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How to buy an apartment in a new building in Kyiv for a foreigner?

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If you are planning to buy an apartment in Ukraine, for example in Kiev, first you need to answer several questions:

  • Is the procedure of buying real estate in Ukraine different for a foreigner?

  • What documents should I have with me when buying real estate in Ukraine?

  • How can I bring money into Ukraine to pay for my purchase? Can I pay in cash?

And most importantly: make sure that the purchase of the property will be safe.
Our lawyers offer a due diligence service. Today we will talk about this type of apartment purchase, such as investing in a new building - that is, in a construction project.

What does a lawyer check when buying an apartment in a house under construction?

Buying an apartment in a house under construction can be more profitable in terms of cost, but also more risky, because you need to be sure in advance that the construction will not be frozen, and the developer will bring the case to the point of transferring the ownership of the apartment to you.

In such a situation, the lawyer conducts not one, but several checks:

  • Checking of developer and contractors - our lawyers check general contractor, developer, customer and designer and other persons for absence of lawsuits, large debts, etc.

  • Verification of the development land plot and construction permits.

For example, when checking one of the construction sites in Kiev, we found that after almost finishing the construction of an apartment complex inspector of the State Architectural and Construction Inspectorate issued a decree on violation of the provisions of urban development legislation, because the parking was built with violations of noise insulation. This could have prevented the project from being completed.

  • Checking the contracts offered for signing - It is important to pay attention to the clauses concerning the distribution of tax payments between the buyer and the seller to avoid unnecessary costs that you are not entitled to by law. 

Buying real estate in Kiev in a new building: the help of a lawyer

Our lawyers primarily offer the following services to support the safe purchase of real estate in Kiev:

  • full check of the property and the builder;

  • check of the final version of the contract of sale before signing it;

  • analysis of the contract for the services of a realtor.

As for the nuances of buying real estate by a foreigner, provided that such real estate is an apartment in a house under construction, we would like to draw your attention to the following:

  • According to the rules, when transferring funds, the notary conducts primary financial monitoring, namely: identifies his client and clarifies the origin of funds to be paid for the purchase of real estate.

  • The notary takes into account the country of origin, social status, business activity, financial situation and reputation of the buyer and based on that can classify the person as high-risk.

  • To buy real estate or conclude an investment agreement you will need to get a tax ID in Ukraine and open an account in a Ukrainian bank - to pay for the purchase of real estate will only be possible through bank transfer and only in UAH - the national currency of Ukraine.

You want to buy an apartment or other real estate in Kyiv? Call us! We will gladly carry out a legal examination of the objects of your investment and accompany the purchase and sale of real estate.

Views: 1189