Real estate economics study guide

The textbook reveals the basic concepts of the discipline "Economics of Real Estate", the real estate market, transactions and securities in the real estate market, the mechanism of risk management, the system of regulation of the real estate market are studied in a multilateral manner. The mechanism of mortgage lending is considered. The practical part in the textbook is located at the end of each chapter and is presented in the form of self-control questions, tests, tasks and cryptograms. Depending on the method of solution, tests are divided into three types: choice of the correct answer, search for an alternative, term-definition. This publication will allow students to gain knowledge and skills for a successful professional career and (or) to continue vocational education in the magistracy.

Step 1. Select books in the catalog and press the "Buy" button;

Step 2. Go to the "Basket" section;

Step 3. Specify the required quantity, fill in the data in the Recipient and Delivery blocks;

Step 4. Press the button "Go to payment".

At the moment, it is possible to purchase printed books, electronic accesses or books as a gift to the library on the EBS website only for one hundred percent advance payment. After payment, you will be given access to the full text of the textbook within Electronic library or we start to prepare an order for you in the printing house.

Attention! Please do not change the payment method for orders. If you have already chosen a payment method and failed to make a payment, you need to re-order the order and pay for it in another convenient way.

You can pay for your order in one of the following ways:

Cashless way:
- Bank card: you must fill in all the fields of the form. Some banks ask to confirm the payment - for this an SMS code will be sent to your phone number.
- Online banking: banks cooperating with the payment service will offer their own form to fill out. Please enter data correctly in all fields.
  For example, for "class =" text-primary "> Sberbank Online number required mobile phone and email. For "class =" text-primary "> Alfa-bank you will need a login to the Alfa-Click service and email.
- Electronic wallet: if you have a Yandex wallet or Qiwi Wallet, you can pay for the order through them. To do this, select the appropriate payment method and fill in the proposed fields, then the system will redirect you to the page for confirming the invoice.

The manual is compiled in accordance with the standard for the discipline "Economics of real estate" specialty "Economics and management at the enterprise (by industry)" and the curriculum for this discipline. It covers the main topics of the discipline. The state regulation of the real estate market is described, transactions with all types of real estate are considered. Attention is also paid to the financing of real estate objects. Approaches and methods of real estate appraisal are described.

Office rooms.
When classifying business centers in each region, various factors are taken into account by which the premises belong to a particular class. As a rule, these are: location; type and technical level; the quality of the building (the level of finishing, the condition of the facade, the central entrance, the presence of elevators); quality of management (management company, availability additional services for tenants), etc.
The international classification may not coincide with that used in various regions of Russia (Table 1.1), at present it is practiced to assign classes mainly by the management companies themselves, which does not always reflect the real state of objects and disorients the participants in the real estate market.

TABLE OF CONTENTS
Introduction
1 Basic concepts and definitions of real estate economics
1.1 Concept, essence and basic characteristics of real estate.
1.2 Classification of real estate objects.
1.2.1 Classification system for real estate objects.
1.2.2 Classification of residential real estate.
1.2.3 Classification of commercial real estate.
1.3 Land plot as the basis of real estate.
1.3.1 The essence of the land.
1.3.2 Categories of land.
2 The essence of the real estate market
2.1 Content of basic concepts and basic functions of the real estate market.
2.2 The impact of strategic directions in the development of the country's economy on the real estate market.
2.2.1 State policy in the development of real estate.
2.2.2 Economic and social development in the residential real estate market.
2.3 Legislative and regulatory legal acts.
3 State regulation of the real estate market
3.1 Zoning of urban space and state cadastral registration.
3.2 Transactions with real estate objects.
3.3 State registration of rights to real estate.
3.3.1 Principles of state registration of rights to real estate.
3.3.2 Single State Register right.
3.3.3 Procedure for state registration of rights to real estate.
4 Technologies for real estate appraisal
4.1 Types of property values.
4.2 Principles and technologies for real estate valuation.
4.3 Methods for assessing the value of real estate and their practical use.
4.4 Registration of the results of real estate appraisal.
5 Financing of real estate objects
5.1 Lending to real estate objects.
5.1.1 The emergence and development of mortgage lending
5.1.2 Methods of mortgage lending for real estate.
5.2 Methods of Financing Real Estate in Special Cases.
Conclusion Literature

Free download e-book in a convenient format, watch and read:
Download the book Economics of Real Estate, study guide, Zhigalova V.N., 2012 - fileskachat.com, fast and free download.

Download pdf
Below you can buy this book at the best discounted price with delivery throughout Russia.

Exam Answers - Real Estate Economics 2011-2012 (Crib)

n1.doc

REAL ESTATE ECONOMY: TRAINING GUIDE

Real estate economics

The tutorial summarizes the main provisions of the course "Economics of Real Estate". The specifics of real estate as a commodity, valuation methods, registration and accounting of real estate objects are considered. Examples of solutions to practical problems are given.

Chapter 1. Real Estate Components and Life Cycle

1.1 Definition of real estate

Word " real estate"Was formed in Russian from three words:" not on movement ny "," them substance "(" them enie ")," own spine". Thus, in the Russian word "real estate" the language has fixed the following features: immobility, belonging to someone (I have a thing), belonging on the right of ownership.

Since 1917, after the abolition of private property, the term "real estate" has disappeared from legal circulation and from practice. Only after 1990, together with the right to private property, the concept of real estate was revived.

The concept of "real estate" is inseparable from another concept - "property".

Property- a set of property, i.e. subject to monetary value, legal relations in which the person is located (natural or legal).

Property belonging to any individual or legal entity is divided according to its content into:

asset: a set of things that belong to a person by right of ownership or by virtue of another property right; a set of rights to other people's actions (for example, debt property);
liability: a set of things belonging to other persons, but temporarily in the possession of this person; a set of obligations lying on a given person.

Historically, since the time of Roman law, property is usually divided into movable and immovable.

According to Art. 130 of the Civil Code Russian Federation(hereinafter referred to as the Civil Code of the Russian Federation) "to immovable things ( real estate, real estate) include land plots, subsoil plots, isolated water bodies and everything that is firmly connected with the land, that is, objects, the movement of which is impossible without disproportionate damage to their purpose, including forests, perennial plantings, buildings, structures.

Immovable things also include aircraft and sea vessels subject to state registration, inland navigation vessels, and space objects. Other property may also be classified as immovable by law ”.

According to the Urban Planning Code of the Russian Federation (hereinafter referred to as the GSK RF), real estate objects are objects in relation to which urban planning activities are carried out. Urban planning activities - activities for the development of territories, including cities and other settlements, carried out in the form of territorial planning, urban planning zoning, territorial planning, architectural and construction design, construction, overhaul, reconstruction of capital construction projects.

In addition, real estate is recognized as an enterprise as a whole as a property complex used for the implementation of entrepreneurial activity.

In foreign literature, there is a division of the concepts of "immovable thing" (real estate) and "immovable property" (real property). In this case, the first is the material, physically tangible essence of the concept of real estate, and the second - denotes the legal essence of this concept as a set (package) of property rights of all subjects related to a given thing.

At the same time, the material entity includes: land plots, subsoil plots, isolated water bodies, forests, perennial plantings, buildings, structures, engineering communications, i.e. everything that is firmly connected to the land and cannot be moved without disproportionate damage to their purpose, that is, immovable (physically non-movable) property is represented as the sum of two components: land and improvement.

Improvement is what is done by human hands and required the investment of his labor and expenditure of resources. At the same time, it is assumed that the improvement itself cannot be considered as a real estate object separately from the land plot, since it remains immovable and fulfills its purpose only under the condition and during its firm attachment to the ground.

The legal essence is: property right, economic management right, operational management right, life-long inherited possession, permanent use right, mortgage, easements, as well as other rights in cases stipulated by the Civil Code of the Russian Federation and other laws.

Encumbrances (restrictions) - the presence of established by law or authorized bodies in the manner prescribed by law of conditions, prohibitions that restrict the copyright holder in the exercise of ownership or other property rights to a specific object of immovable property (easement, mortgage, trust management, lease, seizure of property, and others).

For clarity, we present the structure of the concept of "real estate" in the form of table 1.

Table 1. The structure of the concept of "real estate"

Real estate (immovable property)
Thing (physical entity)		Rights (legal entity)
Earth	Improvements	Rights	Encumbrances
land; subsoil plots; isolated water bodies; forests	building; structures; engineering Communication; plantings	property; economic management; operational management; inherited possession; unlimited use	mortgage; easement; zoning rules; protection of monuments; other restrictions;

a strong connection with a certain land plot (the impossibility of moving the object without disproportionate damage to its purpose);
completeness from the point of view of the possibility of using for the intended purpose;
certified (officially registered) belonging to a specific owner - a state, a constituent entity of the Federation, a municipality, an individual or a group of individuals;
the possibility of physical separation of the real estate object and real estate (i.e. the presence of clearly defined physical boundaries of the real estate object);
functional independence of the real estate object (is it possible to use this real estate object separately from other objects, or its functional purpose involves the partial use of other real estate objects);
the presence (or absence) of easements and other restrictions on the rights of use.

Items not related to real estate, including money and securities, are recognized as movable property. Registration of rights to movable property is not required, except in cases specified in the law.

Urban Development Code of the Russian Federation. Federal Law of December 29, 2004 No. 190 // Russian newspaper- December 30, 2004
Friedman J., Ordway Nick. Analysis and valuation of income-generating real estate. I am writing from English. - M .: Delo, 1997 .-- 480 p. - ISBN 5-7749-0045-2
Ozerov E. S. Economics and management of real estate. SPb: Publishing house "MKS", 2003 - 422 p. - ISBN 5-901-810-04-X
Braginsky M.I., Vitryansky V.V. Contract law. Book two: Agreements on the transfer of property. - M .: "Statut", 2000. - 800 p. - ISBN 5-8354-0024-1

1.2 Life cycle of a property

The life cycle of a property (physical) is the period of time during which a property exists as a physical object. The life cycle of a real estate object consists of the following stages (phases):

1. Formation of the concept of the project and the choice of the option for the use of a free land plot... During this period, the choice of the best and most efficient use of the land plot is carried out - taking into account the peculiarities of its characteristics and all the properties of the environment. Based on the analysis, the most productive use case is selected from the legally permitted, physically realizable, economically feasible and financially feasible. Use case selection ends with development terms of reference to design improvements.

2. Improvement design. At this stage - on the basis of the design specification - a project is developed (by a specialized organization) with the production of documentation necessary for obtaining permits and preparing the land plot (with fixing the shape and size, removing unnecessary natural and artificial vegetation, and draining water bodies) , as well as laying communications, construction of buildings (structures) and planting new plantings. Acceptance of the project from the design organization is advisable to carry out with the participation of the management company that participated in the development of the technical specifications for the design.

3. Manufacturing (erection, construction) improvements... During the project implementation period, contractors practically completely change all the physical characteristics of the object, with the fixation of these changes in the inventory and cadastral documents. During the construction of improvements and as a result of the consolidation of the new status of the object, as a rule, the characteristics of the environment related to the created object also change.

4. Circulation (purchase and sale, donation, renting, etc.) with the transfer of property rights or with the appearance of an encumbrance on this right. At this stage, operations are carried out with the object and the state registers a change in the legal fate of the latter. When buying and selling an object, the subject of ownership changes. When land and / or improvements are leased or leased by the owner (or, on behalf of the owner, the management company), the rights to use (and, possibly, possession) are transferred to another entity with the emergence of an encumbrance of the ownership right.

5. Use (use) of the facility for its intended purpose with technical and operational maintenance... At this stage life cycle the manager (or professional management company) organizes the rational use of the consumer potential of the object by the users. Over time, the characteristics of the object undergo changes, because improvements are physically worn out and functionally obsolete, which is aggravated by changes in the situation in the economy and in the external physical environment, leading to additional, so-called external obsolescence.

In the process of operation, technical inspection and current repair of individual improvement elements are occasionally carried out without stopping the use of the facility as a whole.

6. Modernization: major overhaul, reconstruction, restoration of improvements with possible re-profiling (changing the functional purpose) of the object. This stage begins at the moment when the object in its current state can no longer satisfy the modern needs of users and / and if its operation becomes economically ineffective. At this stage, at least a major overhaul is carried out without changing the planning solution and functional purpose, but with the elimination of removable physical wear and tear and functional obsolescence.

If the analysis of the best and most efficient use of land and improvements, carried out at this moment, shows the feasibility of a partial change in the functional purpose of the improvements, then the latter are reconstructed with a change in the layout of part of the premises. Naturally, this also provides the functions of overhaul of improvement elements that retain their original functionality.

If the analysis of the use of the object in the existing state shows the need for a complete replacement of its functional purpose, then the reconstruction can be accompanied not only by a radical change in the layout, but also by the addition or superstructure of existing buildings and the development of a free part of the land plot.

7. Recycling, demolition of improvements, disposal or reuse of materials... The life cycle ends with the demolition of improvements at the end of their economic life. Management Company prepares proposals for the appointment of deadlines and an economically feasible method of demolition of buildings, taking into account the possibility of selling structural elements and materials of buildings and communications to be liquidated (the volume of liquidation costs is minimized).

Obviously, some phases are repeated at different stages of the life cycle. So, for example, the idea of a project for the creation of a new object may arise both at the stage when the plot of land is completely free, and at the stage when the need for reconstruction, partial demolition or completion of buildings arises. The phase of circulation can be realized repeatedly during the life of an object, and the moments of circulation determine the time boundaries of the periods that form the basis of the so-called investment cycles.

List of used literature:

1. Ozerov ES Economics and management of real estate. SPb: Publishing house "MKS", 2003 - 422 p. - ISBN 5-901-810-04-X

1.3 Characteristics of the physical nature of real estate objects and the external environment

The structure of real estate includes: natural ("land") and man-made "improvements" components.

Natural components of real estate depending on the sets of their characteristic features, they are divided into two groups:

"Free land plots", ie land plots free of structures (buildings and structures), communications and perennial plantings, including those with subsoil under the earth's surface, with isolated water bodies and forests on the surface. These plots are intended for development or production (reproduction) of food, energy, water resources and minerals.
"Land with improvements", i.e. land plots with perennial plantings, communications, buildings and / or structures of all kinds

Land plot- a limited and non-movable part of the earth's surface, which has closed boundaries, location binding to a legally specified coordinate system with address landmarks. The characteristics of the land plot include:

shape - rectangular, oblique, round or elliptical, with recesses and protrusions;
the size of the area (in hectares - for agricultural land and woodlands, nature reserves and national parks; in hundreds - hundreds of square meters - for summer cottages, gardening and suburban areas for individual development; in square meters - for urban planning and development);
the dimensions of the shaping lines, including the length of the frontal border and the width of the site (in meters) for sites along the highways along which potential users or goods move;
the depth of the layer under the surface of the land allowed for the introduction of the owner of the site (up to 5 meters);
topographic parameters - surface irregularities - slopes and hills protruding above the surface of rocks and stones, reservoirs and stream beds;
geological parameters - the composition and strength of the soil, the presence and form of existence of underground waters, the form of organization of underground communications;
presence (absence) of perennial vegetation (trees and shrubs).

Of particular importance are the characteristics of the site associated with the location: the prestige of the location area, the remoteness of the site from sources and life support communications, from business centers, from transport highways, from public transport stations and mass-use pedestrian paths, from recreational areas and sources of environmentally harmful effects. The significance of the location of the object can change due to human activities aimed at changing the environment (landscape, buildings, provision of communications, etc.).

A land plot can be divisible (if the possibility of the permitted use of each of its parts is preserved) and indivisible. At the same time, it is permitted to use that meets the rules established by laws or regulations of governing bodies in the following areas:

territory zoning - placing objects of any functional purpose only in zones of the corresponding profile (for example, industrial buildings are not built in a residential area);
protection of the environment and human health with limitation of the volume of hazardous industries (even in areas of the corresponding profile);
limiting the load on the natural environment by regulating the density and width of the building while ensuring the preservation of green spaces and soil fertility.

Land plots differ in preference for functional purposes:

plots intended for the cultivation of agricultural products (arable land, virgin lands, hayfields, pastures, orchards, plantations of industrial crops, etc., but without buildings intended for processing agricultural products);
coastal land plots of the water fund, used or reserved for use in a regime consistent with the regime of use of the water fund;
plots of forest lands covered with forests, allocated for forestry, reserved for forest plantations;
areas of the production fund located in places or adjacent to places of ongoing, planned or potentially promising development of minerals, as well as used and intended for laying transport and other communications, for building structures and buildings of industrial enterprises, energy complexes, objects of defense significance; ,
plots used or reserved for the development of buildings and structures for residential or social purposes in territories belonging to or adjacent to cities, workers, resort and summer cottages, to rural settlements;
areas of recreational and health-improving, environmental, historical, cultural, protected and memorial values (reserves, national parks, botanical gardens, beaches, places of mass tourism, parks and sites for mass recreation, zones of mineral springs and curative mud).

It should be borne in mind that the functional purpose of land may change due to changes in market preferences in response to changing needs of society.

Bosom- a part of the earth's crust located below the soil layer, and in its absence - below the earth's surface and the bottom of reservoirs and watercourses, extending to depths available for geological study and development, containing minerals, energy, water and other resources. Basic information about subsoil plots (usually presented in the State Cadastre of Deposits and in the State Balance of Mineral Reserves) provides a characteristic of the main and together with them the underlying minerals, including a description of all components in the composition of the latter.

Information on subsoil areas also provides the possibility of calculating the economic feasibility of field development based on the analysis of technical, hydrological, environmental and other development conditions. This takes into account the existing ideas about the quantity, quality and degree of study of minerals by deposits, about their location and the degree of industrial development, about the demand for these resources in the domestic and world markets.

Water body- the concentration of waters on the surface of the land in the forms of its relief or in the depths, which has boundaries, volume and features of the water regime, which implies a change in the levels, costs and volumes of water over time.

Forest as a product of natural origin, it includes trees, shrubs, berries, myceliums, grasses of long-term functioning and is presented primarily on the lands of the forest fund:

Forests are classified into three groups:

forests intended for the performance of water protection, protective, sanitary and hygienic, recreational, other functions, as well as forests of specially protected natural areas (natural monuments, reserves, national parks);
forests in regions with a high population density and a developed network of land transport routes, forests that perform water protection, protective, sanitary and hygienic, recreational and other functions that have limited operational value, as well as forests in regions with insufficient forest resources, the conservation of which requires limitation forest management regime;
forests of regions with large tracts of forests, which are mainly of operational importance, subdivided into developed and reserved.

Man-made components of real estate (improvements) in the composition of real estate divided into the following groups: structures (buildings and structures), utilities, plantings.

Buildings conditionally subdivided into two groups:

buildings intended primarily for human life and activities, as well as for functions provided mainly by humans using machinery and equipment;
structures intended for functions provided mainly by structures, machines and equipment with occasional and small-scale human participation: hydraulic engineering, energy, transport and other structures.

According to their functional purpose, there are two important groups of buildings: residential and non-residential.

Residential properties include:

rooms and apartments, including non-residential buildings;
residential buildings - single-family (single-family, estate), small-family (small-family, block) and multi-family (multi-family) capital houses, intended for permanent (long-term) residence;
hotels, motels, lodging houses, as well as capital and mobile country and garden houses - for temporary residence.

Residential real estate also includes land plots under the corresponding buildings, as well as their external communications. Non-residential premises in residential buildings do not belong to residential buildings.

Non-residential real estate objects include:

Industrial buildings and structures related to all industries, including administrative, domestic and auxiliary buildings of enterprises, industrial structures (tanks, chimneys, overpasses, cooling towers), as well as train stations, cash desks, transport agencies, industrial premises in buildings of other functional purpose (including workshops, laundries, dry cleaners);

specialized buildings and structures for research, design organizations and authorities;
warehouse facilities, including autonomous specialized complexes with transport systems, technical means, heating; equipped hangars; basements and semi-basements adapted for warehouses, former bomb shelters, premises on the ground floors, etc.;
office buildings and premises - specialized business centers with a full range of services, including controlled microclimate, specialized telecommunications services and security systems; office buildings converted into business centers with a reduced list of services; separate office premises - including for notary offices, legal and financial institutions, etc. - in buildings of various functional purposes;
shopping facilities (including department stores and specialty stores, trade and exhibition centers, fashion showrooms, markets, etc.);
service facilities - specialized households, pawnshops, houses and fashion showrooms, salons, baths, communications enterprises, cafes, restaurants, tasting rooms, centers for ceremonies and ritual services;
sports, entertainment and entertainment facilities - cinema and concert halls, theaters, casinos, centers, halls and amusement parks, shooting galleries, indoor and outdoor stadiums, hippodromes, courts, golf courses, sports grounds, swimming pools, etc .;
medical and recreational facilities - sanatoriums, rest homes, hospital complexes, nursing homes - facilities that combine a recreational function with a residential one, for temporary residence with rest and treatment, as well as clinics, specialized treatment centers, maternity hospitals, veterinary clinics, pharmacies, winter gardens and so on;
memorial and cult objects - museums, monuments and pantheons, burial places, churches, cathedrals, chapels, monasteries, mosques;
educational and creative objects - kindergartens, schools, lyceums, gymnasiums, technical schools, institutes, universities, colleges, libraries, studios and houses of creativity, art workshops.

Non-residential real estate also includes land plots under the corresponding buildings, as well as their external communications.

Buildings are subdivided into civil (residential and public) and industrial (including energy, transport, agricultural, storage).

At the same time, of the above, all types of buildings and structures, except for industrial ones, but, including hotels, motels, campings, are classified as public. Public facilities also include objects for transport services to the population (railway stations, ticket offices, transport agencies), which we referred to a single complex of objects in the transport industry.

Buildings are also classified:

by space-planning solutions (sectional, corridor, sectional-corridor, gallery, hall, span),
in architectural style (rationalism, constructivism, functionalism, modernism, eclecticism, etc.),
according to structural schemes and solutions (frame and frameless, with transverse or longitudinal bearing walls, prefabricated, monolithic, with suspended covering, shell, thin-walled, pneumatic, blocked),
by materials of load-bearing walls (brick, large-panel, large-block, wooden panel board, wooden chopped),
by number of storeys (one-story, low-rise - 2-3, multi-storey - 4-9, high-rise - 10-20 and high-rise - more than 20 floors),
by durability (service life - more than 100 years, 50-100 years and 20-50 years),
according to the degree of fire resistance (5 categories, differing in the degree of flammability and the limit of fire resistance, i.e. the time from the start of the fire test to the appearance of through cracks, loss of bearing capacity or excess temperature rise on an unheated surface).

There are also typical buildings (according to standard projects) and non-standard (according to individual projects).

In the practice of management, it is also important to divide real estate objects into profitable and non-profitable ones.

Non-profitable objects include objects designed to meet household, social, cult, socially useful needs of a person and are not used for making a profit, including:

land under public transport,
land plots under open for visiting recreational areas and burials,
state educational and medical institutions,
churches, administrative buildings of state institutions, public and other organizations.

Income objects include objects that are leased or used by owners for sale. profitable business- in order to make a profit on the funds invested in the acquisition of the object.

For the purposes of real estate management, it is necessary to have an idea of the main characteristics of the building elements that make up the components of the real estate object, including the structure, as well as the factors that determine the state of these characteristics at different stages of the object's life cycle.

In addition to the characteristics named above and used in the classifications, the dimensions of buildings and premises are also important: the building volume of the building (in cubic meters), the area of the premises (in square meters), the linear dimensions of the facade, structures and perimeter, the height of the ceilings (in meters).

More often than others, the concept of the area of premises will be used, which differ in the degree of proximity to their functional purpose:

main premises designed to perform the actual main function - residential, office, retail, industrial, warehouse;
auxiliary premises - common areas, including corridors, recreational halls, lobbies, stairs, toilets, etc., as well as technical premises intended for placing communications, engineering equipment, technical personnel.

The area of the main premises is called useful, the total area of all premises is called total, for profitable objects the concept of rental area is introduced, which is equal to the sum of the areas of the main and auxiliary premises.

Engineering Communication- external in relation to buildings water pipelines, gas pipelines, electric cables and wires, sewer communications, communication lines, as well as roads. When characterizing communications, attention is paid to:

materials of manufacture and service life of products,
availability for Maintenance
terms of operation until the next repair,
throughput,
availability for use in remote parts of the site

Perennial plantings by functional purpose, they are divided into groups:

· Those producing fruit and berry products - pome fruits, stone fruits, walnuts, citrus fruits, vineyards, berries;

those producing technical products - rubber plants, hops, tea;
decorative and landscaping - shrubs or woody;
field protection - anti-erosion;
hedges - protective belts along the railways.

For all groups, age characteristics are important from the point of view of management tasks:

the period from planting to the start of use for its intended purpose (berries - 2-3 years, fruit - 5-8 years, technical - up to 10 years, decorative - 5-12 years);
the duration of operation for the intended purpose (fruit and berry - 10-30 years, technical - 10-50 years, decorative and landscaping - up to 50 years).

When characterizing plantings, in addition to the properties indicated above, attention is also paid to the thickness of the trunks and the depth of the root system (to assess the reliability under the influence of the wind and estimate the costs of eliminating the plantings - when clearing the site), the size and trajectory of the shadow from the crown of plants, etc. ...

Physical environment of the object functioning created by nature, natural phenomena, as well as the results of changes in nature by man. This environment forms the material conditions for the functioning and development of real estate.

The physical environment external to the object has the following characteristics:

climate: atmospheric pressure, average temperature, amplitude of temperature fluctuations by seasons and time of day, humidity, type, amount and seasonal distribution of precipitation, wind strength and wind rose, cloudiness and sunny days - with the assignment of a set of signs to one of the climate types - continental, marine, subtropical;
predisposition to natural disasters: earthquakes and collapses of the earth's crust, floods, flooding, rising groundwater, tornadoes and hurricanes, avalanches and mudflows, icing, epidemics, invasion of insects and rodents;
ecology and predisposition to man-made disasters: the level of pollution of the atmosphere, soil and water bodies, noise, fire hazard of surrounding buildings or forests, the presence of sources of potential danger - industries, places of storage or transportation of chemicals, oil products, explosives, radiation materials, bacterial preparations, etc.
terrain: plain, desert, mountains, hills, large bodies of water, swamps, glaciers, forests, natural rock formations, caves, etc .;
the nature of the landscape: open, characteristic, organized;
the nature of the building - with the allocation of its type: perimeter, frontal, along highways, line, group, mesh, carpet, latitudinal, meridian, terrace, estate;
the nature of the building - highlighting its characteristics: number of storeys, architectural styles, density, presence and properties of recreational areas, provision of infrastructure, compositional unity and psychological compatibility of the building with the landscape;
provision of the territory with infrastructure: highways and high-quality roads, energy and utility networks, communication systems, parking lots, gas stations, recreational areas, centers of business activity.

List of used literature:

1. Land Code of the Russian Federation. Federal Law of October 30, 2001 No. 136 // Rossiyskaya Gazeta - October 30, 2001
2. About subsoil. Federal Law of February 21, 1992 No. 2359-1 // Bulletin of the Congress of the ND of the Russian Federation and the Armed Forces of the Russian Federation. - 1992. - No. 16. - Art. 834.
3. Water Code of the Russian Federation. Federal Law of November 16, 1995 No. 167 // Rossiyskaya Gazeta - November 17, 1995
4. Forest Code of the Russian Federation. Federal Law of January 22, 1997 No. 22 // Collected Legislation of the Russian Federation. - 1997. - No. 5. - Art. 610
5. Goremykin V.A., Bugulov E.R. Real estate economics. M .: "Filin", 1999 - 592 p. - ISBN 5-89568-143-3

1.4 Characteristics of the legal nature of real estate objects and the legal environment

The legal framework for regulating relations arising in relation to real estate is formulated in Art. 71, 72 and 76 of the Constitution of the Russian Federation and are regulated by the legislation of various branches of law - civil, housing, land, etc. The cornerstone of real estate attitudes is property rights.

Real right Is a right that gives a person legal power over a thing.

According to the Civil Code of the Russian Federation, the following property rights exist:

ownership (art. 209);
the right to life-long inherited ownership of a land plot (Art. 265);
the right to permanent (unlimited) use of a land plot (Article 268);
the right of economic management of property (Article 294)
the right of operational management of property (Art. 296).
the right of limited use of someone else's land plot (easement) (Articles 274, 277).

With the exception of property rights (primary rights), all other property rights are rights to other people's things (secondary rights). Almost all property rights relate to the main (direct) users of the land plot, with the exception of easements and mortgages, which are external to the real estate object in question and relate to users of neighboring plots and credit organizations.

Ownership disclosed by characterizing the entitlements that are components of full ownership. These include rights of disposal, use and ownership.

The right of disposal provides the possibility of assigning and changing the legal fate of an object, including by:

transfer of full ownership of the object to another person (under a sale and purchase agreement or exchange), or
transfer to another person of part of their powers on the basis of the rights of trust, with a partial right of disposal and with full rights of ownership and use, or
transferring to another person part of their powers on a lease basis - always with the right to use, most often - simultaneously with the right to own and use, sometimes - additionally with a partial right to dispose by subleasing part of the object.

The right of ownership provides the opportunity to perform certain physical actions with real estate, including changing the use profile and changing the user. The subject of the right of ownership of the premises can close the latter with a lock, replace the covering of walls and ceilings, rearrange or replace furniture in it, provide the premises for use for a new function after the expiration of obligations for the previous functional use, but all - within the limits of the rules stipulated by the subject of the right of disposal.

The right to use provides an opportunity to satisfy personal needs and (or) obtain benefits (including income) by using the properties of an object. The subject of the right to use the premises has only a part of the ownership right that allows the use of this premises for its intended purpose on the terms determined by the subject of the stronger right of ownership.

The subjects of property rights can be citizens and legal entities(private property), the Russian Federation and the constituent entities of the Russian Federation (state property), municipalities (municipal property).

These entities (two or more) may have common property - with the definition of the share of each (shared ownership) or without the definition of such shares (joint ownership).

In common joint ownership (without defining shares), ownership and use of property is carried out by all participants jointly, and disposal is carried out with the consent of all participants, regardless of the person who is a direct participant in the transaction.

Lifetime inheritance right provides the subject of this right and his heirs with the opportunity to exercise in relation to this land plot the rights of use and ownership (in accordance with the designated purpose of the lands to which the plot is assigned) without the right to dispose.

Permanent (unlimited) use right similar to the previous one, but without the rights of inheritance and the rights to transfer the site to other persons for rent or for free use without the permission of the owner.

The right of economic management provides the unitary enterprise with the exercise of full rights of use and ownership, and with the permission of the owner - and limited disposal (lease, pledge, contribution to authorized capital) - without limiting the purposes of using the property, but with the owner's right to receive part of the profit from this use.

The right of operational management is identical to the previous law, but has additional restrictions: on the use of property (only for the purposes of statutory activity - with the possibility of seizing part of the property in case of misuse) and on its disposal (the possibility of mortgage, leasing, etc. is not provided for - even with the permission of the owner) ...

In addition to these basic rights in relation to real estate, additional powers are distinguished:

the right to income received from the operation of the facility;
the right to voluntary alienation (transfer to another person), consumption, waste, change at its own discretion - up to the destruction of improvements;
indefinite ownership and protection from expropriation (right to security);
prohibition to use the object to the detriment of other people;
the possibility of withdrawing the object in payment of debt reimbursement;
guarantees of restoration of violated rights.

In the practice of managing an object, each of these components - individually or as a group - can be transferred by the owner to another person under an agreement on certain conditions, after which the full ownership becomes an encumbrance that restricts the possibility of using the object for purposes not provided for in the specified agreement.

Restrictions (encumbrances)- the presence of conditions established by law or authorized bodies in the manner prescribed by law, prohibitions that restrict the copyright holder in the exercise of ownership or other property rights to a specific object of immovable property (easement, mortgage, trust management, lease, seizure of property, and others).

Servitude- the proprietary right to use someone else's thing in the interests of a certain person. The servitude may encumber buildings, structures and other immovable property, the limited use of which is necessary outside the connection with the use of the land plot.

In this case, the right to use is associated not with the subject of the property right, but with the thing. As a result: in the event of the transfer of rights to a land plot encumbered with an easement to another person, the legal force of this easement remains; An easement cannot be an independent subject of sale and purchase, a pledge and cannot be transferred in any way to persons who are not the owners of real estate, to ensure the use of which the easement is established.

The encumbrance of a land plot with an easement does not deprive the owner of the plot of the rights to own, use and dispose of this plot.

Distinguish between positive and negative easements.

A positive easement is the right of a person who has an easement to perform certain actions to the detriment of someone else's real estate. For example, a positive easement is the right to ensure passage and passage through a neighboring land plot, the laying and operation of power lines, communications and pipelines, water supply and land reclamation, as well as other needs of the owner of real estate, which cannot be provided without establishing an easement.

A negative easement is the right to demand from the owner of a neighboring plot to abstain from certain types of its use. For example, the right to demand not to erect buildings and structures that impede access to the area of light and air (easement of air and light) or spoil the appearance (easement of the form), etc.

Mortgage- the form of organizing the receipt by the pledgor (the person taking on the promissory note) loans secured by the property. The mortgage provides guarantees of loan repayment by encumbrance of the property right to the subject of the pledge with the right of the pledgee (the primary creditor or other holder of the pledge obligation) to preferentially satisfy the main claim from the value of the pledged object. In this case, the pledgee does not acquire ownership rights, as well as the rights to use or possess the object, even if the debtor violates his obligations. The right to ensure the repayment of the loan is exercised by the pledger receiving the corresponding part of the amount received from the sale of the object at public auction, carried out by a specialized organization by a court decision. At the same time, legal costs and expenses for the sale of the subject of pledge are reimbursed from the mentioned amount of proceeds.

The pledgor also has the right to receive compensation for losses and penalties arising from failure to fulfill or delay in the fulfillment of obligations, as well as interest for the misuse of others. in cash... It is important that the pledgee retains his right to the subject of the pledge in the event of a change in its legal fate by the decision of the owner (pledger).

The following types of restrictions (encumbrances) and easements established in relation to real estate objects are most often encountered in urban planning activities:

a prohibition on changing the intended use or purpose without agreement in established order;
the condition to start and complete construction, reconstruction or improvement within a specified period according to the project agreed in the established manner;
a ban on certain types and parameters of the use of a land plot and changes in real estate objects;
restriction on the use of objects of engineering, transport and social infrastructure, which are in municipal or state ownership, located on a land plot granted to the ownership, possession, use or lease of a legal or natural person;
restriction on the use of a land plot due to the location on it of buildings, structures and structures that do not belong to the owner, proprietor, user or lessee of this plot;
the condition to comply with restrictions on the use of a land plot located in the zone of protection of historical and cultural monuments, on the territory of a specially protected natural object, in a water protection zone, within the boundaries of a territory exposed to natural and man-made emergencies, other territories, restrictions on the use of which are established in legislatively;
the condition to carry out certain work on the protection of monuments of historical, architectural and archaeological heritage, on the arrangement of security, sanitary - protective and other protective zones;
change prohibition appearance, reconstruction or demolition of a building, structure, structure without approval in the prescribed manner;
the condition to carry out the construction, repair or maintenance of a road, a network of engineering equipment, suitable for a land plot, other real estate object or passing through a plot;
the condition for the use of the land plot for the laying and repair of utility networks of engineering equipment within their repair and construction (technical) strips;
the condition for carrying out drainage works, creating engineering and protective structures on the land plot;
provision of temporary use of a land plot for the production of design and survey work;
the condition for the construction of buildings, structures, structures of a certain height;
creation of protective plantings or other nature conservation objects;
providing support on this land plot of buildings, structures, structures of the neighboring plot or the overhang of such objects over this plot;
condition to preserve the natural habitat and migration routes of wild animals.

A land plot, building, structure and structure may also be encumbered with other urban planning restrictions, prohibitions and other conditions of use established in the state and public interests in accordance with the legislation.

Legal environment for the functioning of the real estate object is formed by the system of legislative, executive and judicial authorities and their institutions in interaction with business entities, property owners and markets, with the use of power based on regulatory acts. The legal environment creates a system of incentives and restrictions for the functioning and development of real estate.

The main characteristics of the legal environment include:

the level of legislative and regulatory guarantees of property rights;
the level of complexity of the procedures for registering rights and ensuring the functioning of the object;
stability of the principles of fiscal and customs policy;
regulatory and legal support for guarantees of investors' rights;
legislative support for the rules of territory zoning and urban planning;
the level of restrictions on the functioning and development of objects from the side of monuments protection bodies, departments;
the existence of legal restrictions for migrants and foreign citizens;
the level of political risks as the reasons for changes in standards, regulations and rules for the functioning of the real estate market.

The main sources of law in the Russian Federation are regulations, including laws and regulations.

The legislative base of the Russian Federation consists of:

The Constitution of the Russian Federation (the law of the highest legal force);
constitutional laws;
RF Codes - Civil, Land, Housing, Water, Urban Development, Forestry;
federal laws and other acts of the Federal Assembly (decrees, regulations).

Applied to real estate Constitution of the Russian Federation :

guarantees freedom economic activity and protects the rights of private, state, municipal and other forms of property;
determines the special status of land and other natural resources as the basis for the life and activities of the peoples living in the corresponding territory;
establishes the right to private ownership of land by citizens and their associations, subject to their observance of public interests;
guarantees the right of citizens to housing and state protection of the rights and freedoms of man and citizen of the Russian Federation.

Civil Code of the Russian Federation establishes a system of concepts, norms, institutions and principles that harmonize the entire legislative framework in the interests of developing market relations, and in relation to real estate provides:

determination of the grounds for occurrence, norms of implementation and protection civil rights;
description of the content and elements of legal capacity and legal capacity of citizens, including in the field of property legal relations;
normative regulation of the procedures for the creation and functioning of a legal entity, as well as the property rights of enterprises different forms ownership and organizational structure.

V Land Code of the Russian Federation the basic principles and composition of land legislation are presented, the relations regulated by this legislation are described, the objects and subjects of land relations are characterized, the powers of the subjects of law at different levels of government are ranked. Here the categorization of lands according to their intended purpose is introduced, the procedure for assigning lands to one category or another is determined, a system of measures for the protection of land is stipulated.

The Code establishes the rules and procedure for the transfer of land to citizens and legal entities for ownership and lease, and for legal entities - and for permanent use (without the right to dispose). The conditions for the provision of plots for construction, for running a peasant (farm) economy, gardening and truck farming, for summer cottage construction and other purposes not prohibited by law are negotiated.

Water Code of the Russian Federation defines the peculiarity of waters as a special component of the natural environment. The Code introduces the basic concepts, defines the composition, objectives of water legislation, relations regulated by water legislation and the effect of water legislation in time. It provides a definition of the concept of a water body and a classification of the types of such objects (surface and underground water bodies; internal sea waters and the territorial sea of the Russian Federation), provides characteristics of surface and underground objects.

Forest Code of the Russian Federation sets legal basis rational use, protection, protection and reproduction of forests, increasing their ecological and resource potential. It states that:

purchase and sale, pledge and other transactions that entail or may entail the alienation of plots of the forest fund, as well as plots of forests that are not included in the forest fund, are not allowed;
transactions with the rights to use forest land plots and the rights to use forest land plots that are not included in the forest fund are carried out in accordance with the procedure established by forest legislation, and in the part not regulated by it - by civil legislation;
tree and shrub vegetation can be transferred from one person to another in the manner prescribed by civil legislation and land legislation.

Housing Code of the Russian Federation regulates relations about:

the emergence, exercise, change and termination of the right to own, use and dispose of residential premises of the state and municipal housing stock;
use of residential premises of private housing stock;
use of the common property of the owners of the premises;
classifying premises as residential premises and excluding them from the housing stock;
housing stock accounting; maintenance and repair of residential premises;
reconstruction and redevelopment of residential premises;
management of apartment buildings;
the creation and operation of housing and housing construction cooperatives, homeowners' associations, the rights and obligations of their members;
providing utilities;
control over the use and safety of the housing stock, compliance of residential premises with the established sanitary and technical rules and regulations, as well as other legal requirements.

Urban Planning Code of the Russian Federation regulates relations in the field of creating a settlement system, urban planning, development, improvement of urban and rural settlements. It also regulates the development of engineering, transport and social infrastructures in settlements, rational use of natural resources, preservation of objects of historical and cultural heritage and protection of the natural environment in order to ensure favorable living conditions for the population.

Federal Law "On state registration of rights to real estate and transactions with it" establishes the obligation of registration and the availability of information about it. It presents the registration procedure with a description of the register, the conditions for the preparation and submission of documents, as well as the grounds for suspending or refusing registration. Highlighted registration features certain types rights: rights to real estate in condominiums, common property rights, rights to a newly created property, lease rights, easements, mortgages, trust management.

In the Federal Law "On appraisal activities in the Russian Federation" provides for the obligatory assessment of the market and other types of value of real estate objects belonging to the Russian Federation, its subjects or municipalities - during privatization, transfer to trust, leasing, upon pledge, alienation, contribution to the authorized capital, as well as in the event of property disputes. The contractual grounds for the appraisal are prescribed, the requirements for the contract and for the content of the appraisal report are formulated. The law obliges appraisers to insure their civil liability, establishes a procedure for regulating appraisal activities, including by approving appraisal standards, defining requirements for appraisers' education level and licensing this type of activity.

Federal Law "On Mortgage (Pledge of Real Estate)" establishes the grounds for the emergence of a mortgage and its regulation, including a list of obligations and requirements secured by the mortgage. A list of types of real estate objects that can be the subject of a pledge is provided, as well as characteristics of the right to transfer property as a pledge, a prohibition is introduced on the pledge of property withdrawn from circulation, which has become the subject of collection, subject to mandatory privatization or not subject to privatization at all, the conditions for pledging the right to lease, and also property in common ownership.

Federal Law "On Subsoil" containing legal and economic foundations rational use and protection of subsoil, ensures the protection of the interests of the state and citizens of the Russian Federation, as well as the rights of subsoil users. It introduces the definition of the concept of subsoil, the scope of regulation, a system of legislative acts on subsoil, the conditions for the legal regulation of relations with the use of subsoil and the specifics of the implementation of property rights to subsoil. It is stipulated that the subsoil within the boundaries of the territory of the Russian Federation, including the underground space and minerals, energy and other resources contained in the subsoil, are state property with the implementation of this right jointly by the Russian Federation and its subjects, but without the right of any form of alienation of subsoil plots.

List of used literature:

Constitution of the Russian Federation of 12.12.1993. // Russian newspaper - December 25, 1993.
Civil Code of the Russian Federation (part one). Federal Law of November 30, 1994 No. 51 // Collected Legislation of the Russian Federation. - 1994. - No. 32. - Art. 3301.
Ozerov E. S. Economics and management of real estate. SPb: Publishing house "MKS", 2003 - 422 p. - ISBN 5-901-810-04-X
Land Code of the Russian Federation. Federal Law of October 30, 2001 No. 136-FZ // Rossiyskaya Gazeta - October 30, 2001
Water Code of the Russian Federation. Federal Law of November 16, 1995 No. 167-FZ // Rossiyskaya Gazeta - November 17, 1995
Forest Code of the Russian Federation. Federal Law of January 22, 1997 No. 22-FZ // Collected Legislation of the Russian Federation. - 1997. - No. 5. - Art. 610
Housing Code of the Russian Federation. Federal Law of December 29, 2004 No. 188-FZ // Rossiyskaya Gazeta - December 30, 2004
Urban Development Code of the Russian Federation. Federal Law of December 29, 2004 No. 190-FZ // Rossiyskaya Gazeta - December 30, 2004
On state registration of rights to real estate and transactions with it. Federal Law of July 21, 1997 No. 122-FZ // Rossiyskaya Gazeta - July 22, 1997
On appraisal activities in the Russian Federation. Federal Law of July 29, 1998 No. 135-FZ // Rossiyskaya Gazeta - July 30, 1998
Mortgage (mortgage of real estate). Federal Law of July 16, 1998 No. 102-FZ // Rossiyskaya Gazeta - July 18, 1998
About the bowels. Federal Law of February 21, 1992 No. 2359-1 // Bulletin of the Congress of the ND of the Russian Federation and the Armed Forces of the Russian Federation. - 1992. - No. 16. - Art. 834.

1.5. Economic and social essence real estate

Real estate as an economic benefit performs the following functions:

a commodity (non-profitable) - a resource for personal or public use, i.e .:
residential real estate, including personal land or gardening;
lands and buildings of medical, educational, defense and other socially significant institutions;
a real asset - a resource (factor of production) for the production of goods and services in order to make a profit, i.e. commercial real estate, including industrial real estate, including agricultural land, reservoirs of fish factories, property complexes of enterprises, etc .;
financial (investment) asset, i.e.:
goods purchased for subsequent speculative resale at a profit;
capital in real form, generating profit from leasing and profitable resale (commercial real estate);
collateral for financial instruments (securities, including mortgages).

The features of real estate as a product include:

the immobility of the object in space limits the possibilities for the implementation of the transaction only by the parameters of the regional market,
the uniqueness of objects - due to the uniqueness of the combination of a very large number of characteristic features (there are no absolute analogues) - leads to the uniqueness of each transaction on the real estate market;
the durability of the object ensures its presence on the market as an integral part of the supply (latent or explicit) for a long time in any fluctuations in the market situation;
the limited land resources and the duration of the creation of improvements lead to a relatively low elasticity of the supply of this product and to the corresponding features of market pricing;
the complexity of the structure of the object with the possibility of variations in the aggregate of physical and legal properties, in combination with the high complexity of market processes, forces the participants in transactions to bear high transaction costs in the preparation and implementation of transactions;
the complexity of market processes, accompanied by the difficulties of acquiring information, complicates the tasks of defining, checking, securing rights, concluding a sale and purchase agreement, organizing settlements between the buyer and the seller, forcing the use of intermediary services;
low liquidity leads to a significant lengthening of exposure time when selling real estate at market prices.

The features of real estate as a financial asset include:

the heterogeneity of the asset associated with the heterogeneity of the economic characteristics of the objects in the aggregate of the latter (due to the uniqueness of each object) significantly complicates the problems of managing the real estate portfolio;
the weak dependence of the profitability of real estate on the profitability of other assets makes it possible to consider real estate as an alternative when choosing directions for portfolio investments;
the relative stability of income from the operation of the facility, ensured by the long-term lease agreements and the following of changes in incomes following inflationary changes in prices, facilitates economic forecasts and management of economic risks;
the inexhaustibility of the land and the durability of buildings, together with the enduring consumer value of real estate, provide a high level of guarantees for the safety of the invested funds in comparison with other types of financial assets;
high level need start-up investments for the acquisition and / or development of an object - with the required level of independence in profitable operation - significantly narrows the range of potential users of this type of asset;
the need for highly professional management of facilities due to the high degree of complexity of their structure and the system for ensuring their operation leads to the need to involve not only brokerage companies, but also management companies in the process of making a profit;
low liquidity and high transaction costs for this asset in comparison with securities reduces its attractiveness in the implementation of speculative transactions.

Real estate operations- this is :

actions of citizens and legal entities aimed at establishing, changing or terminating civil rights and obligations in relation to the real estate object;
a legal fact giving rise to the legal result sought by the subjects of the transaction with the real estate object.

The purpose of any transaction is the acquisition of ownership or the right to use property.

The validity of the transaction is determined through the combination of the following conditions:

the legality of the content;
legal capacity and legal capacity of individuals and legal entities making the transaction;
conformity of the will and will of the participants in the transaction;
compliance with the form of the transaction.

If at least one of the above conditions is not met, then the transaction is invalid.

A transaction is considered null and void if:

committed with a purpose that is obviously contrary to the foundations of law and order or morality;
the expression of the will does not correspond to the true will;
the form of the transaction and the requirements for its state registration were violated;
the party to the transaction is incapable, i.e. incapable of understanding the meaning of their actions;
the transaction of a legal entity goes beyond its legal capacity.

Transactions can be made in two forms:

oral;
written.

Oral transactions are possible:

if a written form is not established by law or agreement;
for transactions executed at the very execution of them (except for those for which a notarial form is provided, and transactions, non-observance of the simple written form of which entails their invalidity);
for transactions pursuant to an agreement concluded in writing (if this does not contradict the law, otherwise legal acts and the contract).

The written form of the transaction consists in drawing up a document reflecting the content of the transaction and signed by the person making it.

Written contracts can also be concluded through the exchange of documents, by post, teletype, electronic or other communication.

A real estate object can be an object of bargaining and transactions in several forms, distinguished by the completeness of the transferred rights:

the object itself is for sale if the buyer is transferred full ownership (with a full package of powers, including the right to spend, transfer and destroy the object);
the tenant's right is sold if the right of ownership and use is transferred to the buyer (lessee) (without the right to dispose, but with the right to change the physical essence of the object);
the right to use is sold if the right to use is transferred to the buyer (lessee) (without the right to dispose of the legal and physical fate of the object);
landlord's right for sale to receive a regular income by leasing the object on behalf of the owner (possibly through a long-term lease with the right to transfer the object or parts of it to sublease).

With a change of ownership	With a change in the composition of the owners	With the addition of other subjects of rights
Purchase and sale	Shareholding	Investing funds
Inheritance by law or by will	Change of composition with division of property	Construction, reconstruction
Implementation of obligations (collateral or debts)	Change in the composition of subjects upon liquidation of an enterprise	Transfer to trust
Privatization; nationalization	Contribution of property to the authorized capital	Rent, hire, sublease, rent
Dependent rent and lifelong maintenance	Shared construction with the allocation of shares	Transfer to economic management, operational management
Withdrawal of a land plot and demolition of a building	Loan processing secured by real estate	Transfer of land to inheritance and permanent use
Exchange and exchange	Resettlement (communal apartment)	Introduction and withdrawal of easements, booking
-	Entering a condominium	Insurance

Purchase and sale

The contract of purchase and sale of a real estate object is concluded in writing and is subject to mandatory state registration.

D. V. Vinogradov
REAL ESTATE OPERATIONS. ECONOMIC AND SOCIAL ESSENCE OF REAL ESTATE. PROPERTY COMPONENTS AND LIFE CYCLE. REAL ESTATE ECONOMY: TRAINING GUIDE