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(Apr 02, 2008) On March 4, 2008, the Verkhovna Rada (Parliament) of Ukraine adopted the Law on the Land Market. The Law determines legal and economic principles for the organization and functioning of the land market and regulates the protection of the legal interests of the state and other entities in regard to the conditions for the implementation of land property rights guaranteed by the Constitution. The Law confirms that land sales will be conducted according to the procedure prescribed by the Land Code and gives the right to sell land plots currently under state or municipal ownership to the Cabinet of Ministers, provincial government bodies, local state administrations, state privatization authorities, and the central authority for land resources. Agricultural land and lands on which buildings and other structures are located will be sold only at auction by the central authority. (Cabinet Submits Draft Law on Land Market to Parliament, INTERFAX UKRAINE BUSINESS EXPRESS, Mar. 4, 2008, available at http://site.securities.com/.)

Author: Peter Roudik More by this author
Topic: Property More on this topic
Jurisdiction: Ukraine More about this jurisdiction

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Last updated: 04/02/2008