The FINANCIAL -- A new property title registration system will come into effect in Ukraine on 1 January 2012.

Under the regulations, the registration of rights to land, flats, buildings and other property, along with the registration of mortgages and other encumbrances on property, will be carried out by one newly formed State Registration Service of Ukraine , as part of the Ukrainian Ministry of Justice.

In accordance with the new system, every asset in the country will have its unique registration number, and the information on the new registry will not be publicly accessible. Only the established owner of a property, the heirs or assignees of the owner of property or persons in whose interest an encumbrance is registered will be able to obtain any documents from the State Registration Service of Ukraine . However, banks and notary offices will be able to use the information on separate conditions, to be established by the Ministry of Justice.

Meanwhile, Baker & McKenzie, an international consultancy firm, quoted by the same source, has claimed that the new regulations will create a vacuum on the market in early 2012 and has recommended that all property deals in Ukraine be concluded by the end of 2012.

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