How to sell an apartment in Ukraine: issues of money transfers and recovery of lost documents
Despite the hostilities in Ukraine, the real estate market is already awake, and deals are being made. There are still some restrictions - citizens of Russia and Belarus can not sell or buy real estate in Ukraine. But this does not apply to citizens of other countries.
Today we are receiving more and more requests for support in selling real estate in Ukraine, which belongs to foreigners. One of the main questions is not only the process of selling, but also the withdrawal of funds from the sale of the apartment on a foreign account.
Today we will talk about how to sell real estate in Ukraine, and what to do with the funds after the transaction.
How were the funds brought into Ukraine?
The question of withdrawal of funds from the sale of the apartment directly depends on how you initially deposited funds in Ukraine - did you create an investment account, or open another bank account? Did the amount you transferred go through verification? In which bank?
To sell the apartment you will need to open an account in a Ukrainian bank. It is important to remember that all payments for real estate transactions in Ukraine are made through a bank and in Ukrainian currency - the hryvnia.
To open a bank account you need:
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Present your passport or other document confirming your identity to the bank employee.
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Provide a TIN number in Ukraine.
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Fill in and sign an application form for opening a current account.
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Sign the Agreement on opening and maintenance of bank account.
Withdrawals from the sale of real estate are always subject to financial monitoring. You should be prepared for additional checks.
During the withdrawal of funds, the bank may require additional documents:
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information about accrued wages;
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Documents on the income received from the sale of products, services provided;
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documents on income from the sale of property;
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documents on income from inheritance, etc.
In most cases, when initially buying real estate for a foreigner in Ukraine, an investment account is created. Therefore, if the money for the purchase was made in any other way, the bank may have additional questions. True investment account, for example, does not open if the foreigner already have a residence permit in Ukraine at the time of purchase of an apartment, so that each situation must be considered separately.
Related article: Can I sell my apartment in Ukraine if I am a non-resident?
What to do if the apartment was purchased long ago and the documents were lost?
If the documents for an apartment or other real estate in Ukraine are lost for some reason, it does not mean that you have lost the right of ownership to the property. But it does mean that the process of restoring the documents is ahead of you.
If you want to sell the real estate - you will need to come to the notary with the original documents of title.
In Ukraine, there are a number of documents that can confirm the title to it - it all depends on how exactly the apartment passed into your ownership. The most common case is the transfer of ownership of the apartment at the notary. A document in such a case will be a notary deed.
If you lose such a document, you need to contact the notary, who issued the original document. You would have to pay additional fees for restoring the document, but as a result you will be able to get a duplicate of the lost/stolen document.
But it also happens that you call a notary or try to find him at his address - but he is no longer there. What to do in such a case?
Contact the appropriate notary archive - that is where all the files of notaries who ended their practice should be kept.
But there can also be other documents: a document of privatization of the apartment, or, for example, a court decision. In each case you need to know how to recover a specific document and what to do with it further, if the apartment you want to sell.
Our specialists accompany the whole process of selling real estate in Ukraine, please contact us if you want to sell your apartment simply and safely.
