Sale and purchase contract in Ukraine

Sale and purchase contract in Ukraine. Sale and purchase legal relationships in Ukraine are regulated mostly by the Civil Code of Ukraine, namely by clauses 655 to 697 of the same.

Clause 655 of the Civil Code of Ukraine provides that on the grounds of the sale and purchase contract one of its parties (the seller) transfers or undertakes to transfer certain property (goods) into possession of the other party (the buyer); and buyer accepts or undertakes to accept such property (goods) and pay the seller certain amount of money.

Scope of sale and purchase contract, as provided by clause 656 of the Civil Code of Ukraine, can include goods, which are in availability of the seller as on the moment of making the contract or will be created (bought, acquired) by the seller in future.

Scope of sale and purchase contract can include the property rights. The common provisions provided for sale and purchase contract are applied to the property rights sale and purchase contract, if otherwise not follows from contents or nature of such rights.

Scope of sale and purchase contract can include the incorporeal rights if such claim is of non-personal nature. The common provisions provided for assignment of claim contracts are applied to the incorporeal rights sale and purchase contract, if otherwise is not provided by the contract or law.

Another very important aspect is the form required for the sale and purchase contract. Clause 657 of the Civil Code of Ukraine provides that sale and purchase contract for land plots, integral property complexes, residential house (flat) and other real estate to be made in the written form with required notarization and state registration.

In this regard also should be mentioned that in order to notarize a contract or agreement or other document and make subsequent state registration of the same, if required, a non-resident:

- natural (private) person is to have the personal Ukrainian tax number. This tax number has every Ukrainian citizen of the full age and the number is used to tax income, which is collected in Ukraine. Therefore if it is planed to make in Ukraine a contract or agreement, which requires notarization and state registration in Ukraine, a person (mostly non-residents of Ukraine) have to take care in advance of getting such tax number in Ukraine. Our Law Firm can get this tax number for you in advance.

- corporate entity is to submit the required bylaw documents and appropriate references duly legalized for use in Ukraine (apostille or consular legalization is required and translation into Ukrainian language as well).

The above information is provided herein in educational and informative purposes only. It is provided that you have to get appropriate legal advice as regarding the legal and other issues of your interest in Ukraine in order to have the exact, extensive and up-to-date legal and other related information.

Do not hesitate to contact us if you have any questions or issues of legal nature, our Law Firm is working for you and our experienced legal specialists are always ready to help providing the client with appropriate legal consultations, legal reports and summaries, reasonable legal advices and all the other required legal support, assistance, coverage and protection.

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