Date of publication: 16 January 2013
Maksym Kopeychykov, Partner, Attorney at Law
Source: BUSINESS
On the first day of the new year the Ukrainians will be pleasantly surprised, i.e. the usual procedure for real estate ownership registration will change. Any notary will be able to register the ownership right, which will also result 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 changes drastically. The technical inventory of apartments and receipt of a new registration certificate will actually become optional. The only exception will be 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 Register of Ownership Rights to Real Estate. In this case, 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 will also be 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 a 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.
