their activities.

The Federal Assembly makes laws regulating the real estate market. The President issues decrees that do not contradict existing laws. The government issues resolutions, ministries and departments - regulations, instructions and orders that establish specific procedures and rules for managing real estate.

The State Duma and the Federation Council are the representative bodies of power of the Russian Federation, they have the authority to develop and adopt legal acts on issues related to the management of real estate. Representative authorities exercise control functions.

The Ministry of State Property is entrusted with the functions and tasks of managing and disposing of objects of federal property on the territory of the Russian Federation and abroad in the prescribed manner, implementing, on the basis of the legislation of the Russian Federation, the state policy of privatization of state and municipal enterprises, including land plots under privatized enterprises, and etc.

Municipal bodies also take part in the management of real estate.

50. Basic principles of real estate taxation

The basic principles of taxation are discussed in the Tax Code of the Russian Federation (Article 3 and Article 5).

The main principles of taxation are:

1) each person must pay legally established taxes and fees. Legislation on taxes and fees is based on the recognition of the universality and equality of taxation. When establishing taxes, the actual ability of the taxpayer to pay the tax is taken into account - this is the principle of universality;

2) taxes and fees cannot be discriminatory and applied differently based on social, racial, national, religious and other similar criteria, this is the principle of equality;

It is not allowed to establish differentiated rates of taxes and fees, tax incentives depending on the form of ownership, citizenship of individuals or the place of origin of capital;

3) taxes and fees must have an economic basis and cannot be arbitrary. Taxes and fees that prevent citizens from exercising their constitutional rights are unacceptable - this is the principle of economy;

4) it is not allowed to establish taxes and fees that violate the single economic space of the Russian Federation and, in particular, directly or indirectly restrict the free movement of goods (works, services) or financial resources within the territory of the Russian Federation, or otherwise restrict or create obstacles not prohibited by law economic activities of individuals and organizations;

5) no one can be obligated to pay taxes and fees, as well as other contributions and payments that have the signs of taxes or fees established by the Tax Code of the Russian Federation, not provided for by the Tax Code of the Russian Federation, established in a different manner than it is determined by this code;

6) when establishing taxes, all elements of taxation must be determined. Acts of legislation on taxes and fees should be formulated in such a way that everyone knows exactly what taxes (fees), when and in what order he must pay - this is the principle of convenience and simplicity;

7) all unremovable doubts, contradictions and ambiguities of acts of legislation on taxes and fees are interpreted in favor of the taxpayer (payer of fees) - the principle of protecting the taxpayer.

Federal executive authorities authorized to carry out the functions of developing state policy and legal regulation in the field of taxes and fees and customs, executive authorities of the constituent entities of the Russian Federation, executive bodies of local self-government, in the cases provided for by law, issue regulatory legal acts on issues related to with taxation, which cannot change or supplement the legislation on taxes and fees.

51. Personal property tax

In accordance with the Federal Law "On the tax on property of individuals" (as amended by the Law of the Russian Federation of August 22.08.2004, 122 No. XNUMX-FZ), natural persons - owners of property recognized as an object of taxation are recognized as payers of taxes on property of individuals

The following types of property are recognized as objects of taxation: residential houses, apartments, dachas, garages and other buildings, premises and structures.

Tax rates for buildings, premises and structures are established by regulatory legal acts of representative bodies of local self-government, depending on the total inventory value. Representative bodies of local self-government may determine the differentiation of rates within the established limits, depending on the total inventory value, type of use, and other criteria.

Tax rates are set within the following limits (value of property - tax rate):

1) up to 300 rubles. - up to 000%;

2) up to 300 rubles. - from 000 to 0,1%;

3) over 500 rubles. - from 000 to 0,3%. Taxes are credited to the local budget at the location (registration) of the object of taxation.

The following categories of citizens are exempted from paying taxes on property of individuals

1) Heroes of the Soviet Union and Heroes of the Russian Federation, as well as persons awarded the Order of Glory of three degrees;

2) disabled people of groups I and II, disabled since childhood;

3) participants in the Civil and Great Patriotic War, other military operations to defend the USSR from among the military personnel who served in military units, headquarters and institutions that were part of the active army, and former partisans.

The calculation of taxes is carried out by the tax authorities.

The tax on buildings, premises and structures is calculated on the basis of data on their inventory value as of January XNUMX of each year.

The bodies that register the rights to real estate and transactions with it, as well as the technical inventory bodies, are obliged annually by March 1 to submit to the tax authority the information necessary for calculating taxes, as of January 1 of the current year.

The data required for the calculation of tax payments shall be submitted to the tax authorities free of charge.

For new buildings, premises and structures, the tax is paid from the beginning of the year following their erection or acquisition.

For a building, premises and structure that has passed by inheritance, tax is levied on the heirs from the moment the inheritance is opened.

In case of destruction, complete destruction of a building, premises, structure, the collection of tax is terminated starting from the month in which they were destroyed or completely destroyed.

Payment notices of tax payment are handed over to payers by tax authorities annually no later than August 1.

52. Corporate property tax

Corporate property tax was introduced by Federal Law No. 11.11.2003-FZ dated November 139, 20 "On Amendments to Part Two of the Tax Code of the Russian Federation and Amendments and Additions to Article XNUMX of the Law of the Russian Federation "On the Fundamentals of the Tax System in the Russian Federation", as well as on declaring invalid acts of the legislation of the Russian Federation in terms of taxes and fees", from the moment of their entry into force, is obligatory for payment on the territory of the corresponding subject of the Russian Federation.

When establishing a tax, the legislative bodies of the constituent entities of the Russian Federation determine the tax rate, the procedure and terms for paying the tax, and the tax reporting form.

The following are recognized as taxpayers:

1) Russian organizations;

2) foreign organizations operating in the Russian Federation through permanent representative offices and owning real estate on the territory of the Russian Federation

The object of taxation for Russian organizations is movable and immovable property (including property transferred for temporary possession, use, disposal or trust management, included in joint activities), accounted for on the balance sheet as fixed assets in accordance with the established accounting procedure.

The object of taxation for foreign organizations operating in the Russian Federation through permanent representative offices is movable and immovable property related to fixed assets.

The tax base is defined as the average annual value of property recognized as an object of taxation. When determining the tax base, property recognized as an object of taxation is taken into account at its residual value, formed in accordance with the established accounting procedure approved in the accounting policy of the organization.

The tax base is determined separately in relation to property subject to taxation at the location of the organization, in relation to the property of each separate division of the organization that has a separate balance sheet, in relation to each object of immovable property located outside the location of the organization, a separate division of the organization that has a separate balance sheet, or a permanent representative office of a foreign organization, as well as in relation to property taxed at different tax rates.

The tax period is a calendar year. Reporting periods are the first quarter, six months and 9 months of the calendar year. Tax rates are established by the laws of the subjects of the Russian Federation and cannot exceed 2,2%.

It is allowed to establish differentiated tax rates depending on the categories of taxpayers and property recognized as an object of taxation. The amount of tax is calculated based on the results of the tax period as the product of the relevant tax rate and the tax base determined for the tax period. Taxpayers are obliged, upon the expiration of each reporting and tax period, to submit to the tax authorities at their location, at the location of each of their separate subdivisions that have a separate balance sheet.

53. Land tax

In accordance with the Federal Law of July 29.07.2004, 95 No. XNUMX-FZ "On the introduction of parts one and two of the Tax Code of the Russian Federation and the invalidation of certain legislative acts (provisions of legislative acts) of the Russian Federation

0 taxes and fees" (as amended on October 12.10.2005, XNUMX), the land tax is put into effect and ceases to operate in accordance with the Land Code and regulatory legal acts of the representative bodies of municipalities and is required to be paid on the territories of these municipalities.

Taxpayers are organizations and individuals who own land plots on the basis of the right of ownership, the right of permanent (unlimited) use or the right of lifetime inheritable possession. The objects of taxation are land plots located within the boundaries of the municipality (federal cities of Moscow and St. Petersburg), on the territory of which the tax is introduced.

The tax base is defined as the cadastral value of land plots recognized as an object of taxation in accordance with Art. 389 of the Land Code. The cadastral value of a land plot is determined in accordance with the land legislation of the Russian Federation. The tax base is determined for each land plot as its cadastral value as of

January 1 of the taxable year. The tax base for land plots in common shared ownership is determined for each of the taxpayers who own this land plot in proportion to their share in the common shared ownership.

The tax period is a calendar year. Reporting periods for taxpayers - organizations and individuals who are individual entrepreneurs are the first quarter, six months and 9 months of the calendar year. Tax rates are established by regulatory legal acts of representative bodies of municipalities and cannot exceed:

1) 0,3% in relation to land plots: classified as agricultural land or land as part of agricultural use zones in settlements and used for agricultural production; occupied by the housing stock and engineering infrastructure facilities of the housing and communal complex or provided for housing construction; provided for personal subsidiary farming, horticulture, horticulture or animal husbandry;

2) 1,5% in relation to other land plots. The amount of tax is calculated after the end of the tax

period as a percentage of the tax base corresponding to the tax rate.

Taxpayers-organizations calculate the amount of tax on their own.

During the tax period, taxpayers pay advance tax payments.

Taxpayers - organizations or individuals who are individual entrepreneurs, after the expiration of the tax period, submit a tax declaration to the tax authority at the location of the land plot.

The tax return form is approved by the Ministry of Finance of the Russian Federation.

54. Real estate insurance

Real estate insurance is regulated by Law of the Russian Federation No. 4015-1 dated November 27.11.1992, 10 "On the organization of insurance business in the Russian Federation" (as amended on December 12, 2003) and the Civil Code of the Russian Federation.

Real estate insurance is carried out on the basis of a property insurance contract. The contract is concluded between a citizen or legal entity (insured) and an insurance company (insurer).

Insurers are legal entities established for the purpose of carrying out insurance, reinsurance and having received licenses in accordance with the procedure established by law.

Property insurance contract - this is an agreement between the policyholder and the insurer, by virtue of which the insurer undertakes, for the fee stipulated by the contract (insurance premium), upon the occurrence of an event provided for in the contract (the so-called insured event), to compensate the policyholder or other person in whose favor the contract was concluded (beneficiary), caused as a result of this loss events in the insured property within the amount specified by the contract (sum insured). The insurance contract comes into force at the moment of payment by the insured of the insurance premium or its first installment, unless otherwise provided by the contract.

An insurance premium is a payment for insurance that the policyholder (beneficiary) is obliged to pay to the insurer in the manner and within the time limits established by the insurance contract, according to which insurance covers insured events that occurred after the contract came into force.

When concluding an insurance contract, the parties must agree among themselves:

1) on certain property that is the object of insurance;

2) on the nature of the event, in case of the occurrence of which insurance is provided (insured event);

3) on the amount of the sum insured;

4) on the term of the contract.

The conditions under which a real estate insurance contract is concluded are often determined in the standard rules for insurance of the corresponding type, accepted, approved or approved by the insurer or the association of insurers.

The contract on property insurance is concluded in writing, its non-observance leads to the invalidity of the contract. An insurance contract can be concluded in two ways:

1) the method of drawing up one document, which is signed by the parties;

2) by the method of delivery by the insurer to the insured on the basis of his oral or written application of the insurance policy, signed by the insurer.

Real estate is insured under an insurance contract in favor of a person who has an interest based on law or other legal act or contract in the preservation of this property.

55. Property Management

Property management - this is an activity that takes place in the interests and at the expense of consumers, associated with a certain cycle of the life of the property:

1) marketing;

2) assessment of objects;

3) a program for the best use of a land plot;

4) investment;

5) appeals, pledge, leasing, donation;

6) service;

7) maintenance, current and major repairs;

8) recycling, etc.

Real estate management is the implementation of a number of operations for the operation of buildings and structures for the effective use of real estate in the interests of the owner.

Real estate management is carried out in three directions:

The economic direction is the management of income and expenses in the process of using the property.

The legal direction is connected with the distribution and combination of rights to real estate.

The technical direction is to maintain the real estate object in accordance with its functional purpose.

Real estate management is carried out by the method of development of the management object, which is a complex of functionally related property.

An activity carried out at one's own risk and aimed at making a profit from the use and disposal of real estate is real estate management.

Real estate management is external and internal.

The activities of state structures and professional associations aimed at creating a regulatory framework, control over compliance by the subjects of the real estate market with the established rules and regulations - this is external real estate management.

The activity of the subject of the real estate market, based on the application of its own regulatory documents (charter, code, rules, contracts, regulations, etc.) is the internal management of real estate.

Market entities can exercise various types of impact on the property.

1. State regulation of real estate is carried out through direct intervention (issuance of resolutions, laws and other instructions that will regulate the functioning of real estate objects) and indirect influence (taxation of real estate objects and the provision of benefits, the implementation of state targeted programs).

2. Public impact (the basis of regulations and provisions is the reaction of the general population, and professional participants in the real estate market).

3. Management of certain real estate objects (management of operating and investment real estate).

4. Management of systems of real estate objects of the subjects of the federation: management of land resources, forest fund, municipal real estate, real estate in the field of housing and non-residential real estate.

56. Real estate market management

Real estate management is understood as the implementation of a certain set of operations for the operation of structures, buildings in order to effectively use the property in the interests of the owner. Real estate management is implemented by the method of forming a management object, which is a complex of technologically and functionally related property, including a land plot, buildings, structures, etc. The main goals of real estate market management are:

1) translate into reality the constitutional rights of citizens to real estate and the obligations associated with their possession;

2) in order for the real estate market participants to work comfortably on the market, it is necessary to establish certain procedures and conditions;

3) protect real estate market participants from fraudsters or criminal organizations;

4) ensure free pricing of real estate objects in accordance with supply and demand;

5) in order to solve housing problems, it is necessary to create good (favorable) conditions in the region or in the country as a whole;

6) ensure fair taxation of real estate and real estate market participants;

7) create conditions for investments (investments) that will help develop entrepreneurial activity in the manufacturing sector;

8) improve the ecological environment, achieve eco-.-, economic growth, reduce unemployment Nationally as a whole, solve housing problems

The principles of managing the real estate market depend on many conditions, primarily economic, political and other in the country, but the world experience, which has already been quite firmly established by this time, should be taken into account.

In order for the above goals to be translated into reality, the following management principles must be taken into account:

1) separation of the procedure - that is, certain approaches should be applied to regulate the relations of various types of real estate - non-residential or residential premises, forest and land plots and other objects;

2) openness of information about all participants and objects of the real estate market for making business decisions;

3) publicity of rule-making - public discussion of draft laws and other normative acts;

4) division of powers between regulatory bodies;

5) simplicity and clarity of procedures and rules, which are established by legislative acts on real estate;

6) observance of the continuity of the Russian real estate market management system, which has its own tradition and history, taking into account the world experience in regulating property rights to various real estate objects, and its adaptation to domestic conditions.

Author: Burkhanova N.M.

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