The law on amendments to the Land Code of Ukraine regarding the procedure for holding land auctions, No. 5077-VI, took effect on August 19, 2012, according to the State Committee of Ukraine for Regulatory Policy and Entrepreneurship.
The law says that after land auctions, a sale and purchase, leasing or long-term lease agreement for the land plot is signed with the bidder who offered the highest price for the land plot, or the highest fee for the use of the land plot.
The law states that land plots in state or municipal ownership, or the ownership rights to the land, are sold only at land auctions. Under the law, a prior option of purchase cannot apply to land auctions.
The sale and purchase agreement should be attested by a notary public, and the ownership of the land plot acquired at the auction should be registered by state according to the procedure stipulated in the legislation.
Parliament passed the law on July 5, 2012.
