Checking Commercial Property Before Buying in Ukraine
Buying your own office or business premises is an opportunity to immediately lay an excellent groundwork for your future activity. You will not depend on the whims of the landlord, you can redecorate the premises as you need them.
But any purchase of real estate, including commercial property, is a serious investment, and therefore a risk. In this case, it does not make much difference whether you are buying a room in a newly constructed building or one that has already been in someone else’s possession. Without prior inspection of both the premises and the owner/real estate developer, you ride blind and trust to chance.
A pre-purchase inspection of commercial property is a simple way to avoid problems.
We offer an in-depth inspection of the premises, its seller, and the real estate transaction. Our lawyers will not only give you comprehensive information on the object you have chosen, but will also tell you about the nuances of re-registering ownership rights and help you deal with real estate tax issues.
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Legal advice on the inspection of commercial property in Ukraine
Risks associated with the purchase of commercial property in Ukraine may be as follows:
The seller does not have the right to sell the real estate - for example, the owner is not him/her, but a relative, and the power of attorney is not properly executed;
The real estate is in a bank pledge, mortgage, under arrest;
The real estate is the object of claims from third parties - lawsuits, claims heirs of the seller, tenants who had priority to purchase, creditors of the seller;
There are problems with permits for construction of the property, including the land on which the property is located;
The seller/real estate developer is a debtor with outstanding debts, etc.
In order to eliminate any of the aforementioned risks, we offer a range of inspections designed to cover all possible information about the property:
A general inspection of the property. The so-called “open resources” check includes a search for information about the property on the Internet and in public registries. So, if you have looked out the non-residential premises in the office center under construction, check the information on the website of the real estate developer, on the forums, devoted to the construction of the center. This will give only a general idea about the “reliability” of the property. This information is plain to see and can give the first warning signs.
Checking the seller/real estate developer of commercial property. There are many registries and places to check your seller. First and foremost, of course, you need to make sure that the seller has the right to sell the property, and its owner wants to sell the property.
During this inspection, we check the register of debtors, the register of court decisions, the register of debtors on alimony, if it is a real estate developer - we check its history and legal proceedings it might be involved in.
Checking the land of the commercial property. Again, if we are talking about the construction of an office center, it’s worth checking not only the property, but also the land on which the building locates or the entire object (e.g. you want to buy a complex of buildings). We check the intended purpose of the land, the availability of ownership rights to it, etc.
In addition, if the object has already been sold earlier, and you are buying it on the “secondary market”, you must check unrecorded alterations and remodeling. To do this you can go to the Bureau of Technical Inventory or carefully analyze the technical passport of the premises.
Checking and analyzing the commercial property purchase and sale agreement. Our lawyers analyze the agreement which you are offered to sign and suggest amendments to protect your interests in the transaction.
We will check the availability of all necessary documents from both parties, we will monitor the execution and transfer of the down payment, and we will make sure that the transaction is safe.
Please note! If during negotiations with the seller you hear a proposal to underestimate the value of the transaction to reduce the tax burden - never agree. Such a decision will not only draw unnecessary attention to the transaction by the tax authorities, but also become a tool in the hands of fraudsters. We have already described such a situation here.
Do I have to check every little detail when buying commercial property? It’s a trick question. Our lawyers have been working in the real estate market for many years, so we have a list of reliable real estate developers and centers, whose properties do not require such a thorough inspection. On the other hand, when buying an office or business premises on the secondary market, you need to be assured of the absolute “compliance" of your purchase.
The scope of inspection will depend on your real estate purchase goals, and we can determine this prior to the start of our cooperation.
The cost of commercial property inspection in Kyiv and Ukraine will depend on the amount of legal services you need. On our service page you can choose a package of services that meets your needs or we can calculate the cost for you based on your situation and goals.
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How to check non-residential premises before buying?
Legal services for checking commercial property our company include:
Advising on all matters of purchase and inspection of commercial property in Ukraine;
Checking the real estate developer;
Checking land, if you want to build your own property;
Checking the history of commercial property prior to purchase;
Checking documents on commercial property;
Checking commercial property seller;
Checking commercial property purchase and sale agreement;
Arrangement and legal support of commercial property purchase transaction at our partner notary;
Assistance with the execution of title documents for commercial property.
Please note! If you need to buy real estate in Ukraine to develop foreign business, that is, the buyer of real estate will be a foreign individual or legal entity, our lawyers will help with the execution of the purchase transaction. In fact, a foreigner has the same right to buy real estate in Ukraine (except for agricultural land) as any citizen of Ukraine. The only thing you will need for the transaction is a Ukrainian tax identification number and a bank account, which we can easily arrange.
Do you want to be sure of safe and secure commercial property purchase in Kyiv or Ukraine? Don’t hesitate to contact us! We will help you not only through consultation, but through practical assistance as well: We will ensure that your transaction goes smoothly.
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