The first step towards buying in Russia is for the purchaser to sign a contract with the real estate agent and make a deposit, securing the property or land for acquisition. The agent will then make a down payment on the property with the seller or their representative, after reviewing all legal documents associated with the property. If the results of this review are negative, the buyer is refunded in full. When the date of the sale is finalised, the buyer must have the correct amount to purchase the property in cash ready, which is usually placed in a safe in a bank until the sale is completed with the bank operating as a third party, making sure each side sticks to the deal and that all documents etc are completed correctly. There are a number of fees associated, with one usually of around $60 being split by the buyer and seller to cover bank service charges. After the main contract has been sign and notarised there is a notary fee of 1.5 percent of the contract cost, paid for by the buyer. The contract is then sent for State registration, which involves another fee of around $20, which is again paid by the buyer. The seller then receives the cash for the property in three instalments – 50 percent when the State registry certificate is received, 40 percent after the cancellation of all tenants’ registration and the final 10 percent when the property handover act has been signed.