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“The team was recently visible advising on a number of pharmaceutical cases. Sources agree that the team is “moving in the right direction” and are particularly impressed by its work in the pharmaceutical sector”.

 

New rules governing the registration of ownership

17.01.2014

By Maryna Bludsha, Rakurs

Comments:

Maksym Kopeychykov, Partner at Ilyashev & Partners

Ruslan Bandurysty, attorney at Ilyashev & Partners

In general, we hold that the new rules passed by the Cabinet are an opportune and expected change that fits the evolution of real property ownership registration system in Ukraine.

Registration of ownership to newly-built or refurbished real property that had been financed in whole or in part from private sources has become easier. Previously, owners of apartments in newly-built houses had to submit documents on the entire building. Now, this responsibility has shifted to the developer, and unit owners will only have to submit documents confirming their ownership of the apartment in question.

Unit owners in a condominium will have to show a certificate of good standing from the homeowners association.

Another positive change is the formalized opportunity to access data from public registers maintained before January 1, 2013. Previously, there was no official way of obtaining such information. This, in particular, was a serious restraint for the Enforcement Service in exercising its powers.

At the same time, when adopting the new rules, the Cabinet was not able to foresee all hypothetically possible cases. Indeed, to register the ownership to a residential unit in an unfinished building, under new rules owners are required to submit a construction permit. In is totally unclear, however, how this requirement should be met if the owner is a private person that has purchased a unit from the developer and never obtained the construction permit for the building.

 
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