Rada approves creation of unified real estate appraisal database

Ukraine's Verkhovna Rada has approved the creation of a unified real estate appraisal database aimed at fighting against 'black' realtors.

The changes are outlined in amendments to the law amending the Tax Code of Ukraine for providing the balance of budget payments approved by parliament on December 7.

"This amendment is aimed against so-called 'black' realtors, underestimating the market value of real estate, and it does not apply to landowners and land owners," the author of the amendment MP Maksym Kuriachy said during the session of the Verkhovna Rada.

Legislative changes oblige appraisers to add information from the appraisal reports of real estate to the database. In turn, the system analyzes reports for violations, or registers them with the assignment of a unique number, or refuses to register it.

According to the law, appraisers can challenge the refusal to register the appraisal of property within 10 days at the State Property Fund of Ukraine, which is to review the application no later than five days.

According to the document, the unregistered appraisal report is invalid. When certifying transactions for which an appraisal report is foreseen, notaries must check the registration of the report and the availability of a unique number.