An electronic mechanism for protecting investors who invest in construction has been launched in Ukraine. From now on, they will be able to register property rights to housing that is under construction or will be built.
This is reported by the press service of the Ministry of Digital Transformation.
What will change
"Developers through the Unified State Electronic System in the field of construction (USESS) can submit applications for registration of rights to objects that will be built, and then transfer these rights to buyers. This will protect citizens from possible corruption schemes and frauds related to the purchase of housing," the report says.
Even before the commissioning of the facility, Ukrainians can register their property rights to housing. Also, thanks to the updated mechanism, the developer cannot change the technical characteristics of the apartment without the consent of the owner.
As it was before
Previously, citizens were only forced to enter into a preliminary real estate purchase and sale agreement or an agreement of intent with developers. According to this, the buyer agrees to purchase the property, and the seller agrees to sell the housing to this person. But such agreements did not give ownership of housing, but only served as preparation for the conclusion of the main transaction, which is signed after the commissioning of the facility.
This led to corruption schemes. In particular, when developers could "sell" the same apartment several times to different people.
All construction projects whose construction permits were issued after October 10, 2022, are required to register special property rights to future real estate. You can check the date of obtaining a construction permit in the Register of Construction activities on the USESS portal in the section "Declarative and permissive documents".
Source: finance.ua
