Traditionally, in Russia, real estate is divided into 3 groups: housing fund, non-residential fund, land. Each of these groups is developing independently, has its own legislative and regulatory framework.

Housing Fund is a set of all residential premises regardless of ownership forms, including residential buildings, hostels, specialized homes, apartments, other residential premises in other buildings suitable for accommodation.

Residential real estate as a product has the following properties that distinguish it from other goods (Fig. 1).

Fig.1 Features of real estate as a product

The non-residential foundation includes buildings, structures and other objects or their part located on a certain land plot and registered in the prescribed manner. Non-residential premises differ in functional purpose on office, shopping, warehouse and production.

The basic real estate object is the land that is the place of residence of all people, the main factor in any business, directly or indirectly participating in the production of all other goods.

Along with division into types, real estate is classified for a number of signs, which contributes to a more successful study of the real estate market and facilitates the development and application of methods for assessing various categories of real estate, and management of them.

By the nature of the use:

Residential real estate: houses, cottages, apartments.

Commercial real estate: hotels, office space, shops, restaurants, service items.

Production Real Estate: Factories, Plants, Warehouses.

Agricultural real estate: farm, gardens.

Special real estate: schools, churches, monasteries, hospitals, nursery gardens, nursing homes, government and administrative institutions.

For the purpose of ownership:

For doing business;

To stay owner;

As an investment;

As commodity reserves and NWP;

For mastering and development;

For consumption of exhaust resources.

According to the degree of specialization:

Specialized (due to its special nature rarely, if at all surrendering to third parties or sold on the open market to continue its existing use, except when it is implemented as part of its useful business): refinery and chemical plants, power plants; museums, libraries and similar premises belonging to the public sector;

Non-specialized - all other real estate on which there is universal demand in the open market for investing, use in existing or similar purposes.

According to the degree of readiness to operate:

Commissioned;

Requiring reconstruction or overhaul;

Construction in progress.

On the reproducibility in genuine form:

Non-reproducible: land plots, mineral deposits;

Reproducible: buildings, structures, perennial plantings.

Real estate has a potential ability to generate income and is a rather attractive investment direction. Real estate income forms:

1) Future Periodic Threads money;

2) an increase in the value of real estate due to changes in market prices, the acquisition of new and development of old objects;

3) income from the resale of the object at the end of the spent period.

Three main types of real estate can be distinguished: land, housing and non-residential premises.

The land is divided into:

• 1. Land plots designed to build;
• 2. Natural complexes intended for their operation.

Accommodation is a building with all amenities intended for human accommodation.

Housing can be:

• 1. ELITE;
• 2. Type;
• 3. urban;
• 4. Country.

Along with division, property is classified for a number of signs, which contributes to a more successful study of the real estate market.

By nature of use

• - Residential real estate: houses, cottages, apartments.
• - Commercial real estate: hotels, office space, shops, restaurants, service items.
• - Production Real Estate: Factories, Plants, Warehouses.
• - Agricultural real estate: farm, gardens.
• - Special real estate: schools, churches, monasteries, hospitals, nursery, nursing homes, government and administrative institutions.

For the purpose of ownership

• - for business;
• - to stay the owner;
• - as an investment;
• - as commodity reserves and unfinished production;
• - for development and development;
• - To consume exhaust resources.

According to the degree of specialization

• - Specialized (due to its special character rarely, if at all surrendering to third parties or sold on the open market to continue its existing use, except when it is implemented as part of its useful business): oil refining and chemical plants, power plants; museums, libraries and similar premises belonging to the public sector;
• - Non-specialized - all other real estate on which there is universal demand in the open market for investing, use in existing or similar purposes.

According to the degree of readiness to operate:

• - commissioned;
• - requiring reconstruction or overhaul;
• - Construction in progress.

On the reproducibility in genuine form:

• - Not reproducible: Land plots, mineral deposits;
• - Reproducible: buildings, facilities, perennial plantings.

Real estate has a potential ability to generate income and is a rather attractive investment direction. Real estate income forms:

• 1) future periodic cash flows;
• 2) an increase in the value of real estate due to changes in market prices, the acquisition of new and development of old objects;
• 3) income from the resale of the object at the end of the spent period.

Real estate assessment is of interest primarily for categories of objects that are actively accessing the market as independent goods. Currently in Russia it is:

• - apartments and rooms;
• - premises and buildings for offices or shops;
• - suburban residential buildings with land plots (cottages and cottages);
• - free land, designed for development or for other purposes (in the near future);
• - Warehouse and production facilities.

The proposed classification of real estate objects is aimed at promoting a differentiated approach to their assessment, taking into account the most significant features inherent in each group of objects, the features of their turnover, structure and scale of markets, within which the purchase and sale processes occur.

The assessment of the object is influenced by a variety of conditions and their combinations, therefore the method of "tree of signs" is used to carry out the group. Such a grouping is multi-level; At each level, it is carried out on its basis with their differences in the same level, but on different "branches".

In this case, the depth (number of levels) of the classification is larger than the "branches" on which more representative objects are located (from the point of view of market scale).

Below are the name and set of recommended values \u200b\u200beach feature of the classification (the second digit in the classification numeric index indicates the origin of the object, the third is to the appointment, the fourth on the scale and characteristic of the object).

1. Origin

b Natural (natural) objects.

b artificial objects (buildings).

2. Purpose

b free land (under construction or other objects of using the surface of the Earth).

b natural complexes (deposits, and the like) for their operation.

3. Buildings

b for housing.

b for offices.

b for trading and sphere of paid services.

b for industry.

other.

4. Scale

l Land arrays.

s separate land plots.

b complexes of buildings and structures (country village, micro-

b District, Hotel, Sanatorium, Motel, and the like).

a residential building apartment building.

b Residential house one-friendly (mansion, cottage).

b Section (entrance).

b Floor in the section.

b flat.

b room.

b Summer cottage.

b complex of administrative buildings.

b building.

loons or parts of buildings (sections, floors).

5. Readiness to use

b Ready objects

b requiring reconstruction or overhaul.

b requiring completion of construction ("unfinished"). The division on the subgroups on the signs of Group 4 can be applied to all groups (from 1.2.1 to 1.2.5).

The most developed sector of the real estate market in Russia is currently the market of apartments. Markets of commercial and especially industrial real estate, as well as the land market are developed significantly weaker.

To assess the most significant classification of real estate, in which land, buildings and structures are divided into two classes:

• 1) Specialized Real Estate;
• 2) Non-specialized real estate.

Specialized real estate is a property that, by virtue of its special nature, is rarely sold on the open market, except when it is implemented as part of the use of its business.

The special nature of real estate is usually due to its constructive features, specialization, size, location or combination of these factors.

Non-specialized real estate is a property on which there is a total demand and which is usually bought, sold or rented on the open market in order to use it as an investment or for development and development.

For various estimates, depending on the property objectives, the property is divided into categories:

• 1) the property held by the owner for use in the activities of the enterprise;
• 2) investment real estate used by the owner for receiving rental income to maintain or increase the cost of capital;
• 3) real estate, redundant for the needs of production (business);
• 4) the real estate owned by the objectives of development and development;
• 5) Real estate owned as commodity reserves.

According to its functional purpose, real estate is divided into types of specific business:

• 1) residential;
• 2) office;
• 3) industrial;
• 4) warehouse;
• 5) Multifunctional.

For estimates, depending on the purpose of using improvements, real estate objects are divided into the following types:

• 1) residential buildings and secondary residential properties (apartments, rooms);
• 2) administrative buildings;
• 3) industrial buildings;
• 4) parts of the building, built-in rooms (premises of offices, enterprises);
• 5) mansions, cottages, cottages, garden houses;
• 6) structures;
• 7) Complexes of buildings and structures.

The procedure for attributing the object of real estate to a specific class, type, view and categories should be agreed with the client, unless otherwise provided by the current regulatory acts.

For land plotsAs special assessment objects, there is its own classification.

According to Article 7 of the Land Code of the Russian Federation, the division of land resources (land fund) is established for the following categories in accordance with the targeted appointment and legal regime of use and protection:

• 1) land settlements (settlements);
• 2) lands of industry, transport, communications, defense and other special purpose;
• 3) lands of environmental, reserved, recreational, recreational and historical and cultural purposes;
• 4) land of agricultural purposes;
• 5) Land of the Forest Foundation;
• 6) the Earth of the Water Fund;
• 7) stock lands.

Land of settlements - land located within the administrative borders of various settlements are divided from the point of view of their functional appointment into two groups: rural and Yurodsk settlements.

When evaluating land settlements, their separation should be taken into account in accordance with the targeted appointment and urban planning regulations in the following territorial zones:

• 1) land of urban or rural development, including residential and public, industrial and municipal warehouse;
• 2) common land intended to meet the needs of the population (engaged in areas, streets, roads, embankments, parks, forestarms, squares, water bodies, beaches and others);
• 3) land of agricultural use;
• 4) lands of environmental, recreational, recreational and historical and cultural purposes;
• 5) land transport, communications, engineering communications;
• 6) lands of water bodies and water management;
• 7) land of military facilities and regime zones;
• 8) Reserve lands - not involved in urban planning and other.

Social role in real estate - This is the satisfaction of all the needs of a person (psychological, physiological, intellectual).

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

The basis of the real estate object is the Earth. Earth is a fundamental factor in any commercial activitywhich indirectly or directly participates in the production of goods or services.

The land is divided into:

1. land plots designed to build or for other use purposes;
2. natural complexes intended for their operation (deposits, etc.)

Accommodation is a building with all amenities intended for human accommodation. Housing is: elite, typical, urban, country, and others. Real estate is heterogeneous in its composition, the ability to satisfy various needs man and in its functions.

Real estate is divided into a functional basis for residential and non-residential. In non-residential, industrial, commercial, recreational real estate, institutional, motels hotels and real estate, which is intended for mixed use. Under industrial real estate, industrial facilities, working factories, warehouses are understood.

Recreation real estate is intended for recreation - these are structures in the territories of resorts, stadiums, clubs, swimming pools and other facilities intended for entertainment. Institutional real estate is buildings for government or municipal authorities, hospitals, sanatoriums and other special purpose functions. Property of mixed destination is a combination of listed types real Estate.

Types of real estate According to the degree of readiness to operate:

1. commissioning structures;
2. buildings that require major repairs or reconstruction;
3. construction in progress.

According to the degree of reproducibility, real estate is allocated:

1. the non-reproducible is mineral deposits;
2. reproducible is structures, buildings.

According to the degree of specialization distinguish:

1. specialized: chemical and oil refineries; Museums and other buildings belonging to culture.
2. non-specialized: other real estate on which there is a demand for the open market for investing.

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

For the purpose of ownership, it is intended for business, the owner's stay, as investment, for development and development, as commodity reserves, for the consumption of resources that are currently exhausted.

The object of any transactions (purchase and sale, deposit, etc.) is a property - a commodity that satisfies various needs defined qualitative and quantitative characteristics. Real property includes land plots, separate objects, i.e., what is closely related to the Earth.

Real estate has a number of properties:

1. Utility. Real estate objects must maximize the needs of the owner in the production area or in residential, in the environmental friendliness or comfort of the room in this place or within a certain period of time.
2. Fundamentality. Under normal conditions, real estate is impossible to lose, break or kidnap.
3. Durability. Depending on the construction material of the main structures (walls, foundations, overlaps), real estate objects are divided into six groups with regulatory service life 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 related to the Earth, their movement is unrealless without applying to the object under consideration of a certain damage. If the land is considered as a product, it can be said that the amount of land offered in the market is limited to nature.
5. Unique. Each property object is unique and possesses individual (defined) properties that are inherent in only this object and distinguish it from other real estate objects.
6. Controllability. Any (each) object of real estate that makes a profit requires management. Real estate management is the repair, preventive work, the provision of utilities, control over the receipt of payments, etc.
7. Detailed regulation of real estate transactions by government agencies, local governments. This is explained by the fact that the object of real estate is part of the infrastructure and its use affects the interests of many individuals and legal entities.
8. Sustainable trend towards cost increase. The cost of real estate as a product over time is steadily increasing due to the deficit of real estate and other factors.
9. Liquidity. In the real estate market, the low liquidity of the goods contributes to the high level of costs from the seller and the buyer who are formed in the implementation of the transaction.

Three characteristics that distinguish real estate market From other markets:

1. a very high level of costs that are associated with the search for the desired goods and the counterparty of the transaction;
2. the period for selling goods in the real estate market is much larger than in other markets;
3. a limited amount of goods that can satisfy customer requests and, therefore, is limited by the number of buyers for sellers of this product. This limitation leads to the formation of individual prices.

The object of any transactions (purchase and sale, deposit, etc.) is a property - a commodity that meets various needs, specific qualitative and quantitative characteristics. Real estate include land plots, isolated objects, i.e. what is closely related to the Earth

The real estate market implies a set of relationships that are created around operations with real estate objects. The real estate market is a certain amount of cash investment in the system of economic relations that arise under real estate transactions and in real estate objects. Under segmentation of real estate, real estate division into certain homogeneous groups of indicators is understood.

Real estate market can be divided according to the following features:

1. geographical sign. It includes the following types of real estate markets: urban, local, regional, world and national;
2. object type. These are the markets of buildings, structures, enterprises, premises and other objects;
3. functional purpose. Markets of industrial buildings, residential, non-production buildings and premises;
4. according to the degree of readiness to operate the markets of existing facilities, incomplete construction, new construction;
5. by type of participants: individual vendors and buyers, intermediate vendors, commercial firms, municipalities;
6. according to transactions: purchase and sale, rent, real rights, mortgage;
7. sectoral affiliation: Industry of objects, public buildings and agricultural objects;
8. in the form of ownership: state and municipal facilities, private facilities;
9. the method of making transactions: the primary and secondary market, organized and unorganized, traditional and computerized, stock exchange and outstanding.

Maintenance real estate market segments - This is the housing market, the land market and the market of non-residential premises.

Gill market divided into:

1. City Housing Foundationwhich, in turn, is divided into low-quality housing, typical housing, home improved layout, Stalin's buildings, elite housing;
2. Country housing marketHis formation is associated with the removal of restrictions on individual suburban construction.
3. Non-residential market. In this market, the number of operations is much less, but due to the very high cost of real estate objects, it is attractive for persons working in this market. Earth is component In any object of real estate.

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. investing capital in real estate.

In Ukraine, the real estate market began to form after the introduction in the early 1990s. The rights of private ownership of real estate and conducting privatization, in connection with this, the state has not become the only owner of real estate objects.

Markets of various real estate regions have significant differences. These differences are due to economic or natural conditions, regional legal Basewhich is formed by local authorities.

Legislation in real estate - this is a combination of laws and other regulatory legal acts through which state bodies Can set, change or cancel the relevant legal norms. In real estate, rights and interest are divided both private and public.

Social rights include:

1. the right to tax, i.e. property taxation;
2. the right to alienate for compensation for real estate for public needs;
3. the right of police authority is the restrictions established by the Company to protect their own interests (the introduction of restrictions in the field of road, construction, etc.);
4. the right to take property in the treasury. For example, the property belonging to a certain owner can move into the state of the state after the death of the owner in the following cases, if the owner has no legitimate heirs, if he did not take care of the testament.

Private rights include:

1. the possibility of ownership of the property of individuals or legal entities;
2. lifelong property law;
3. real estate rights in accordance with the law.

Allocate three groups to which sources are divided:

1. federal laws and other regulatory legal acts adopted in real estate;
2. laws and other regulatory legal acts of citizens of Ukraine
3. local self-government laws and local regulatory legal acts.

The legal main for the development of all legislation is the Constitution of Ukraine, which has the highest strength and direct impact. All existing and adopted legal acts must fully comply with the Constitution of Ukraine. The principles set forth in the Constitution of Ukraine determine legal and civilized real estate management in Ukraine. The Constitution guarantees the "Unity of Economic Space, free movement of goods, services and financial means, support for competition and freedom of economic activity, "at the same time," a private, state, municipal and other ownership forms "are recognized and defended. "Everyone has the right to have property owned, to own, use and dispose of them both alone and together with other persons."

The civil code of Ukraine 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 Mena, donation, purchase and sale, rent, etc.

Real estate is a financial asset.. It is created by investing capital and human labor. Real estate development occurs with high costs, as a result, the need to attract borrowed money etc. In connection with the foregoing, the real estate market is one of the sectors. financial market.

A complex economic system, which includes a combination of certain procedures and institutions aimed at interacting buyers and sellers, is the financial market. Under financial markets understand the scope of manifestation of economic relations on the distribution of the created value and its implementation by the method of money exchange on financial assets. Investment values \u200b\u200band cash are acting as financial assets. Funding tools are securities, money, deposits, borrowed (loan) capital, precious metals and stones, real estate

Features of the financial market:

1. implementation method recognizes the consumer value of the financial asset;
2. the process of implementing a financial asset occurs through the creation of certain financial institutions;
3. financial support for the consumption and investment process by creating the conditions for the accumulation of capital and take into debt;
4. impact on money turnover As a result of creating conditions for continuous motion of money.

Financial market - This is a system of individual independent markets. All markets are interrelated. The same financial asset can be a commodity in several markets. The real estate market is one of the most significant components of the financial market parts. A part of the financial market, which takes the redistribution of borrowed capital, provided by the pledge of real estate, is called the mortgage capital market. In Western Europe, approximately 70% of loans are issued on the security of real estate, while in the housing market - more than 90%.

In Ukraine, a system of mortgage lending is very poorly developed. In Ukraine, there are quite expensive borrowed funds, and internal resources are focused on lending to export and import operations, currency transactions and operations with a high income of securities. Currently, the risk of investments in real estate is high due to its low liquidity and duration of the payback period of invested funds. The state manages in the real estate market in the process of enhancing investments, contributes to the attraction of funds to reconstruction, modernization or creation of new fundamental funds. The state 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. Attachments in real estate are growing - the market is enlivened, decrease - the market subsides. Lenders and investors restrain economic instability. State support is necessary to enhance financing investment in real estate.

The participants of the Real Estate Financing Process include local and federal authorities and management, credit and financial institutions, investors, etc. Economic and legal relations, which are created between the participants of the real estate financing process, provides either a state or public organizations. The state is the owner of a multitude of 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 ownership of certain real estate objects; Sets benefits or imposes restrictions on real estate investment.

Lenders are credit and financial organizations that provide capital to those investors who do not have sufficient funds. Investors can act physical and legal entitiespurchasing real estate and supporting it in suitable condition. Investors decide what project when and how much to invest

There are two types of investors:

1. active investors are engaged in construction or finance it, develop an object or manage it;
2. passive investors only finance the project and take further participation in it.

All participants in the real estate market can be combined into three groups:

1. sellers. Sellers may be citizens, enterprises, foreign persons who are owners of real estate objects;
2. investors buyers, they invest borrowed, own funds in the form of capital and ensure the target distribution of capital;
3. professional participants are infrastructure enterprises with which the market functioning is ensured in accordance with the established standards.

Real estate market participants are professional mediators who implement real estate objects: brokers, law firms, brokers, realtors, dealers, insurance companies, authorized persons.

Realtor is a person engaged in business in the real estate market, while carrying out various types of real estate transactions and rights to it. Realtors sell only their services. Currently, the key figure in the real estate market is a development that performs activities related to the management of the investment project in real estate. The developer is an organizer that converts 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 project implementation plan is being developed;
3. in the third stage there is an implementation investment project.

The developer tries to organize the creation of a real estate object so as to recoup all the resources that were invested in this property. Ultimately, its main goal is to receive profits from the implementation of the object.

Under the right of ownership of real estate, they understand the empower of a certain person to possession, disposal and use of property in their own interests. Under the right of ownership they understand the opportunity to have a certain thing. Ownership can be carried out only in accordance with the legislation. Based on the Law, the operation of property and profit or beneficial properties is the right to use under the right of the order understand the provision of the owner of the possibility of committing certain actions that legally determined the further fate of the property.

The legal content of the property rights is a set of the above factors. The law establishes the main features of the acquisition or termination of property ownership. The use, ownership or disposal of property depends on what property it is, i.e., in the property of a citizen or a legal entity, owned by the subject of the Russian Federation or in the property of the Russian Federation, etc. Types of property, which can also be only in the municipal or state ownership, determined by law. The rights of owners are protected by the state.

The property of citizens and legal entities may be any property, with the exception of certain types of property, which in accordance with the law cannot belong to citizens or legal entities. Commercial I. non-commercial organizations They are owners of the property transferred to them as deposits of founders, as well as property acquired by these legal entities for other reasons.

State property in Ukraine is the property belonging to the right of ownership to citizens of Ukraine, the edges, regions, cities of regional importance. Earth and others natural resources are state property. The property in state or municipal property may be transferred by its owner to the property of citizens and legal entities in the manner prescribed by the laws on the privatization of state and municipal property. Under the privatization of state and municipal property, the provisions provided for by this Code that regulate the procedure for acquiring and terminating the right of ownership are applied if the laws on privatization are not provided otherwise.

General property Playing special roleSince there is a need to determine the share of each owner in the right of property ownership, which is owned by two or more persons. The law provides for education joint ownershipIt comes from the entry of more than two persons to property on property that is not divided without changing its appointment.

Deal - This is a legal action or individualaimed at establishing, changing or termination of civil rights and responsibilities. The conclusion of the transaction is the signing of documents on the actions aimed at establishing, termination or a change in the legal relations of individuals or legal entities, as well as the transition of bank documents of securities, money from one person to another. Each transaction has a legal goal that should be legitimate and feasible.

The transaction is recognized by feasible if the following conditions are followed:

1. the deal is enclosed by capable citizens;
2. the transaction was performed on the basis of the conscious willing of the parties and aimed at a specific result;
3. the transaction is carried out in accordance with the objectives that will meet the statutory activities.

Transactions can be divided into several types:

1. by number of parties: one-sided, double-sided, multilateral
2. at the form of the commission: notarized; In simple writing. All forms must be registered in the State Register;
3. at the time of occurrence: Real; formal;
4. according to the parties: compensated; gratuitous;
5. by definiteness of mutual obligations of the parties at the conclusion of the transaction: Communicative - specifically determined the volume, level and attitude of mutual obligations; Conditional - the emergence and termination of obligations depends on the condition whose offensive is in advance is unknown;
6. by way of conclusion: Personally concluded; concluded for bearer by proxy;
7. at the place of commission: transactions in the organized market (competition, auction); transactions in the inorganized market;
8. according to the legality of the content: valid; invalid.

Transactions are recognized invalid if they do not comply with the requirements of the law. Invalted transactions are two species: insignificant and challengable, i.e. absolutely and relatively invalid. The challenging transaction is invalid by the court decision. The insignificant is invalid from the very beginning of her commit. Restitution entails invalidity recognition.

Distinguish the following types of restitution:

1. bilateral - when each party returns another all acquired on a cash transaction or in natural compensation;
2. one-sided - when everything fulfilled back receives only the bona fide side, and the second - transfers to the state of the state.

All real estate transactions are subject to state registration, which acts as the only proof of the existence of rights to immovable things, the restriction of these rights, their occurrence, transition and termination. Failure to comply with these requirements implies the invalidity of the transaction, regardless of the recognition of its court.

- This is a type of streamlining of real estate information, allowing the layout for one or another signs. Required for cadastral and inventory, normalization of activities for their appropriate use.

Any activity in the real estate market relies on the classification. Based on such a revision of municipal and state ownership.

Not compliance with the planned target functions, serves as a reason for refusing and approving the construction project.

Property Classification for Property Forms

Each object of real estate has the owner and is the property of a physical or legal entity, or is on the balance of the regional administration or is due at the expense of the federal budget.

Similar to the types of owners, among which also include balance holders, ownership form:

1. state;
2. municipal;
3. commercial;
4. individual.

Depending on the one who owns real estate, a civil law chain of interaction is lined up. For example, the owner of the land is a state that passes the station, enshrined at regional territories, local municipalities.

But the full owners are not, since delegated powers passed to them on the basis of constant perpetual use.

At the same time, in their jurisdiction arrays. But - in accordance with government legislation, as well as when granting full reporting. Therefore, municipalities play the role of authorized intermediaries.

In turn, they have the right to lead property management, transferring real estate to enterprises and civilians:

• in ownership;
• for rent or hired.

Classification of real estate by scale

The scale is the property of objects that defines their ability to further reorganize by separation or association.

For example, residential and non-residential premises have the ability to unite into the building. And the building allows only separation to the premises.

That is, the basis and base of classification, in this case, is the accounting unit.

In general, they are allowed to complete as follows:

• land array;
• land;
• private house with a plot, cottage;
• , country cottage area;
• complexes of industrial buildings and structures;
• building for industrial purposes;
• apartment multi-storey house;
• low-storey house;
• separate apartment;
• section or staircase, floor section;
• complex of administrative structures;
• office space;
• shopping complex;
• commercial premises.

This list is not full.

The main property of listed objects is the cadastral account number.

Based on this issue, the complex or its share is made to the accounting cadastral records of the Rosreestra, or to be subject to inventory (see).

Classification of real estate ready to use

At this base basis, buildings and premises allowing or not allowing it (see). Based on the data of the basic characteristics, the entire real estate in the market is divided into the following types:

Finished capital buildings that have acquired this status after the completion of construction and commissioning. Receive permission to unhindered use on intended purpose.

Unfinished objects are considered those from the moment of approval and receipt on the hands of extracts from urban planning documentation allowing capital building, Before commissioning.

If the unfinished building joins the stage of "freezing", which requires documentary, it loses its original status.

This provision acts in relation to those objects that are exposed to trading, including due to the bankruptcy of enterprises (see).

• Buildings or premises requiring reconstruction or.
• requiring demolition.

In this stage, objects enter only after a commission examination and registration of relevant documentation that states the inadmissibility of use for the purpose (see).

Real estate - land and all improvements that are constantly fixed on it (buildings, structures, objects of unfinished construction).

In Russia, the term "immovable and movable property" first appeared in the legislation during the Board of Peter I in the decree of March 23, 1714 "On the procedure for inheritance in movable and real estate." Real estate recognized land, land, houses, plants, factories, shops. The real property also included minerals in the land, and various buildings as towering above the Earth and built under it, for example: mines, bridges, dams.

Economic reforms in Russia, the consolidation of property for ownership of individuals and legal entities, led to the need to divide property for movable and immovable (for details, see Shevchuk D.A. Organization and financing of investments. - Rostov-on-Don: Phoenix, 2006; Shevchuk D.A. Basics of banking. - Rostov-on-Don: Phoenix, 2006; Shevchuk D.A. Bank operations. - Rostov-on-Don: Phoenix, 2006).

Since 1994, according to Art. 130 Civil Code of the Russian Federation, "To real estate (real estate, real estate) include land plots, sections of subsoil, isolated water objects And all that is firmly related to the Earth, i.e., objects, the movement of which is impossible without disproportionate damage to their appointment, including forests, perennial plantings, buildings, structures. " Real Estate are also subject to state registration of air and sea vessels, internal navigation vessels, space objects.

Real estate can also include other property. So, according to Art. 132 of the Civil Code of the Russian Federation, "The enterprise as a whole as a property complex used to carry out entrepreneurial activities is recognized by real estate." Things that do not belong to real estate, including money and securities, are recognized by movable property.

The following features of real estate can be distinguished:

- real estate is impossible to move without applying the facility;

- real estate is firmly connected with the Earth, and not only physically, but also legally;

- the durability of the object of investment;

- Each specific real estate is unique in physical characteristics and from the point of view of investment attractiveness;

- real estate is impossible to kidnap, break or lose under normal conditions;

- the cost of real estate is high, and its crushing on property fractions is difficult, and in other cases it is impossible;

- information on real estate transactions is often inaccessible;

- loss of consumer properties or value transfer in the production process occurs gradually as wear;

- the utility of real estate is determined by the ability to satisfy the specific need of a person in residential and production facilities;

- the possibility of a positive or negative impact of new construction for the cost of adjacent lands, buildings;

- There is a tendency to increase real estate costs over time;

- There are specific risks inherent in real estate as an object of investment: the risk of physical damage under the influence of natural and technogenic factors, the risk of accumulation of external and functional wear, financial riskassociated with the terms of the rental review;

- Strict state regulation Real estate transactions.

1.2. Types of real estate

Three main types of real estate can be distinguished: land, housing and non-residential premises.

The basic object of real estate is the Earth.

Along with division, property is classified for a number of signs, which contributes to a more successful study of the real estate market and facilitates the development and application of methods for assessing various categories of real estate, and management of them. The classification at the most common features is presented in Table. 1.1.

There are the following forms of income from real estate investment:

- an increase in the value of real estate due to changes in market prices, acquiring new and development of old objects;

- future periodic cash flows;

- Income from the resale of the object at the end of the speech period.

The attractiveness of investing in real estate is due to the following factors:

- At the time of the acquisition of real estate, the investor receives a package of rights, while many investment facilities will not entail ownership;

- the safety of nested cash in general (under normal conditions, real estate is impossible to lose, kidnap) and inflation in particular (inflation processes are accompanied by the increase in prices for real estate and income from it);

- the ability to receive income from real estate in monetary terms and other useful effect of residence, prestige of ownership of a certain object, etc.

Table 1.1.General classification of real estate

Real estate investments have such positive features as the possibility of many years of use of the object and conservation of capital.

1.3. Real estate market

Real estate market -this is a set of relationships around operations with real estate objects: buying and selling real estate, mortgages, delivery of real estate for rent and so on.

The main segments of the real estate market: the land market, the housing market and the market of non-residential premises.

Separately, the market of rectification real estate, which is segmented by the functional purpose of objects:

- market of office objects;

- market objects trade destination;

- market of production and warehouse objects;

- hotel services market;

- market of objects of unfinished construction.

Depending on the legal rights For real estate, which are the object of the transaction between the seller-buyer, the real estate market is divided into markets for sale and lease.

In the market of purchase and sale in exchange for the corresponding equivalent is transmitted full law Property, including the right of disposal, whereas in the rental market of the transaction is a partial set of rights, eliminating the right of disposal.

You can allocate the following features of the real estate market:

- locality;

- Low interchangeability of objects;

- seasonal oscillations;

- the need for state registration of transactions.

When financing real estate, there are three cost groups:

- costs of maintaining a real estate object in a functionally suitable state;

- annual property ownership tax;

- High transaction costs under real estate transactions.

The fluctuations in the demand and supply in the real estate market occur slowly, since if there is demand, an increase in the number of real estate objects occurs over a long time period, which is determined by the construction period of the building. In case of an excess of real estate, prices remain low for several years (more in the book Shevchuk D.A. Purchase of the house and land: step by step. - M.: AST: Astrel, 2008).

The main factors affecting demand and supply:

– economic: The level of income of the population and business, the availability of financial resources, the level of rental rates, the cost of construction and installation works and building materials, tariffs for utilities;

– social: change in the number, population density, educational level;

– administrative: tax rates and zonal restrictions;

– environmental: exposure to the area of \u200b\u200bthe location of real estate droughts and flooding, deterioration or improvement of the environmental situation.

Real estate is a financial asset, as it is created by the work of man and investment of capital. The acquisition and development of real estate is accompanied by high costs and, accordingly, often as the need to attract borrowed funds, etc. Therefore, the real estate market is one of the sectors of the financial market.

Financial market -this is complex economic systemwhich includes the set of institutions and procedures aimed at implementing sellers and buyers of all types of financial documents.

The real estate market is one of the most significant components of the financial market parts.

There is a close relationship of the financial market and the real estate market: the growth of investments in real estate revitalizes the real estate market, the fall is folded. Economic instability Holds both Russian, and foreign lenders and investors. To enhance financing investment in real estate needed governmental support.

Traditionally, the participants in the financing process of real estate are divided into the following categories:

- federal and local authorities and management;

- credit and financial institutions;

- Investors, etc.

The federal and local authorities and management provide economic and legal relations between the participants of the real estate financing process. The state ensures compliance with the rules and rules related to the functioning of the real estate market; regulates the issues of zoning, urban developmental development and registration of property rights to real estate objects; Sets benefits or imposes restrictions (legislative restrictions, tax features) for real estate investment. In addition, the state acts as the owner of a plurality of real estate objects.

Credit and financial institutions provide capital to investors who do not have sufficient funds.

Individuals and legal entities are acting as investors (residents and non-residents) who acquire real estate and maintain it in a functionally suitable state.

Investors can be divided into two types:

1) active - finance and are engaged in construction, development or management of the facility;

2) Passive - only finance the project without taking further participation.

Currently, the real estate market has been developed development -the special type of professional activity on the management of the investment project in real estate, one of the tasks of which is to reduce the risks associated with the development of real estate. Developer -the organizer whose activities can be divided into three stages:

1) Analysis of the possibility of project implementation: the state and trends of changes in legislation, consumer preferences, financial and economic conditions, the prospects for the development of the region are taken into account;

2) Development of a project implementation plan: The area required for the implementation of the project of the land plot is determined, a location is selected with the corresponding surroundings, communications, the project efficiency is made. Then the sources of financial resources are determined, the construction permit is obtained, etc.;

3) Implementation of the investment project: attracting financial resources, design and construction organizations, monitoring the construction of construction, rental or sale of the object completely or in parts.

Sources of financing of capital investments: public funds, funds of the local budget (municipal), own financial resources of enterprises and individuals attracted funds, funds investors.

1.5. Advantages of investing in real estate

Investing in real estate that brings income is the most profitable. The attractiveness of acquisition of rectic real estate is to return on investment after repaying operating expenses. However, in this case, the risk is higher due to the low liquidity of real estate and the duration of the payback period of invested funds.

Methods of investing in the real estate market can be straight and indirect.

Straight - Acquisition of real estate at bargains in accordance with the private contract, buying with reverse lease.

Indirect - Purchase of securities of companies specializing in real estate investments, investments in secured by real estate mortgages.

Investments in real estate, as well as investments in corporate securities, are long-term.

Benefits Investing in real estate relative to securities:

1. Unlike corporate securities, such as shares in which dividends are paid quarterly, property ownership provides an investor with a monthly cash, since the monthly payment of the lease leads to the monthly payments to the investor.

2. Cash flow of revenue from real estate (the difference between monetary receipts from rental and maintenance costs plus investments) less dynamic than cash flow income of corporations with a high share of borrowed capital:

- the cash flow of corporate incomes depends on the amount of product implementation, which are dependent on the daily solutions of consumers, and the streams of real estate revenues are more stable, because they are based on lease agreements;

- Sources of corporate cash income can change over time, and sources of real estate income are more predictable, since the buildings are still, the assets are fixed and physically, and legally.

3. The rate of profitability of corporations is generally lower than real estate. This is due to the fact that the intensive work of real estate assets is comparable to the majority of business. To reimburse the cost of fixed capital invested in real estate, a higher level of profitability is required, since the income expected to receive income must exceed the cost of exploiting real estate. The profitability rate should be higher than when investing in financial assets, which must comply with higher risks of investment in real estate.

4. Real estate investments are characterized by a greater degree of safety, security and the ability to control the investor than investments in stocks.

The sources and the amount of investment in real estate affect:

- expected investment income;

- Bet bank interest;

- tax policy in general and in the investment sphere in particular;

- inflation rates;

- The degree of risk of real estate investment.

Causes of attachments in real estate in inflation conditions:

- rapid impairment of money in case of insufficient reliability of their preservation in credit institutions;

- frequent inconsistency of the banking rate of inflation;

- limited more revenue investment areas;

- residual accessibility and simplicity of investment in housing;

- investing in real estate, bringing income, may in these conditions increase the rent, thereby keeping invested funds.

On the other hand, in terms of inflation, there are circumstances that stimulate to invest money in other areas: real incomes fall, the investor is difficult to predict the relationship between costs and expected benefits, it is more difficult to obtain long-term credit Under an acceptable percentage, which leads to a lack of financial resources from potential buyers.

At the present stage of development of the Russian economy with high rates of inflation investment activities Significant risks are subject to a decrease in investment activity in the real estate market. The limited investment resources led to the process of coagulation of construction in almost all sectors of the economy (more in the book Shevchuk D.A. Real estate assessment and property management. - Rostov-on-Don: Phoenix, 2007).

And yet the real estate market is attractive for potential investors for the following reasons:

- investments in real estate are characterized by a significant degree of preservation, security and the possibility of controlling by the investor;

- At the time of the acquisition of real estate, the investor receives a package of rights, while most other investment objects do not entail the ownership;

- the real estate market having large sizes is little mastered;

- Investments in real estate are accompanied by an acceptable profitability of operations in this market.

Today in Russia, investment activity in the real estate market is reduced. Even the housing market, which is the most active segment of the real estate market, was not secured by the relevant financial mechanisms that would support solvent supply of the population and would have made possible improvement housing conditions population in mass order. Balanced by the interests of all participants in the real estate financing process is the necessary component of the normal functioning of the real estate market.

1.6. Mortgage credit lending

Under the "mortgage" understand the security deposit as a way to provide obligations. The presence of a mortgage lending system is an integral part of any developed system of private law. The role of the mortgage is especially increasing when the state of the economy is unsatisfactory, since a well-thought-out and effective mortgage system, on the one hand, contributes to a decrease in inflation, delaying the temporarily free cash of citizens and enterprises, on the other, it helps to solve social and economic problems.

The emergence of a mortgage.The first mention of the mortgage belongs to the VI century. BC e. In Greece, the mortgage was meant the responsibility of the debtor to the creditor with certain land possessions. At the border of the land territory belonging to the debtor, a pillar was put in the obligation, called the name "Mortgage".

The first acts of pledge acts in Russia belong to the period of the XIII-XIV centuries, and legislative norms For the first time appeared at the very end of the XIV or the beginning of the XV century. In the Pskov vessel diploma, in which, along with an ancient way of recovery - personal - the defense of the property appears.

In the late XIX - early XX centuries. The process of lending on the guarantee of land plots was actively walking, which was going to purchase a loan. This process developed with the assistance of peasant marching banks, which were created in almost all provisions of Russia and contributed to the endowment of the ground peasants.

From 1922 to 1961 In Russia, the Civil Code of the RSFSR, Art. 85 which defined a deposit as the right of claim, which allows the creditor in case of non-fulfillment by the debtor of the obligation to obtain preferential to other creditors satisfaction at the expense of the value of the laid property (without separation for movable and immovable).

As such, the Mortgage Institute due to various economic and legal obstacles has not yet acquired significant distribution in Russia, therefore it is regulated by a relatively small number of regulatory acts.

In 1992, the Law of the Russian Federation "On Pledge", which consolidated the possibility of mortgage as a method for providing obligations. The Civil Civil Code of the Russian Federation (I part) refined some provisions on the pledge (Art. 334-358). In art. 340 It is stipulated that the mortgage of the building or structure is allowed only with the simultaneous mortgage in the same agreement of the land plot, where it is building or structure, or the part of this area, which is functionally provided by the laid object, or the right to rent the right of this section or its respective part. And in the mortgage of the land plot, the right of collateral does not apply to the building and the construction of the pledger are or erected in this section of the building, if the contract does not provide for a different condition.

Real estate registration is the most important function of the state, without proper execution of which the steady turnover of real estate is impossible, regulated by the Federal Law of July 21, 1997. "On the state registration of rights to real estate and transactions with it." The actual implementation of the Rights of the Bank for Mortgage is possible under the Law "On executive work" Separate special standards that, nevertheless, should be considered when concluding mortgage agreements, scattered according to the relevant laws.

In 1998, the Federal Law "On Mortgage (Pledge of Real Estate)" was adopted, according to which, under a property of the property of real estate (mortgage agreement), one party is a pledgee, which is a creditor for the obligatory mortgage, has the right to meet its monetary requirements The debtor on this obligation from the value of the laid immovable property of the other side is the pledger mainly in front of other creditors of the pledger, for seizures established by law. The losage may be the debtor itself for the obligation provided by the mortgage, or a person who does not participate in this obligation (third party). The property on which mortgage is installed remains at the pledger in its possession and use (Article 1).

Mortgage can also be established to ensure the obligation to credit Treaty, under a loan agreement or other obligation, including obligations based on purchase and sale, lease, contract, a different agreement, causing harm, unless otherwise provided by federal law "(Art. 2). The mortgage agreement consists in compliance general rules Civil Code of the Russian Federation on the conclusion of contracts, as well as the provisions of this Federal Law.

Mortgage is subject to state registration with justice agencies in a single state register of rights to immovable property at the location of the property, which is the subject of the mortgage and ensures the payroll of the principal amount of debt or under the loan agreement, or otherwise provided by the mortgage obligation (more in the book Shevchuk D.A. Midoteka: Just about the difficult. - M.: Grossmedia: RosBurh, 2008).

With the introduction of the Law "On Pledge of Real Estate", "mortgage" appeared as a freely visible securities on the market. The mortgage is a personal valuable paper certifying the right of the owner to receive execution by monetary obligationprovided by the owned mortgage of the property specified in the mortgage agreement without the submission of other evidence of the existence of this obligation and the right of deposit on the property specified in the agreement on the mortgage agreement. After the state registration of the mortgage, the body exercising this registration is issued by the initial mortgagee and is transmitted by performing a transfer inscription. The mortgage simplifies the transfer of mortgage rights by the bank - it is transmitted by making another transfer inscriptions with subsequent state registration. Another positive characteristic of the mortgage is that the mortgage itself may be the subject of pledge.

1.6.1. Mortgage as a way to provide obligations

Often, under the term "mortgage" imply mortgage lending, however, the "mortgage" has an independent value - the deposit of real estate as a way to provide obligations.

According to Art. 5 of the Law "On Mortgage (Pledge of Real Estate)" under the mortgage agreement may be laid by immovable property indicated in Art. 130 Civil Code of the Russian Federation, the right to which is registered in the manner prescribed for state registration of rights to real estate, including:

- Land plots, with the exception of land specified in Art. 63 of this Federal Law;

- enterprises, buildings, structures and other immovable property used in business activities;

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

- cottages, garden houses, garages and other buildings of consumer purposes;

- Air and sea vessels, internal swimming vessels and space objects.

If we are talking about a housing mortgage, then the subject of the pledge must meet the following requirements: to have a kitchen and bathroom from other apartments or houses (i.e.. communal apartments The pledge is not accepted); to be connected to electrical, steam or gas heating systems, providing heat supply to the entire area residential premises; be secured hot and cold water supply in the bathroom and in the kitchen; Have in good condition sanitary equipment, doors, windows and roof (for apartments on the last floors). The building in which the subject of the collateral is located must meet the following requirements: not in emergency condition; not consist of registering on overhaul; have cement, stone or brick foundation; have metal or reinforced concrete floors; The floors of the building should not be less than three floors (more in the book Shevchuk D.A. Apartment on credit without problems. - M.: AST: Astrel, 2008).

The mortgage agreement should indicate the mortgage, the results of the evaluation of its value, the essence and the deadline for the execution of the contract provided by the mortgage agreement, as well as the right, by virtue of which the property being the subject of the mortgage belongs to the pledger. The mortgage object is determined in the contract with the indication of its name, location and sufficient identification purposes. An assessment of the mortgage object is determined in accordance with the law "On appraisal activities in the Russian Federation" under the agreement of the pledger with the pledgee.

The mortgage agreement should be notarized and subject to state registration, from the moment it enters into force. The mortgage is subject to state registration with justice agencies in the Unified State Register of Rights to Real Estate at the location of the property, which is the subject of the mortgage, in the manner prescribed by the Federal Law on State Registration. rights to real estate and transactions with it. The loan agreement provided by the mortgage can be concluded later the registration of the mortgage agreement, and the right of pledge arises from the moment of the conclusion of the loan agreement, and the borrower does not risk anything if the loan agreement is not concluded. Due to the fact that legislation allows a multiple subsequent key of the already burdened mortgage property, an appropriate prohibitive condition should be included in each mortgage agreement (more in the book Shevchuk D.A. Loans to individuals. - M.: AST: Astrel, 2008).

The mortgage ensures the payroller to the mortgagee of the principal amount of the debt on the loan agreement or otherwise provided by the mortgage commitment completely either in the part stipulated by the mortgage agreement. Mortgage, established in ensuring the execution of a loan agreement with the percentage of interest, also ensures the payment of interest due to him for the use of the loan and pay to the pledgee amount due to him:

- in the compensation of losses and / or as a penalty (fine, penalties) due to non-fulfillment, delay in execution or other improper execution of a secured mortgage obligation;

- in the form of interest for the unlawful use of other people's money provided for by the owned mortgage obligation or by federal law, Art. 393 of the Civil Code of the Russian Federation (to recover from an individual interest for the use of other people's funds is difficult, as in the trial it is necessary to prove that the citizen had the opportunity to pay off the debt, but did not return the funds from him and used them otherwise, but there are no such practical developments) ;

- in reimbursement of legal costs and other expenses caused by the recovery of the pledged property;

- in reimbursement of expenses for the implementation of the stored property.

If the contract does not provide for another, mortgage ensures the requirements of the mortgagee in the volume in which they are by the time they are satisfied due to the mortgaged property. The alienation of the mortgaged property by the owner is possible only with the consent of the bank. The bank may draw a penalty for the mortgaged property to meet this property of its claims caused by the failure to fulfill or inadvertent execution of the owned mortgage obligation, in particular the non-payment or late payment of the amount of debt in whole or in part. For example, in violation of the timing of periodic payments more than three times within 12 months. Recovery, as a rule, is made by court decision.

The rules of the Law "On Mortgage (Property Pledge" "apply to the mortgage of the improved construction of real estate, if it is built on the land plot allocated for construction in the manner prescribed by law.

Allocation of property collateral in separate categoryThe named "Mortgage" is due to the peculiarities of real estate. Advantages of real estate as an object of collateral with respect to other objects of the collateral as follows:

- the value of the laid real estate can increase in proportion to the level of inflation;

- the real danger of losing property (especially housing with housing mortgage lending) is a good stimulus for the execution by the debtor of his obligations;

- the possibility of using as a collateral if the loan is long-term and significant in size, as the property is durable and its cost is high;

- An increase in real estate value can be predicted with sufficient reliability, which is impossible when used as a collateral, for example, consumer goods.

A long-term loan can be provided on bail with the transfer of the mortgagee of the laid property: precious metals and products from them, secured by particularly reliable securities, the price for which is characterized by special stability. However, in world practice, the overwhelming majority of long-term loans are issued on the security of real estate. Mortgage can be the most priority way to ensure the fulfillment of obligations in Russia.

1.6.2. Features of mortgage lending

Mortgage -this is a loan provided by defined real estate. Mortgage lending is the provision of a loan secured by real estate. The creation of an effective mortgage lending system is possible on the basis of the development of primary and secondary mortgage capital markets.

The primary mortgage market consists of lenders who provide borrowed capital, and investors borrowers who buy real estate for investing or use in commercial activities.

The secondary market covers the process of purchase and sale of mortgages issued on the primary market. The main task of the secondary mortgage capital market is to provide primary creditors to the opportunity to sell primary mortgage, and to provide the funds to provide another loan in the local market.

The advantage of mortgage lending is that if the borrower does not return a loan, the lender has the right to dispose of real estate at its discretion. Because of the fact that the real estate is durable and its price is stable enough, the lender is low for the non-return of loans and there is grounds for long-term diverting of financial resources.

Obtaining mortgage loan It is associated with the need to fulfill the obligations under the loan agreement. Therefore, before obtaining such a loan, a potential borrower must be analyzed:

- Is there enough money for making initial contribution for the apartment and to cover the costs associated with the commission of the purchase and sale of the apartment (notarized certificate of the contract, the fee for registration of the contract in the state register), the conclusion of insurance contracts;

- whether the means to maintain the necessary standard of living will remain after the implementation of periodic payments on the loan agreement;

- Does not fall in income during the lending period, is there a prospect to quickly find another job in case of termination of available, with payment not lower than the former;

- Is there any continuous work experience over the past 2 years and what are the causes of dismissal and breaks in work, and the current obligations related to housing are carried out in a timely manner: payment of utilities, telephone, electricity (is checked by the Bank);

- Are there any assets in the form of movable or real estate (cars, garage, cottage, other apartment), which can be used as additional support.

The main problem of mortgage lending is a lack of long-term financial resources. One source of long-term funds are the contributions of private depositors. But now the population has undermined confidence in banks in general and commercial - especially. The 1998 financial and economic crisis led to a significant decrease in real incomes of the population, the depreciation of savings, the outflow of private deposits in Sberbank. Another problem is to assess the solvency of the potential borrower, based on its real income. Due to the excessive tax burden, the share of the shadow sector in the economy is large, so the official incomes of potential borrowers are not high, which makes it difficult for commercial banks on loans. Sophisticated state tax policy for mortgage lending to the population will make real incomes from the "Shadow". But tax law Can not quickly change.

The assessment of the mortgage object is carried out in accordance with the law "On appraisal activities in the Russian Federation" under the agreement of the mortgager with the pledgee. This chapter summarizes the basics of assessing the market value of real estate.