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Publication date: 09.06.2024
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Publication date: 09.06.2024
Legal regulation of land auctions: procedure and peculiarities of participation
Introduction
Land auctions are an important tool in the field of land use, which ensures transparency and competition in the process of land allocation. In Ukraine, the legal regulation of land auctions has undergone significant changes since the opening of the agricultural land market. In this article, we will analyze the procedure for holding land auctions, peculiarities of participation in them and key legal aspects.
The procedure for holding land auctions
Preparing for the auction:
- Definition of the plot: The auction organizer (usually a local council or government agency) determines the land plot to be sold or leased.You may be interested in the following articles:legal advice lawyer legal advice analysis of documents legal analysis of the situation written consultation verification of documents by a lawyer lawyers documents help lawyer online lawyer online legal opinion legal opinion of a lawyer lawyer online
- Assessment of the value: An expert assessment of the value of the land plot is carried out, which will become the starting price at the auction.
- Preparation of documentation: A full package of documentation is prepared, including information about the land plot, terms of sale or lease, and a draft contract.
Auction announcement:
- Publication of the announcement: The announcement of the auction shall be published in the official printed media and on the relevant online platforms not later than 30 days before the auction date.
- Information support: The auction organizer ensures that all interested parties have access to information about the land plot and the terms of participation in the auction.
Holding an auction:
- Registration of participants: Interested parties submit applications for participation in the auction and pay the registration fee. The organizer checks the compliance of the submitted documents with the requirements.
- Bidding procedure: The auction is held on a specific day and time. Participants place bids starting from the starting price. The winner is the one who offers the highest price.
- Signing the contract: After the auction is over, the winner signs a land sale or lease agreement.
Peculiarities of participation in land auctions
Participants of the auction:
- Individuals and legal entities: Both individuals and legal entities, including foreigners and foreign companies, are allowed to participate in the auction, except where restrictions are imposed by law.
- Requirements for participants: Participants must meet certain requirements, including the availability of the necessary documents, payment of the registration fee and, in some cases, proof of financial solvency.
Financial guarantees:
- Registration fee: To participate in the auction, bidders must pay a registration fee, which is non-refundable in case of withdrawal or loss at the auction.
- Guarantee fee: The winner of the auction is obliged to pay a guarantee fee, which is credited against the payment for the land plot or lease.
