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Reduction of notary fee on commercial mortgages in Russia

Russia
10/09/2004
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On 20 August 2004, President Putin signed a law (the "Law") amending the Russian law "On state duty". According to the Law, the state duty payable for notarising mortgage agreements, currently set at 1.5% of the mortgaged property value, will be decreased to the following amounts:

  • 200 RUR (approximately USD 7) for the notarisation of residential mortgages (where required by law), if the mortgage secures a loan granted for the purchase or construction of such mortgaged property; and
  • 0.3% of the mortgage contract amount (which is generally deemed to be the value of the mortgaged property), but not exceeding 3,000 RUR (approximately USD 100), for notarising mortgages on all other kinds of real property.

The Law will also eliminate the state duty currently payable for the state registration of a mortgage agreement and the issue of a state registration certificate, as well as the state duty for obtaining an extract from the unified state real estate register with respect to the registration of a mortgage.

The Law, which has not yet been officially published, will come into force one month from the date of its official publication.

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