Children’s share of the apartment: what happens if they are not allocated?
We continue to consider the issue of allocating shares to children when using maternity capital. Let’s figure out in which cases this is necessary, and what consequences there may be if this is not done.
The obligation to allocate shares to children arises in several cases. The first case is the use of maternity capital when buying real estate. In this case, the law requires that shares in the apartment be allocated to children. This obligation exists if the housing was purchased with a mortgage loan, and the maternity capital was used as a down payment or to repay part of the loan. It is necessary to allocate shares within six months after repayment of the loan and removal of encumbrances from the apartment.
The second case when it is necessary to allocate shares to children is when buying an apartment using maternity capital. If this is not done, the transaction may be canceled or the prosecutor's office will oblige to return the funds spent.
The third case is the sale of real estate bought with the help of maternity capital. In the absence of allocated shares, the transaction will not be registered. Guardianship controls the observance of the rights of minors to their own housing.
The last case is the privatization of public housing. Without the allocation of shares, the procedure for obtaining ownership of an apartment or house cannot be completed.
According to the legislation of Russia, transactions with the property of a minor are made with the mandatory prior consent of the guardianship and guardianship authorities.
Consequences in case of non-allocation of a share are next: Various problems may arise, up to a criminal case under the article on fraud. If you have received money In addition, if the apartment where the shares were to be allocated has already been sold, then such a transaction may be invalidated. From the state, but have not fulfilled the legal conditions, this can lead to serious consequences.
If you have a need to use maternity capital to buy a home or sell property, be sure to pay attention to allocating shares to children. This will help to avoid unpleasant consequences and keep your peace of mind.
If you have any questions about this topic or need advice on the use of maternity capital, please contact our specialists:
• 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 our specialists online
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