Quicker but More Expensive: CMU Introduces New Shortened Terms for Registration of Property Rights to Real Estate

Baker&McKenzie, Kyiv, 
Ukraine, Fri, Sep 11, 2015

On September 2, 2015 the Cabinetof Ministers of Ukraine (the "CMU") adopted Resolution No. 669"On Amendments to Annex to Resolution of the Cabinet of Ministers ofUkraine No. 190 dated 8 April 2015 (the "Resolution"). The Resolutionintroduced optional quicker registration of property rights to real estate atincreased registration fees.

Main Developments

The Resolution sets forth the following terms and fees for registration ofproperty rights:

• 2 hours − tenfold the standard registration fee (from appr. UAH 3,650.00 to UAH 17,000.00);
• 1 business day − fivefold the standard registration fee (from appr. UAH 1,830.00 to UAH 8,500.00);
• 3 business days − double the standard registration fee (from appr. UAH 730.00 to UAH 3,400.00);
• 5 business days (for applications which standard term of registration is 14 business days) − double the standard registration fee (from appr. UAH 730.00 to UAH 3,400.00 ).

In addition, the CMU reduced theterm for obtaining information from the State Register of Property Rights toReal Estate (the "State Register") in a paper form. From now on onemay obtain an extract from the State Register within half an hour with paymentof triple the standard administrative fee (i.e. UAH 360.00).

Expected consequences

The changes introduced by the Resolution should facilitate and quicken theprocess of registration of property rights to real estate. We note that thestandard terms and fees for the registration of property rights will continueto operate for those that are not interested in the faster service.
 

Additional notes

ThisLEGAL ALERT is issued to inform Baker & McKenzie clients and otherinterested parties of legal developments that may affect or otherwise be ofinterest to them. The comments above do not constitute legal or other adviceand should not be regarded as a substitute for specific advice in individualcases.