22.09.2011 09:15
Articles about real estate | LEGISLATIVE AND REGULATORY BARRIERS TO INVESTMENT IN REAL ESTATE старший юрист ЮФ Was the theme of speeches senior lawyer Vasil Kisil & Partners Alexander Borodkina.V speech Mr Borodkin highlighted the major problems of land legislation, as a legislative settlement construction, restrictions on investment housing, issues of registration and registration of real estate and real estate transactions .

Principal moments of Land Legislation

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Inconsistency and incompleteness of the regulatory
• Regulation of land use issues on the ground incomplete, and sometimes non-existent.
• Problems of Unification: The different approaches of local councils; inconsistent laws with the laws.
• Insufficient attention to the new land institutions (easement, superficies, perpetual lease) significantly complicates their application in practice.
Land registry
• Registration of land rights, title deeds and land transactions must take place in a single registry.
• Automation and integration of cadastral registration will avoid many disputes over land rights, boundaries of sites, etc.
• An inventory should contain a record of all encumbrances of land, rights of third parties, sanitary areas, etc.
• "Purpose": "category" or "intended use" - the problem of enforcement.
• Changing the purpose in connection with the introduction of land within settlements.
• Especially valuable land: the need for special accounting.
The relationship of land and property
• Vesting of land in connection with the alienation of real estate: Is it possible to avoid trial?
• Cessation of land in connection with the completion of construction and disposal facilities.
• The rights for the land under the apartment buildings and other objects belonging to several owners.
Land rights of foreigners
• Proper identification of a personal status in HCC may prevent the risk of appeal rights to the land.
• Unwarranted restrictions on land ownership by Ukrainian companies with foreign capital.
• Restrictions on land rights of joint ventures.
• Some land relations in Ukraine, the foreign entity can not enter without registration offices.
Other barriers
• the time of acquisition of title to land.
• Land auctions.
• The rights to the underground portion of the land.

Legislative regulation of construction
Licensing procedures

• The complexity and intricacy of the negotiation procedures make it virtually impossible to developer activities of foreign investors without a local partner.
• A new procedure for providing initial data for designing.
• The order of commissioning.
Architectural activity of aliens
• Access to the building regulations in Ukraine is limited.
• Most projects are designed by foreign architects, but they require adaptation.
• Supervision: Is it possible to delegate foreign architects - the actual author of the project?
Other barriers
• Lack of coordination of construction and land law restricts urban development on the basis of contracts of servitude and superficies and notarized consent of the owner of the land.
• Central legislation does not provide features permit the reconstruction and repair of built-in and built-on residential premises and parts of buildings.

Restrictions on investment housing
"The objects of investment activity can not be housing projects, the funding structure which is carried out using non-state funds raised from individuals and legal entities, including management. Investing and financing the construction of such facilities can be carried out solely through the funds financing the construction, funds from operations real estate, joint investment institutions, pension funds, which are created and operate according to law, as well as through the issuance of non-interest (target) of bonds on which the basic unit of a commodity in favor of such real estate. "
Part 3. 4 of the Law of Ukraine "On investment activity" in the wording of 15 December 2005
Actually allowed Tools
• Targeted bonds.
• ICI + target bonds.
• FSF.
• Background.
• System FON-CFF.
Unreasonable restrictions
• Investing entities.
• Conclusion of investment contracts to the object as a whole.
• Creation of the FSF and issue bonds of trust the person who received the right customer on a contractual basis.
Characteristics of individual instruments
• Do not resolved repayment target bonds.
• The law establishes a two-valued the obligation to repay the bonds targeted commodity.
• IRS may not have the structure of assets the right to participate in the CFF.
• Ruler of the FSF and the background gets more of the rights and protections than investors and developers - until the withdrawal of the project.
• Working with the background and the FSF developer may lose profits.

Issues of registration and registration of real estate and real estate transactions
Unified Register

• The rights of the property.
• Easements, ownership, long-term use and other rights in rem.
• Pledges, mortgages and other encumbrances.
• Rights to land.
• Transactions with the above rights.
Certain of registration and registration of rights
• No single procedure of registration of real property rights.
• There are no special procedure for registration of title to property acquired by the FSF, or target bonds.
• There is no procedure for registration of assets under construction and does not determine their status.
• Inability of the technical inventory of individual objects makes it impossible for clearance and registration of rights to them.
Maintenance and management of real estate
• Establish clear criteria and determine the division of real estate between co-owners.
• Management of residential buildings - the complexity of establishing relations.
• Define the common areas in commercial real estate.
• Making long-term lease: Help BTI and state registration.

Developing public-private partnership in Ukraine
• Taking of land for public purposes.
• There are no government guarantees and the mechanism of supply.
• Feasibility of a separate law on PPP.
Victor Kovalenko


Content tags: Investments Property Kiev
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