According to the experts, potentially every other transaction on the secondary market can be challenged. In this regard, for many property owners or persons intending to acquire it, it is important to have confidence in the legality of the transaction. After all, the very possibility of invalidation of the contract of sale promises not only protracted litigation, but also the very real loss of money invested in real estate.
Commit almost any transaction of sale of the property prior Realty examination of his "legal purity. Typically, this test involves collecting information and documents from previous transactions, the process of privatization of the object. However, experience shows that quite difficult to ascertain all the circumstances of previous transactions, to establish their compliance with the then current legislation, to clarify the legality of the transaction, identify the heirs and to check whether included with the rights of third parties.
The existing institution of registration does not give the owner a full guarantee that his rights will not be challenged. Notaries certify the legality of a recent transaction, and then only within certain limits. Real estate firms provide services for model checking only at the request of the buyer, which increases the amount of the fee. In addition, a significant part of transactions is "black" brokers, work style which resembles the well-thought-out performance, in most cases, ending their customers a dramatic finale. Moreover, psychologically, our citizens are not always ready to lay out two or three hundred cu law firm, which would have led them through the various pitfalls of the Civil Code and other normative acts.
It is better to insure
However, the risk of loss of property rights can be defended if it should be transferred to the insurer. Thus the insurer may make "Oranta", which is supported by the Association of Realtors of Ukraine (ASNU) offered on the market a new insurance product. Since October this year, any purchaser of the property will be able to obtain insurance protection against property risks associated with possible loss of property rights as a result of judicial recognition of valid contract of sale.
Main advantages:
¤ owner will be protected from any defect in the law: violations of the rights of previous owners, users, unrecorded heirs, dependents, the illegality of the previous deals, the invalidity of the documents necessary for the transaction, errors in the registrar's incapacity parties to the transaction, the illegal court decisions;
¤ insurance policy protects the owner from contesting or deprivation of property rights, from financial losses arising after a court decision on deprivation of property rights. The owner at the same time, becoming the defendant in the case of deprivation of property rights, may issue a power of attorney of the insurance company to represent its interests in court.
¤ sufficient degree of financial stability "Oranta" (plus its national status).
Limitations:
According to the contract of voluntary insurance of property buyers risk property insurance for the occasion does not include:
¤ recovery of property under the contract of mortgage;
¤ transfer of property as a result of the section;
¤ policyholders can not be tenants, lenders, mortgagees.
Insurance of real estate in Ukraine is a new type of insurance. Therefore, the initial phase is expected that the analysis of the property and the study of human owners and users, the study of the history of the transfer of rights will be made jointly by specialists "Oranta" and full members ASNU.
Insurance of real estate is also the first step to title insurance, which is, in fact, mandatory in most countries of the world.