News and developments
Simplified procedure for registration of rights to land plots under purchased real estate
The Law regulates in detail the transfer of ownership rights and the rights to use a land plot (“Land Plot”) to a new owner (“New Owner”) of the real estate/construction-in-progress asset on such Land Plot (“Object”).
The Law states that, once the New Owner registers its ownership right to the acquired Object, he/she automatically obtains the ownership, lease, emphyteusis, or superficies right to the Land Plot, which the previous owner of the Object (“Previous Owner”) had.
The exceptions apply in cases when the Objects are located on state or municipal Land Plots that:
- belong to the Previous Owner on the right of permanent use while the New Owner may not acquire the Land Plot based on such right, or
- are not in formal use.