Underestimating the value of real estate when selling an apartment: dangers and risks for the buyer
When it comes to buying or selling real estate, real estate agents often face a situation where the seller offers to indicate in the documents not the entire cost of housing, but only part of it. At first glance, this approach may seem beneficial for both parties – the seller reduces the sales tax, and the buyer does not advertise his income. However, this apparent benefit hides serious dangers and risks for the buyer.
Firstly, it is worth noting that the buyer is the most vulnerable party in such a transaction. If any disputes or court proceedings arise in the future, the buyer who agreed to understate the value may be recognized by the court as an unscrupulous buyer because he deliberately broke the law and colluded with the seller. Such a situation may lead to the court declaring the transaction invalid, and the buyer will have to return the apartment to the seller, receiving in return only the amount specified in the contract.
In addition, it will be almost impossible to prove the fact of paying a larger amount for an apartment. As a result, the buyer will loose part of the money that he actually paid for housing, and without the real estate itself. It is also worth considering that the buyer will lose the opportunity to receive a property deduction for the full cost of the apartment. The deduction will be provided only for the amount specified in the contract, which can seriously limit the financial benefits for the buyer.
But this is not all. If the seller turns out to be bankrupt, the insolvency practitioner may invalidate the transaction, and the apartment will be returned back to the seller. In this case, the buyer will be able to claim only the amount specified in the contract. This can lead to serious financial losses for the buyer.
It is worth remembering the possible consequences from the side of the tax service. If the tax service finds an underestimation of the value of real estate when selling an apartment, additional personal income tax will be charged and a fine of 20% or even 40% of the amount of the additional charge may be imposed. If the amount of the hidden tax exceeds 2.7 million rubles, then this already threatens a criminal case.
The desire of the seller of the apartment to save on tax can lead to serious consequences for the buyer, therefore, it is recommended to be honest and conscientious when conducting any real estate transactions. In case of disputes or unresolved issues, it is better to seek the help of a professional lawyer or a realtor to avoid losses and troubles.
Do not forget that the law always protects honest and conscientious participants of the transaction. Be careful and cautious when purchasing real estate and always follow the law!
We want to emphasize that the correct and honest purchase of real estate is the key to a successful and safe transaction. Contact professionals in your field and do not risk your money and property.
«Nevsky Prostor» real estate agency ready to help you with any questions about buying a property. We provide services for the purchase of an apartment both in the new and secondary housing markets. Our impeccable reputation and extensive experience guarantee the integrity and reliability of the transaction. We will help you choose the best option for each client.
Do not risk your money and property. Contact the professionals!
Contact us:
• Tel : +7 (812) 325-38-38 (from 9-00 to 21-00 on weekdays; from 10-00 to 18-00 on weekends and public days)
• Address: Russia, 199406, Saint Petersburg, Nalichnaya street, 22
• You can also ask questions to our specialists online
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