Buying land plots and purchasing real estates in Ukraine is not an easy thing to do, especially for foreigners. Apart from having to deal with the language barrier, foreigners, who want to purchase a piece of Ukrainian land have to be prepared for other possible hurdles along the way. For instance, foreigners are prohibited from purchasing land plots, which have agricultural designations. All rules regarding real estate and construction Ukraine are stipulated in proper acts and codes, mainly in the Land Code, Civil Code and Commercial Code, as well as few other documents providing detailed rules for the registration and appraisal of the property, as well as construction and town planning. However, based on many years of legal practice, we are well aware how ambiguous these rules can be, allowing different interpretations, not all of which are beneficial for foreign buyers.
The best way to ensure that your real estate transaction is legal and the rights to the obtained property remain valid also for foreigners, is to hire a qualified lawyer, who will supervise the purchase and protect your rights. Only a qualified lawyer specializing in real estate and construction Ukraine and having a good understanding of the local laws and regulations will be able to establish whether the purchase is safe and your rights to the premise are secured. Professional experts will be able to see opportunities in certain aspects you would not consider important – some forms of investment and purchases can serve as foundations for applying for lower tax rate, which means more money in your pocket. A good lawyer will be also able to discourage you from buying premises, which from the legal point of view have unclear status. Finally, when you decide to hire a legal advisor specializing in the land and real estate field you can trust him with most of the paper work you would otherwise had to complete yourself. A good lawyer should be able to obtain all sorts of permits and decisions from the local land and real estate authorities and can represent you in front of these authorities when necessary, saving you the time and costs of personally attending to all these formalities. Small companies and individuals, who want to purchase real estate in Ukraine might think that legal assistance is an unnecessary and expensive luxury, however the costs of legal advice can be reduced significantly, if you decide to complete the obligatory procedures yourself, but contact your legal advisor for professional opinion.
To sum it up, if you are in the process of purchasing a real estate in Ukraine, we strongly advise that you consult your choices with an expert in Ukrainian property law. The cost of one time consultation is nothing compared to the benefits of making the right decision and avoiding many legal problems that could arise from buying a real estate property with unclear ownership rights. The intricate Ukrainian land and real estate property law makes it difficult for the foreigners to recognize possible problems and make well informed decisions.
Written by Marta Gromadzka, a blogger, a copywriter, a marketing specialist.