In Re (#05 May 2014)

Registration of Ownership Rights of Real Estate Investors

by Vitaliy S. Bakhurinskiy

For a long time there was a problem of not explicit legislative decisions in the issue of acquisition of ownership in emerging real estate. This problem greatly hampered the development of economic relations in the country. Therefore, there was a need to adopt the Civil Code of Ukraine (hereinafter — CC of Ukraine), which came into force on 1 January 2004. One of the tasks of the Civil Code was to resolve clearly and unambiguously the issue of the date of acquisition of ownership in emerging real estate. In the third part of the CC there are new legal facts that give rise to ownership of real property. However, the novel mechanism also contains drawbacks. The issue here is primarily about acquiring new constructed or renovated buildings, “legalization” of which, as usual, is impossible for their owners, for various reasons relating to a rather complicated procedure of legalization of property rights, which are not accessible to everyone…

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