LAW OF UKRAINE

of July 12, 2001 No. 2658-III

About assessment of property, property rights and professional estimative activity in Ukraine

This Law determines the legal basis of implementation of assessment of property, property rights and professional estimative activity in Ukraine, its state and public regulation, ensuring creation of system of independent assessment of property for the purpose of protection of legitimate interests of the state and other subjects of legal relationship concerning assessment of property, property rights and use of its results.

Section I General provisions

Article 1. Law coverage

Provisions of this Law extend to the legal relationship arising in the course of implementation of assessment of property, property rights which belong to physical persons and legal entities of Ukraine in the territory of Ukraine and beyond its limits, and also to physical persons and legal entities of other states in the territory of Ukraine and beyond its limits if the agreement is signed according to the legislation of Ukraine, use of results of assessment and implementation of professional estimative activity in Ukraine.

Article 2. Legislation on assessment of property, property rights and professional estimative activity

Assessment of property, property rights and professional estimative activity are regulated by this Law, other regulatory legal acts according to property which are not contradicting it. If international treaties which consent to be bound is this the Verkhovna Rada of Ukraine establish other precepts of law according to property, property rights and professional estimative activity, rules of the international treaty are applied.

Article 3. Assessment of property and property rights

Assessment of property, property rights (further - property assessment) is process of determination of their cost for date of assessment according to the procedure established by the regulatory legal acts specified in article 9 of this Law (further - regulatory legal acts according to property), and is result of practical activities of the subject of estimative activities.

In this Law:

objects in material form, buildings and constructions (including their integral parts), objects of construction in progress and future real estate objects, machines, the equipment, vehicles and so forth are considered as property which can be estimated; shares, securities; intangible assets, including objects of intellectual property right; complete property complexes of all patterns of ownership;

property rights which can be estimated any rights connected with property other than the property right, including the rights which are property right components (right of possession, orders, uses), special property right to object of construction in progress, future real estate object, and also other specific rights (the right to activities implementation, use of natural resources, etc.) and right to claim are recognized.

Independent assessment of property the property assessment which is carried out by the subject of estimative activities - the subject of managing is considered.

Assessment procedures of property are established by regulatory legal acts according to property. In cases of carrying out independent assessment of property the valuation report of property is constituted. In cases of independent evaluating property by public authority or local government body the appraisal report of property is drawn up. Requirements to valuation reports of property and appraisal reports of property are established according to article 12 of this Law.

Date of assessment is date as of which assessment procedures of property are performed and the property value is determined. By regulatory legal acts according to property effective periods of the report on property assessment (the appraisal report of property) of date of assessment or date of its approval (coordination) by the customer can be provided.

Cases of obligatory evaluating property are established by this Law.

Article 4. Professional estimative activity

Professional estimative activity (further - estimative activities) - activities of the appraisers and subjects of estimative activities recognized as those according to provisions of this Law which consist in organizational, methodical and practical support of evaluating property, consideration and preparation of the conclusions about property value.

Estimative activities can be performed in the following forms:

practical activities according to property which consist in practical accomplishment of assessment of property and all related procedures according to the requirements established by regulatory legal acts according to property;

consulting activities which consist in giving consultations according to property to subjects of estimative activities, customers of assessment and (or) other persons in oral or written form;

reviewing of the valuation report of property (the appraisal report of property) which consists in their critical consideration and making the conclusions about their completeness, correctness of accomplishment and compliance of the applied assessment procedures of property to requirements of regulatory legal acts according to property, according to the procedure, determined by this Law and regulatory legal acts according to property;

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