In Ukraine, Indian nationals are free to purchase and possess any type of property. Except for farmland, there are no limitations on purchasing any sort of an estate in Ukraine. Additionally, there is no restriction to the quantity or type of homes that an expatriate may possess. Anyone who wants to buy a piece of land in Ukraine must, nevertheless, adhere to a few steps and regulations. This article contains the set of all those steps and regulations. The following are the three basic steps involved in purchasing land in the country.
Carrying out due diligence
Don’t rush into buying a home you locate in the marketplace; it needs to be thoroughly inspected, just like any other thing you purchase. Validation of the documents and data listed below is part of the proper research protocol:
Details of the owner
Check the owner’s personal information using your resources. Find out why they are selling the home and whether they are the true owners or just operating on behalf of someone else. Additionally, verify their tax identification number and whether they are Ukrainian nationals or a foreigner.
Details of the property
It is required to look up the location’s details in public records, such as if the property has been refinanced or is involved in a legal dispute.
The paperwork
Verify the previous selling and buying agreement for the land or another document attesting to the seller’s rights. You can request a document attesting to the registration of the prior owners’ ownership rights.
Negotiations
Following the completion of the review process, you can begin a discussion with the property owner and complete a Presale agreement. The cost, payment method, conditions, and responsibility for failing to execute the primary deal are all agreed upon by both sides at this stage.
The bidder typically provides a down payment to show his commitment to purchasing the unit. The seller agrees not to offer the place to anyone else to protect the interests of both sides under the Presale agreement. The full amount of the deposit will be kept by the seller if the purchaser fails to conclude the main agreement within the deadlines specified. Additionally, the purchaser gets their doubled money refunded if the seller declines to sign the original contract.
Final agreement and ownership registration
The buying and selling contract for the property must be finalized and signed at this stage. The legitimate ownership must be filed by a lawyer with the Registrar of Housing Market.
The participants must pay the attorney verifying the house, a statutory charge of up to 1% of the land value before executing and notarizing the agreement. A compulsory pension levy in the sum of 1% of the estate’s worth is something both the seller and you have to pay.
All transfers in Ukraine that total more than 50,000 UAH must proceed via a bank. The vast percentage of private real estate transactions, nevertheless, involve cash transactions.
Documents required from an Indian citizen
To finalize the real estate deal in Ukraine, the Indian buyer must provide the preceding records:
For individual Indian buyers:
- A notarized Power of Attorney for the transaction,
- A copy of their foreign passport,
- Their Ukrainian tax identification number, and
- Their spouse’s notarized permission.
If the purchaser is an Indian corporation:
- Extracts from the business record or other papers proving the international company’s incorporation,
- Together with the company’s current address,
- Directors and investors’ information,
- The owner’s identification,
- The business’s financial status, and
- The articles of organization.
Keep in mind that, unless otherwise specified by an official agreement between Ukraine and India, any papers issued abroad must be properly legalized or translated. It is best to confirm the precise set of papers with your property advisor because agencies may need more paperwork along with those listed above.
