Foreign citizens have become more interested in the purchase of immovable property in Ukraine recently.
In order to obtain information on stages of the purchase of immovable property by a non-resident please read the article «What does a foreign citizen need to buy a flat in Ukraine?».
We recommend you to take advantage of the services of a lawyer in order to avoid eventual problems and/or worries. There are risks in any transaction related to immovable property and the lawyers can foresee and prevent these risks in the majority of cases.
What can be done by a lawyer before purchase? A lawyer can:
- Check the history of the immovable property to be purchased by a client. For example, there can be a judicial dispute related to the chosen property. And even if the dispute is settled there is a risk of its resumption. Not always there is a possibility to clearly track the chain of all deeds related to a given immovable property object.
- Make a so-called formal legal audit i.e. preliminary examination of documents related to immovable property.
- Do a physical examination of the immovable property, which is also an important aspect. Unfortunately, in some cases, immovable property to be sold in Ukraine exists only on paper or has hidden faults.
- Check the information on immovable property in the public and/or judicial information register. One should also look for unofficial information on the immovable property and its owner on the Internet. Unfortunately, not all flats are in the Unified Register of Immovable Property; this provides a possibility to fraud the prospective buyers.
- Verify authorities of a notary chosen for notarization of a sale contract.
- Familiarize oneself with a draft contract to be signed by the client. Or even better, to draft their own contract in order to protect all client’s rights and interests.
If you are buying immovable property on the primary market (property under construction) a number of aspects to be taken into account is added.
For instance, if you are buying an unfinished immovable property you risk getting everlasting construction, not a flat. The purchase of unfinished immovable property is considered to be an investment; the property right of the buyer is usually established only after the building is put into operation.
However, the lawyer can verify documents of the developer, examine contracts suggested by the developer, check the license and availability of documents required for the construction and reputation of the building company owner, search for liquidation claims, and/or eventual lawsuits.
It is also possible that an attractive and friendly real estate agent will try to convince you that a notary will check all aspects, that there are no risks involved, and that you shouldn’t spend your money on lawyers. Is such a case one must always consider how much can be lost if something goes wrong.
Giving for a lease of real estate by a non-resident individual (foreigner) in Ukraine
Ukraine property. What does a foreign citizen need to buy a flat in Ukraine?
Opening a Bank Account in Ukraine for Foreigner or Non-resident