Ukrainians can now get information about the ownership of local real estate and the history of transactions from a special registry.
The Cabinet of Ministers passed a decision to open access to the data on Dec. 24,. Now it’s available through this website that requires registration and payment of Hr 21 for access to property ownership.
Most of this information, as well the buying and selling of properties, has been free public information in the West for decades.
Some see this registry as part of a new e-governance model that the Cabinet of Ministers plans to introduce.
The move adds much-needed transparency to how real estate market is managed in Ukraine. Previously, this type of information could only be obtained from the local authorities or notaries.
Legal experts welcome such an innovation. “It is much simpler and more comfortable to work now. E-access to register eliminated bureaucratic element,” Natalia Klochun from Arzinger law firm says.
According to Anzhelika Shtukaturova, legal expert at Dentons, the initiative reduces corruption and speeds up real estate transactions.
“When you know the owner and have information on intervening rights, you immediately understand who you deal with. Consequently, you are better prepared for negotiations and ready to take interim decisions,” she explains.
From a due diligence perspective, experts are thrilled to have an e-access to history of amendments of register starting from March 1 as it will help confirming the legitimacy of relevant transactions.
It eliminates a risk that you will lose this real estate in a judicial proceeding, Shtukaturova says.
Currently the e-system has some technical drawbacks. It is still impossible to perform a search based on cadastral number, although it is a key way to identify land.
Moreover, the register includes only information registered after Jan. 1, 2013. Some information is still stored in a paper form with so called bureaus of technical inventory.
“The Justice Ministry proceeds with transfer of such information to the electronic register,” emphasizes Sergiy Portnoy of DLA Piper Ukraine.
Despite the public concern over personal data protection, experts think there is nothing to be afraid of if you have nothing to hide.
Kyiv Post legal affairs reporter Mariana Antonovych can be reached at [email protected].
