INTERNATIONAL PRACTICE OF SETTLEMENTS WHEN BUYING REAL ESTATE AND ITS IMPLEMENTATION IN THE RUSSIAN JURISDICTION
( Pp. 237-240)

Transactions in the real estate market are accompanied by a significant financial flow, in connection with which the purchase and sale of real estate, including foreign real estate, is subject to taxation in the amount and manner provided by the legislator. The specific of this market provokes the establishment of special procedures for collecting tax payments from the real estate transactions, its sale, receipt of dividends for residents and non-residents of the Russian Federation. This article considers the possibilities of improving the mechanisms of functioning of such payment instruments as documentary letter of credit and escrow account for the purchase of real estate (especially foreign). The current system of functioning of these instruments does not always correspond to the current level of development of information technologies, as well as the experience gained in their integration into the business processes of financial institutions. The use of innovations that can reduce the cost and speed up existing settlement instruments is an urgent task. In the article the author formulates the problems residing in the documentary credit, the author also conducts a study of possible improvements to existing finance tools, indicating possible ways of improvement, provides a brief description of the arrangements for the operation of the instrument.

Manaenkov K.L., (2019), INTERNATIONAL PRACTICE OF SETTLEMENTS WHEN BUYING REAL ESTATE AND ITS IMPLEMENTATION IN THE RUSSIAN JURISDICTION. Economic Problems and Legal Practice, 5 => 237-240.

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purchase of real estate, foreign real estate, letter of credit, Blockchain, Escrow account, Information technology, International settlements, Foreign-economic activity, Commercial banks.