The President of Ukraine signed a law on protection of investors’ rights

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According to the new law, an investor has the right to terminate an unfavorable agreement with the developer.

The President has signed the law No. 5091, which was developed and approved by the Verkhovna Rada, which introduces a number of safeguards against fraud of unfair developers in the market of primary real estate. This was reported on Facebook head of the party “the servant of the people” Elena Shulyak.

What changes the law envisages:

  • the developer will not be able to sell apartments without permission documents and all conditions for completion of the object;
  • Every future apartment in a multi-apartment building should be registered in the Ministry of Justice’s Speech Rights Register as a separate property rights object;
  • developer will disclose information about the number of apartments already sold in the house;
  • an investor has the right to terminate an unprofitable agreement with the developer;
  • the developer must connect the house to the engineering networks on a permanent basis before putting the house into operation.
  • She stressed that the law contains other safeguards against unfair developers.she expressed hope that due to changes to the legislation, the housing market in Ukraine will finally become more civilized.

The Verkhovna Rada on August 15 adopted the law № 5091 on guaranteeing the speech rights to real estate objects, which will be built in the future. The adoption of the law will enable the bank to start mortgage after it comes into force. At the same time, tax regulations will be introduced later by a separate initiative.