Since the beginning of this year 2013, several tens of thousands of transactions with residential and commercial real estate, as well as transactions related to the purchase and sale of land plots, have failed across almost the entire country. As evidenced by official information received directly from market participants, people have already lost huge amounts of money on deposits, and the vast majority of domestic notaries refuse to conduct real estate transactions. On the territory of the capital of Ukraine, only a few offices are engaged in the provision of relevant services. At the same time, most analysts of the real estate market are confident that for the full implementation of everything planned and undertaken, a transition period will be required, the duration of which, according to various estimates, will be from 3 to 6 months. At the same time, certain officials have already managed to lose their posts for failing the registration reform in the country.
Whole system failure
Most notaries decided to simply boycott all their new powers. There are several logical reasons for this. For this period of time, the unified register of the country, which actually displays all the rights that take place, as well as prohibitions, is actually absent. Consequently, most notaries rely solely on the information provided in the buyer’s and seller’s documents. No one makes any guarantees that this information is inherently correct. At the same time, in fact, the full responsibility for the legality of the transaction lies directly with the notary, in addition, he must meet the framework of one working day, for its complete closure. But not all notaries have an idea of how to work with a new type of registry in general. The Ministry of Justice allocated only two working days for the training process. That is why the vast majority of notaries in the city of Dnepropetrovsk are in a state of waiting for the filling of a single register, after which it will be possible to conduct appropriate transactions for registering property rights. Almost all other notary offices have taken a similar position throughout the country.