DIGITIZING UKRAINIAN REAL ESTATE: ECONOMIC POTENTIAL OF TOKENIZATION

PurposeThe purpose of this paper is to present partial results of a survey conducted in Slovenia and Japan. Its aim is to determine factors, which have a decisive influence on potential acquirers of real estate rights when deciding to purchase real estate. Discussed is the role of personal expectations and the role of satisfaction of potential acquirers of real estate rights regarding factors related to the real estate in which participants live and according to their different cultural identity.Design/methodology/approachThe authors follow the hypothesis that differences in personal expectations and expressed satisfaction of potential acquirers of real estate rights regarding real estate factors according to different cultural identity are statistically significant. The main instrument for measuring the participants' expectations is a questionnaire in which 1,270 participants took part.FindingsBy analysing the results of statistical analyses, the hypothesis is confirmed. Results show that Slovene participants compared to Japanese participants express a higher satisfaction level with the current real estate in which they live and at the same time lower expectations regarding practically all real estate factors. The article explains the difference of the higher expressed satisfaction with the difference in the level of residential estate ownership, which is higher in Slovenia. Also explained is the lower expectations of Slovene participants, with the conclusion that less than one‐third of Slovene participants are willing to give up certain key factors in case of a lower real estate price.Research limitations/implicationsThere are potential risks of error arising from the use of assumptions, limited samples size and data from the secondary resources.Originality/valueThe major contribution of this paper is showing that expressed participants' high satisfaction with residential status does not necessarily generate high expectations regarding real estate factors.

Summary Real estate occupies an important place in the economic life of society not only as a commodity of long-term use, but also as an object of investment, collateral, taxation, etc. and, thus, becomes a thing for which a number of legal relations are formed. In fact, property in civil law is interpreted as a separate thing and related rights and obligations. This interpretation is fundamental for real estate because, due to the impossibility of being moved, it requires a special method of transfer from one owner to another - through the transfer of ownership of this property. That is why when real estate is valued, the object of evaluation is not real estate as a physical thing, but the rights to it, which are actually traded on the market ( Perovych L., Hubar Yu., 2016 ). When valuing real estate, it is necessary to clearly define the rights that may pass from one person to another. Traditionally, such rights include: property rights, collateral rights, lease rights, building rights, easements, real obligations, and so on. The most complete set of powers is the right of ownership, the value of which, in essence, reflects the value of real estate. In International Valuation Standards, it is interpreted as an unconditional unrestricted right that includes the right to use, occupy, develop, share, sell, lease, inherit, exchange, bestow, use all or any of these powers. them, transferring the rest to other persons or the state or abandoning them altogether. That is, the right of ownership allows by law to own, use and dispose of the property of the owner of this right at its discretion, regardless of the intentions of others. The owner of this right may create smaller benefits based on the distribution of real estate rights by financial interests (eg, equity and debt) and / or physical interests (eg, land lease, building ownership, etc.). Such rights, in contrast to property rights, are called partial. At the same time, the owner retains his interest in the property as a landlord, mortgagor ( Kharryson H.S., 1994 ; Drapikovskyi O.I. et al, 2015 ). Partial rights are derived from property rights and provide for at least two interests: the interest of the owner who transferred part of his powers, and the interest of the person to whom they are transferred. The value of interests that correspond to partial rights depends on the terms of the contracts under which they are formed. Valuation of real estate is based on the assumption that the value of this property is formed by income from its use, which in turn depends on the completeness of real estate rights. The most complete in terms of powers is the right of ownership, which allows the owner of this right to own, use and dispose of real estate within the law at its discretion. Based on this right, derivative rights are formed, including the right to lease ( Malashevskyi M. et al, 2018 ).

In doctrinal sources, a claim for the recognition of property rights constitutes a special protection method that is not commonly found in the legislation of every country and is not widespread like vindication and negatory actions. However, there has been no sufficient research on the judicial means of correcting the errors that occur during the registration of real estate rights. This article is a comparative legal study of national laws of those countries that provide for the registration of rights (titles) in real estate but not for the acts (deeds) from which the rights emerge. It is commonly held that claims for the recognition of property rights are known only to some legal systems and are not found in the laws of several states. Our study revealed that this is not entirely true. First, claims for the recognition of property rights do exist in the laws of countries of the Romano-Germanic legal family. In several countries, they are enshrined at the legislative level; in other countries, they are formulated at the level of judicial practice and recognized in legal doctrine; while in some countries, this claim relates to contesting the registration of real estate rights. Second, there are analogs of claims for the recognition of property rights also found in common law legal systems, which operate through tort claims arising from two possible violations – conversion (appropriation) and slander of title (libel of the title). The many different methods and instruments for correcting registration errors in the laws of different countries may be described as a single type of claim – the claim for the recognition of property rights. This claim is applied when the reliability of an entry in the registry of the real estate rights is questioned or when the right of an individual entered in the registry is contested. Claims for the recognition of property rights aim to correct erroneous entries in the registry of rights to real estate when an individual considers themselves the owner of a real estate, but the real estate is registered under a different individual.

Introduction. The integration of the new subjects of the Federation (the federal city of Sevastopol and the Republic of Crimea) into the legal field of Russia was accompanied by an active legislative process at the federal and regional levels, the establishment of sectoral authorities. These processes actively took place in the field of real estate accounting and registration of rights, had both positive and negative characteristics. Their identification, study, analysis of the main trends will optimize the process of state registration of rights in other new subjects of the Federation, will provide maximum guarantees of rights and legitimate interests of real estate owners. Materials and methods. This study is based on: 1) the results of the survey of Crimeans conducted by the authors regarding state registration of real estate rights; 2) analysis of decisions of the Crimean courts on real estate cases; 3) a set of such methods of scientific cognition as: the dialectical method, which allowed to link the theory of civil law and judicial practice; the formal legal method allowed to analyze legislative norms; the systematic method made it possible to consider the institute of state registration of ownership of real estate as a system with internal unity and relationships with other institutions of law. Results of the study. Registration of real estate in the new subjects - the federal city of Sevastopol and the Republic of Crimea, in 2014-2016 had significant features. The formation of sectoral state bodies and legislation was actively underway, which fixed a convenient and low-cost procedure for owners. Thus, the title documents issued in Ukraine were recognized as indefinite, re-registration of ownership of real estate was not required, applicants were exempt from paying state duty. At the same time, at the initial stage, this process took place with certain difficulties, which were associated with the lack of proper sectoral legislation; the legal vacuum that existed in this area (often "lawlessness") at the time of the Ukrainian state; legal illiteracy of the population; the widespread lack of title documents or state registration of rights under the legislation of Ukraine; the need for judicial recognition of property rights, which entailed a huge burden on the courts, which were also in the process of switching to Russian legislation. The process was significantly complicated by the ownership of foreign nationals of numerous real estate objects located on border areas, which is prohibited by Russian legislation. In addition, before the formation of agencies of tutorship and guardianship in the region, state registration of transactions with the property of wards was impossible. There were difficulties with the registration of the rights of heirs. There was no proper accounting and maintenance of archives in the Bureau of Technical Inventory (BTI). Due to the fact that during 2015-2016, the State Registry of Crimea actively built interdepartmental interaction with other state bodies, notary, BTI, introduced digital services, the provision of public services for the registration of real estate rights has become a clear, highly organized and lowcost process for owners. Discussion and conclusion. The transformation of the legal space of Sevastopol and the Republic of Crimea with regard to reunification with Russia is the first such experience in the history of our state. Certain negative aspects in the field of state registration of real estate rights were mostly overcome during 2014-2016. The introduction of digital services and the established interagency interaction brought this process to the existing level in other Russian regions. Experience of state registration of real estate rights obtained in 2014-2022 on the territory of Crimea, should undoubtedly be used when carrying out appropriate procedures on the territories of other new subjects of the Federation, which will facilitate the protection of the rights and legitimate interests of owners to the highest possible extent.

Russian doctrine and judicial practice associate the correction of the real estate register (hereinafter referred to as the register) with vindication, negatory action, recognition of right, restitution and other ways to protect civil rights and interests. Due to the fact that many traditional lawsuits are not inherently intended to correct the Unified State Register of Real Estate, there is a problem of qualifying ways to make changes to the real estate cadastre and the register of real estate rights if the information in them is unreliable. The purpose of the study is to determine the nature of the claim to correct the real estate register. The objectives of the study are: 1) disclosure of scientific and judicial approaches to the ratio of various claims in the protection of real estate rights; 2) identification of the material and procedural properties of the claim to correct the register; 3) establishment of grounds for correcting the register. The universal method of dialectics, general scientific theoretical and empirical methods (analysis and synthesis, induction and deduction, description), as well as private scientific methods of cognition (comparative legal — to evaluate ways to correct the real estate register in Russia and Germany; formal dogmatic — to interpret legislation on the protection of real estate rights; legal-dogmatic — to systematize legal categories in the field of correction of the Unified State Register of Legal Entities). Conclusion: the claim to correct the real estate register can be combined with other requirements in one claim or applied independently, since it has a unique legal nature: a) protects against violation, but not challenge (unlike the scope of recognition of the right); b) allows through third parties (registrars) and for third parties (participants in civil turnover) to restore the public legitimization of the right of the injured person (registration in the Unified State Register of Real Estate), but not possession or use (in comparison with vindication and negatory claim); c) is a petitionary claim (requires proof of right, as opposed to restitution); d) is implemented through various types and forms (re-entry or deletion of an entry, including the elimination of double registration, removal of arrest and other means other than correcting technical errors).

The bona fide acquisition of immovable property from an unauthorized alienator is usually understood in China as its acquisition from a person whose right is mistakenly registered in the register of real estate rights, due to the reasonable confidence of a bona fide acquirer in the registration record, payment of a rationally justified purchase price and publication of his acquisition in a manner prescribed by law. This system is based on a combination of the traditional mechanism of bona fide acquisition of movable property on the one hand, and the public reliability of the register of real estate rights on the other hand. Since there is a significant difference between the publicity of rights to real estate, which is ensured through the registration of rights to real estate, and the publicity of rights to movable property, which is ensured by its being in the actual possession of the rightholder, it is extremly important the correct interpretation of each element of the set of facts of the bona fide purchase of real estate. The author insists that in case of unreliable registration of the right to immovable property it is correct to focus on the fact of familiarization of the acquirer with the real estate register, and not with the certificate of ownership. According to the author, the determination that the transaction is a paid one should be based on the standard of judgment about a rationally justified price. The bona fide acquisition of real estate, the rights to which are subject to state registration, should be considered completed only at the time of registration of the transfer of title. The general conclusion is made that the improvement of law in the future should be aimed at the implementation of the public reliability of the register of real estate rights.

Improving implementation of the Blockchain technology in real estate registration

Real estate is the most important asset of any society whose entry into the cycle has a considerable impact on the development of the country. Stability of real estate rights has effect on the owner's ability on the entry of its real state to cycles. This stability will motivate investment in real estate section. The stability of real state rights as well as identifying of the objective rights in the real state have effects on the ability to achieve the financial markets, supply and exchange of property on the market, and affect the real estate which have a vital role in the development of real estate transactions. Hence, markets, where real estate is exchanged, want to design a system to detect and determine real state rights; a system which allows the exchange of real state with lower because the increase in the volume of property has the inverse relationship with the transaction cost. Transaction costs in the field of real estate is a matter of debate and a lot of effort has been made to explore different aspects of it in the legal systems of other countries. However, despite its importance and its impact on the development of the property market, enough attention has not been paid to this concept in the Iranian legal system. Thus, attention must be paid to the following two factors: 1. the concept of cost, on the one hand 2. The inverse relationship between the volume of real estate transactions and costs, on the other hand. Given these two factors, it is necessary to review the environmental and human factors of in the field of real estate transactions in two stages, i.e., before and after the conclusion of the transaction. Additionally, it raises the need for legal solutions to remove or reduce environmental and human factors. This paper analyzes the concept of costs, particularly in the real estate market. This article examines the causes of on the basis of theory in two stages, i.e., before and after the conclusion of the contract. The paper examines environmental and human factors that create these in both periods. In this study, the specific characteristics and differences of real estate with other assets are considered and after determining these attributes in real estate, it was concluded that the land registry system convert assets into capital. With this system, real estate transactions are impersonal. Land Registry System performs this function through the following two functions: (1) Identifying and defining property rights and guaranteeing the stability of property rights (2) The legal protection of those rights. As a result, property registration reduces and has impact on the environment and human factors of The property enters the cycle through this system. This research reviews both personal and objective systems of registration of the Land Registry that are used worldwide. In this study the legal functions of the registration system are emphasized and their effects on are analyzed. This study shows that, despite some shortcomings, the use of objective registration system in combination with the cadaster in Iran provides access to the goal. In Iran, Land Registry's system is a legal entity with functions that can affect the performance of the property market and reduce transaction costs. In addition, this system increases the volume of these transactions and their economic efficiency. Registration system determines property rights and protects those rights against trade risks. Land Registration System collects the information and data about real estate and their rights and makes it possible to achieve this information and data for concluding the deal on the market. This system intercepts asymmetries and distortions of information and thereby eliminates the uncertainty and complexity of transaction. It eliminates opportunistic behavior and cheating that increase In addition, Land Registry System provides legal protection of registered property rights and it cannot be violated. As a result, it controls bounded rationality of the parties that is another factor in increasing through reduced claims and risk. Of course, creating a land registry system imposes the to the government (the cost of creating and maintaining land registration system) as well as parties (inquiry fee, tax costs, registration fees such as notary fees and of registration of property rights in registration system, etc.). These themselves are the However, it is desirable as long as these are less than the caused by the lack of the existence of such a system.

Approximately a quarter of the surveyed Ukrainian refugees and IDPs said that they plan to stay in their new places of residence, in the countries of their choice, obtain a residence permit, and purchase real estate. The legislation of Ukraine, like that of other countries, provides that ownership and other real rights to real estate, encumbrances, as well as their creation, transfer and termination, are subject to state registration. Rights to real estate subject to state registration arise from the moment of such registration. In essence, state registration is the fact of public recognition by the state of a person's right to real estate by entering information about it into the State Register of Real Property Rights. However, each country has its own regulatory requirements. Therefore, research into real estate registration procedures and algorithms for obtaining a residence permit is relevant. The study is aimed at identifying the peculiarities and algorithms for obtaining a permanent or temporary residence permit by investing in real estate or business in the country of study. real estate registration for Ukrainian citizens who went abroad during the military operations and intend not to return home but to integrate into other countries. The research objects are 9 countries of the world, namely: Turkey, Greece, Montenegro, the United Kingdom, Cyprus, the United Arab Emirates, the United States, Portugal, and Hungary. These countries are characterized by: attractiveness in terms of residence, democratic development, improvement of the quality of service provision and strengthening of trust in the government by the population, the public and the private sector. The information base of the study was based on collections of scientific papers, periodicals, and Internet resources. Summarizing the results of the study, we have constructed a diagram of the cost of investment real estate for permanent residence for the selected countries. The largest investment is required in the UK, while Montenegro has no requirements for real estate investment at all. It is determined that the procedure for obtaining the right to temporary or permanent residence through investment and registration of real estate may vary, and the package of documents required for registration also differs depending on the specific object and the circumstances of the rights to it. However, there are simple general recommendations that can help protect real estate rights and save time and money: compliance with the country's legislation; creation and proper operation of a unified registration system. This analysis will help to identify ways to implement foreign experience in Ukraine's activities in the future. The practical content is indicated by the target orientation of this study for Ukrainian citizens who are forced to stay abroad, urban planning and cadastre specialists.

Real estate title insurance is an insurance that covers unexpected defects in the real estate and transaction process during real estate transactions. Although it is a generalized insurance in developed countries such as the United States, Korea was somewhat skeptical about whether to implement it at the beginning of its implementation.
 Real estate title insurance plays a role of acknowledging that the contents of the registration of the ownership of real estate and mortgages are the same in the case of real estate transactions. Korea's real estate registration system only recognizes the presumptive power of the registered facts, but does not recognize the public confidence at all. Therefore, the usefulness of real estate title insurance can be highly evaluated as a system that can partially compensate for the shortcomings of the real estate registration system.
 In order to confirm this, in this study, the characteristics of domestic real estate title insurance subscribers were examined by targeting the responses of 367 ordinary people who had purchased real estate title insurance. The questionnaire was divided into four parts, including the experience of using real estate rights insurance.

Real estate market transactions are critical for the national economy. The real estate rights form a vital sphere of human life. The pivotal role played by real estate transactions is also reflected in the macroeconomic developments. The reference to the functions of real estate and the definition of the real estate market is of paramount importance for consideration of real estate transactions. Furthermore, real estate market participants also play an important role, who become the principal regulator of the market through a variety of transactional activities. The notion of the market cannot be reduced solely to the analysis of sales prices and the number of concluded transactions, because the real estate market constitutes a whole, which incorporates all its elements, including market participants, demand and supply, orthe price of real estate. The assessment of the market should be made in a dynamic manner, on considering the changing conditions of market development.

Given the provisions of the existing regulatory framework, contributions and achievements in the development of modern land management, it can be noted that the current outline of legal features of land and real estate, the presence of significant gaps and unresolved issues need to clarify these problems and find effective practical measures. The purpose of the article is to study the existing regulatory requirements for the acquisition of ownership of real estate in combination with ownership of land. The article examines the existing regulatory requirements for the acquisition of ownership of real estate in combination with ownership of land. The paper analyzes modern approaches to obtaining the right to land under real estate in Ukraine. The procedure for assigning a cadastral number before the alienation of real estate is determined; schemes of land formation under the real estate object; the procedure for state registration of real estate rights and the grounds for refusal of it and others are determined. The order, principles, requirements and regulatory documents at formation of the ground area under real estate objects are offered. The article considers the peculiarities of assigning a cadastral number to the land plot on which the residential building is located. It is noted that the state registration of land plots is carried out at their location by the relevant state cadastral registrar. It is determined that the acquisition of the right to a person's share in the ownership of a residential building, building or structure under the contract as a result of state registration of rights is a fact of acquisition of real estate. The norms specified in the article establish the general principle of integrity of the real estate object with the land plot on which this object is located. According to these norms, the definition of land rights is directly dependent on the ownership of the building and structure. The provisions developed in the article will increase the efficiency of land use and real estate by defining regulations on their mutual influence.

The aim of the study was to explore the role of demographic characteristics of potential acquirers of real estate rights. We were interested in whether the participants according to different origins of cultures and the basic demographic characteristics reflect a statistically significant difference. Results show that the participants who enter the Japanese real estate market are mainly male participants, who are single and have no children, and show a tendency to live in the city centre. Participants of both sexes enter the Slovene property market equally. On average they are married, childless and with a tendency to live at the outskirts of the city or inside agglomeration. Slovene participants expressed significantly higher satisfaction with the current residential status, which we relate to the findings that apartment owners compared to tenants express higher satisfaction with their living environment and are socially more active in their living environment.

Publikációmban bemutatom az ingatlanokra vonatkozó jogok bejegyzésének jogilag jelentős tényei feljegyzésének folyamatát érintő változásokat, a történeti előzmények ismertetésével, végig kísérve annak a folyamatnak a legfőbb állomásait, amelynek eredményeként a magyar ingatlan-nyilvántartási eljárás a jelenlegi formáját elérte. Tekintettel arra, hogy az ingatlanok adatai, az ingatlanokra vonatkozó jogok, valamint a jogosultak adatai nyilvántartásának eljárási szabályozása egy a közelmúltban indult projektnek köszönhetően, az elektronikus eljárás eszköztárának a jelenleginél sokkal szélesebb körben történő alkalmazásával jelentős átalakulás előtt áll, fontosnak tartom felmérni azt, hogy a jelenleg előkészítés alatt álló projekt milyen lehetőségeket hordoz magában. Ismertetem azokat az elvárásokat, amelyeket az elektronikus ügyintézési törvény a földügyi igazgatás számára is meghatároz, és amely elvárásoknak a modern magyar ingatlan-nyilvántartás is meg kell hogy feleljen annak érdekében, hogy az ügyfelek ügyintézési terheit csökkentse, az elektronizáció révén az eljárást egyszerűsítse, így növelve az ingatlan-nyilvántartási eljárás fenntarthatóságát.

The Possibilities of the Blockchain Technology in the Provision of the Real Estate Rights’ Registration Services