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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”.

 

The new ownership registration procedure can revive the real estate market

12.02.2013

On the first day of the new year the Ukrainians were be pleasantly surprised, i.e. the usual procedure for real estate ownership registration has changed. Henceforth, any notary is able to register the ownership right, which also results in a reduced timeframe. However, the transition period is likely to be characterized by some technical and legal complications.

From 1 January 2013 the ownership registration procedure changed drastically. The technical inventory of apartments and receipt of a new registration certificate actually became optional. The only exception is the technical inventory of the objects put in operation.

All actions for registration of title will be performed by notaries. They will enter the appropriate information in the State Register of Ownership Rights to Real Estate. Thereto, the ownership will be registered concurrently with the attesting purchase and sale agreement and issue of documents to the purchaser.

The land ownership registration procedure is also simplified. After signing the purchase and sale agreement the new land owner is not required to register the ownership in the local bodies of the State Land Cadastre.

It is worth noting that despite the obvious positive trends, the Ukrainians were ambiguous about the new ownership registration procedure. Fuss about registration of ownership rights is obviously provoked by the persons making money in the real estate market in its current state.

The new system of property registration means placing additional responsibility on the notaries. In case of challenging the ownership right, they will be constantly called to trials. Some notaries have also decided to take an occasion and raised the cost of their services.

Sure, at first, the system can malfunction, but I’m sure that the new ownership registration procedure will revive the real estate market.

 
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