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Checking of real estate before buying in Ukraine

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Apartments and houses on the primary market of Ukraine are of interest to many people as a reliable investment. But like any large investment, buying real estate in Ukraine can pose many questions and fears.

The most basic fear associated with buying property in the primary market of Ukraine is that having no access to many registers and sources of information, or just not knowing where to look and how to analyze, you can never know how reliable the developer is and whether the apartment is safe to buy.

Many foreigners, having decided to buy an apartment in Kiev or another Ukrainian city, rely on the help of a realtor or a real estate agency, hoping that the transaction will be completely safe.

But there is an important detail: a realtor does not check, but sells.

Realtors as well as the agency are not responsible for the data or information which is not in their competence.

What to do in such a situation?

Real Estate Due Diligence – a safe way to buy real estate in Ukraine

The safest way to avoid problems with the acquired real estate in the future is to apply for a preliminary inspection of the apartment to a specialist in the field. It will allow you to check not only the object itself, but first of all the builder, with whom you will have to sign a contract.

Real Estate Due Diligence in our firm consists of the following parts:

Basic Open Source Check. 

Often people who want to buy real estate try to do it themselves. However, our lawyer always double-checks the information and knows exactly where to focus the information. By common channels we mean the developer's website, reputable real estate resources, the Ministry of Justice website and the USREOU registry.

If you are at the very beginning of your search for housing in Ukraine, we can provide you with a list of reliable builders or choose from your list the most reliable at the stage of initial consultation. 

Checking the history of the builder.

In the process of such verification we study and analyze the history of the builder, as well as companies related to him (up to 3 companies), registration documents. This includes a check of arrests, availability of court or enforcement proceedings against the developer or companies related to him.

Checking the land of a new building.

When checking the land is not enough just to make sure that the developer has the right of ownership or the right to use it. Land may be on the lease, which means you need to accurately understand the terms and conditions under which the builder uses such land.

Another possible catch - the land may not have the desired purpose. It is necessary to check it through the cadastral registry (cadastral map of Ukraine). If the intended purpose of the land is incorrect - you will not be able to sign a contract with the utilities, the inability to register your place of residence, etc. 

Analysis of construction permits.

It is important to check that the builder has all the necessary building permits. We check the terms of construction, as well as the timing and order of connection of communications, about which you will receive the information you need.

Checking a real estate purchase agreement.

If the inspection of the builder did not reveal any violations and did not raise any doubts about his reliability, we proceed to the analysis of the provisions of the contract for the transfer of the apartment to your ownership.

We begin with an analysis of the scheme offered by the builder and then analyze the contract in detail. If you wish, we can also suggest the necessary changes. 

Of course, our lawyer can fully prepare or check all documents for the conclusion of the transaction with the notary. The transaction can be done with our proven notary partner.

Thinking about buying real estate in Ukraine? Contact us! Buying property in Ukraine with us is safe, reliable and easy.

Views: 1131