Rights and obligations of the parties to the transaction. Description of the rights and obligations of the seller and buyer

Violation by the parties of restrictions established by a certain circle of legislative acts is a ground for recognizing the legal transaction as invalid.

According to the legislation of Ukraine, a contract is considered concluded if the parties in the proper form have reached an agreement on all its essential terms.

Essential terms include the conditions regarding the subject matter of the contract, conditions determined by law as essential, or necessary for contracts of this type, as well as all conditions on which, at the request of at least one of the parties, agreement must be reached.

It is the duty of both the buyer and the seller to prepare the parties for the moment of entering into a contract for the sale of land, which includes the following:

1. Entering into a legal civil law agreement for the sale of land involves the buyer complying with legal safeguards, and the seller of the land preparing the land asset for sale.

2. The seller must prepare the availability of originals of documents confirming the right of ownership of the land plot (if such documents are absent - obtain a duplicate of the title document):
- The seller must ensure the registration of the land plot as an object of civil rights in the State Land Cadastre database (if the land plot is not registered - order the necessary documentation from the land management organization and register the land plot in the State Land Cadastre).
- The seller must register the land plot in the State Register of Real Rights to Immovable Property and Their Encumbrances (if the ownership right is not registered - it is necessary to apply with a set of documents to a private or state notary and register the ownership right in the State Register of Real Rights to Immovable Property and Their Encumbrances).
- The seller must ensure the availability of a report on the expert monetary valuation of the land plot (if such a report is absent - order the development of this report from an appraisal subject).
- The seller must ensure that the preemptive right of the subsurface user or land user to purchase the land plot is not violated and that the procedure established by the legislator for the subsurface user or land user to exercise such preemptive right is fully complied with.
- The seller must check whether the land plot is not the subject of legal disputes and there is no dispute regarding the right (rights) to it.
- The seller must arrange for the opening of a bank account (if there is no such account - it is necessary to apply to a banking institution and open an account).
- The seller must check whether any arrests and/or restrictions on alienation have been imposed on the land plot.

3. The buyer must check:
- Whether they belong to the list of persons subject to restrictive measures (sanctions) in the form of a ban on entering into transactions for the acquisition of ownership of land plots.
- Whether there is an open account in a banking institution.
- To ensure documentary confirmation of the source of funds (other assets) used to acquire the ownership right to the land plot.
- To ensure the conduct of legal due diligence of the land plot and to ensure the legal cleanliness of the land asset.

The correctness of the contract drafting is the responsibility of the notary who certifies it. A potential buyer may consult professional lawyers to preliminarily check the presence of all essential terms of the sale-purchase agreement and the compliance by the parties with the legislatively established procedure for concluding such an agreement.

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LAW COMPANY EUROVECTOR

REPRESENTATIVE OFFICE OF THE LAW COMPANY EUROVECTOR IN MYKOLAEV

REPRESENTATIVE OFFICE OF EUROVECTOR LAW COMPANY IN KYIV