New system for registering real estate rights

The quarter has passed exactly from the beginning of the launch of a fundamentally new system for registering property rights to real estate objects, as well as their encumbrances. The real state of affairs is such that this system is still not functioning in the country’s territory. With a fairly significant stretch, registration of property rights to those objects that were actually officially registered until January 1 this year is carried out. We also note that in a neglected state there is now a segment of registration of mortgage transactions. Almost throughout January, the notaries were not sure that there were relevant powers regarding the possibility of registering mortgages. By February, such confidence still appeared and for this period of time a mortgage agreement can be concluded without any problems.

But the procedures for registering rights to land plots provided actually stopped. The main reason for this suspension is the lack of a quality and effective base for the information interaction between the cadastre and the register.

A rather significant inconvenience is that now there is no way to get the appropriate extraction from the state register regarding registered mortgages for each individual object. You can get such extracts exclusively from Ukrgosreestr, while the same notaries are not able to provide such extraction. Against the background of this, it looks rather illogical that notaries have the right to register a mortgage transactions, while they have no opportunity to provide such extracting such extraction to third parties. The question is quite acute regarding the application of the necessary changes to the mortgage contracts, as well as the termination of their actions.