Volume 11 - Issue 58
/ October 2022
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DOI: https://doi.org/10.34069/AI/2022.58.10.4
How to Cite:
Bortsevych, P., Beschastnyi, V., Panimash, Y., Kobko, V., & Maslov, O. (2022). Legal security of investors in the process of
financing housing construction in Ukraine and some European countries. Amazonia Investiga, 11(58), 39-46.
https://doi.org/10.34069/AI/2022.58.10.4
Legal security of investors in the process of financing housing
construction in Ukraine and some European countries
Правове забезпечення безпеки інвесторів в процесі фінансування будівництва житла
в Україні та деяких країнах ЄС
Received: October 10, 2022 Accepted: November 10, 2022
Written by:
Bortsevych Pavlo12
https://orcid.org/0000-0003-0921-0779
Beschastnyi Viktor13
https://orcid.org/0000-0003-2491-773X
Panimash Yuliia14
https://orcid.org/0000-0002-5337-6613
Kobko Vasyl15
https://orcid.org/0000-0002-3586-8219
Maslov Oleksii16
https://orcid.org/0000-0003-4904-6942
Abstract
The purpose of the article is to find mechanisms
that would guarantee the protection of investors’
rights in the process of housing construction.
Methodology. In the process of conducting the
research, the following methods were used:
theoretical generalization, grouping method,
methods of dynamic, statistical and comparative
analysis, comparative method, method of
structural and logical analysis, calculation and
analytical method. Research results. The works
of scientists who studied the problem of risks
associated with investing in construction were
analyzed. A comparative study of investor
security in France and Germany was conducted.
The legislation of Ukraine on this issue was
examined. Practical implementation. It was
determined that in order to prevent the misuse of
funds in housing construction in foreign
countries, there is a mechanism for attracting
funds by opening escrow accounts and
transferring funds from them to the developer.
Value/originality. It was proven that the use of
12
PhD in Law, Professor of economical security and financial investigations department of National Academy of Internal Affairs
(Kyiv, Ukraine).
13
Doctor of Law, Professor, Honored Lawyer of Ukraine, Head of the Secretariat of the Constitutional Court of Ukraine (Kyiv,
Ukraine).
14
Candidate of Pedagogical Sciences, Associate Professor of the Administration Department in the field of civil protection of the
Faculty of Civil Protection of Cherkasy Institute of Fire Safety named after Chornobyl Heroes of the National University of Civil
Defense of Ukraine.
15
PhD in Law, Associate Professor, Professor of Fire Prevention and Safety of Population Department of the Institute of Public
Administration and Research in Civil Protection of the State Emergency Service of Ukraine.
16
PhD in Law, Senior Research Fellow of the Scientific Institute of Public Law (Kyiv, Ukraine).
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escrow accounts in house-building can become
an effective mechanism for protecting the rights
of investors in Ukraine.
Keywords: construction, escrow accounts,
housing, investor, riskiness.
Introduction
Investment activity is one of the key factors of
economic growth. However, the current level of
investment activity of both business entities and
the population is low in Ukraine. Among the
reasons for this phenomenon, along with the lack
of necessary financial resources, is the significant
risk of investing in most areas of the domestic
economy. This is due to the negative perception
of increased risk from investors, and the lack of
adequate competence in investment risk
management, in particular, in the field of housing
construction.
Despite the fact that the demand for housing in
Ukraine is still far from being fully satisfied, and
some potential investors have sufficient financial
resources, domestic housing construction still
remains inadequate. Cases of inefficient
investment in this sphere in the past and a large
number of potentially accompanying risk events
make housing projects appear to be unsafe and,
accordingly, cause the transition of investments
from this area to other less risky investment
objects.
Financing housing construction remains a
challenge in Ukraine. The problem is primarily
related to insufficient legal protection of
investors. The issue of finding and implementing
mechanisms that would reliably guarantee the
protection of investors’ rights in the process of
housing construction remains open.
Methodology
The Article uses general scientific and special
methods of research, namely:
The method of theoretical generalization is
applied to clarify the essence of the investment
system in housing construction and the risks
related to this activity.
The grouping method is used for the
identification of stages of contractual
mechanisms for real estate purchase, formation
of a consolidated model of investment
mechanisms in housing construction, allocation
of risks inherent in the subjects of investment in
housing construction, analysis of the legislative
framework for investing in housing construction
in Ukraine.
The methods of dynamic, statistical and
comparative analysis make it possible to analyze
of international and domestic investment
experience in housing construction.
Comparative method helps to equate the legal
instruments of Ukraine and some European
countries governing the problematic issue.
The method of structural and logical analysis is
applied for the development of tools for investor
and developer risk regulation under various
investment mechanisms.
Calculation and analytical method is useful for
the development of methodical
recommendations for protecting the interests of
investors in financing housing construction.
Literature Review
In general, the purchase of residential premises
should be considered as a certain investment
project. Consequently, modern science and
business practice offer effective tools for project
analysis and management (Flyvbjerg, 2006).
Chan et al., (2004) state that the use of such tools
makes it possible to increase the success of
implementation of investment projects. This is
achieved, in particular, due to the fact that all the
main factors of such success are taken into
account and the processes of evaluating the
characteristics of projects are formalized.
One of the most important characteristics of
projects is their riskiness, that is, the threat of
failure to receive the expected results from the
implementation of projects. Taking this into
account Jaafari (2001) stresses on the need to
estimate the level of risk of projects by using
special indicators and methods. Ho and Pike
(1991), in their turn, note that the specifics of
projects, in particular, housing investment
projects, should be taken into account.
Bortsevych, P., Beschastnyi, V., Panimash, Y., Kobko, V., Maslov, O. / Volume 11 - Issue 58: 39-46 / October, 2022
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Doloi (2009) proves that the risk of such
investment is determined by a number of factors,
in particular, its considerable duration, the
complexity of the mutual relations of the
participants among the participants of the
investment process, etc.
As for the clarification of the mechanism of the
emergence and implementation of investment
risk, it is worth noting the presence of a certain
hierarchy of uncertainties causing it. At the same
time, at the top level of such a hierarchy will be
the ambiguity of the generalizing indicators for
evaluating the effectiveness and feasibility of
project implementation (above all, the net present
value of the project’s cash flow, its internal rate
of return, etc.). Accordingly, the vagueness of the
values of such indicators is caused by the
uncertainty of lower level indicators. In turn, the
listed indexes of investment projects, which
determine the value of generalizing traces of
effectiveness and feasibility of their
implementation, are influenced by many factors
that directly or indirectly determine their level. In
this regard, the uncertainty of indicators of
investment projects, among others, can be caused
by three reasons:
1. Vagueness caused by the lack of necessary
information on all factors that influence
project performance (Lian & Zhao, 2017).
2. Indeterminacy due to the deficiency of
complete data regarding the forecast values
of those types of indicators that describe the
impact factors;
3. Indefinites because of the shortage of
necessary content concerning the
quantitative relationships between the
impact factors and indicators of investment
projects (Jaafari, 2001).
Specific features are characteristic of the
construction industry and as well, in particular,
housing construction.
As we can see, the risk factor of residential
construction investment has been considered in a
number of scientific works. However, the issue
of search and implementing mechanisms that
would reliably guarantee the protection of
investors’ rights in the process of housing
construction is not finally resolved and requires
further research.
Results and Discussion
According to French law, any natural person of
age 18 and with full legal capacity can be a buyer
of real estate development. No special
requirements apply to such purchaser; as for
foreign buyers, there are no restrictions, except
for the need to carry out an anti-money
laundering check. In practice, the developers of
real estate are property companies that manage
and obtain financing for the construction project.
The developer engages builders, architects,
designers and other contractors to perform the
construction.
There are no special requirements for real estate
developers at the construction stage. However,
they should meet the general requirements for
property developers. For example, they must
obtain a building permit or preliminary
declaration, if necessary, for a new construction
project. A building permit is issued either by the
mayor or the prefect. It is valid for three years;
during this period the developer must start
construction. However, the relevant authorities
may extend this term; once started, construction
work cannot be suspended for a period beyond
one year.
If a developer begins construction without
permission, it may be subject to certain sanctions,
including prohibitions requiring the cessation of
work or the demolition of the constructed
structure, a ban on obtaining new building
permits, etc.
Local authorities, such as the prefect, mayor and
officials authorized by the Minister of
Construction and Urban Development, are
empowered to monitor the safety of ongoing
construction projects (including construction
work in progress) and may request all technical
documents related to the implementation of the
project.
Upon completion of construction, the developer
should provide the relevant mayor with a
certificate of completion, signed by the architect,
stating that the project complies with the
preliminary declaration or building permit,
depending on circumstances (Kramer & Frankel,
2019).
Legislation provides that a buyer can purchase
real estate under construction only by contractual
mechanisms. This procedure includes two stages:
− the first one – the conclusion of a
preliminary (reserve) contract between the
buyer and the developer ("preliminary
contract");
− the second one – conclusion of definitive
purchase agreement ("VEFA contract").
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According to the terms of the previous contract,
the developer undertakes to reserve the premises
for the purchaser in case of completion of
construction. This contract is not binding on the
parties and does not obligate the developer to sell
the property to the buyer. Therefore, the purpose
of the pre-contract is only to ensure that the
developer reserves the agreed property for a
particular buyer and will not actively sell it to
other potential buyers for some period of time.
There are no legislative requirements regarding
the mandatory provisions of the preliminary
contract. As practice indicates, it usually includes
details of the approximate location of the
premises, detailed plans of the proposed
development, the number of main rooms and the
list of maintenance rooms, extensions, permits,
indicative price of the reserved accommodation,
etc. There is also no legal requirement for
notarization of the Preliminary Agreement.
If the parties enter into a Preliminary Contract,
the buyer has a ten-day time period to decide
whether to proceed with the final sales contract.
The consideration period begins after the buyer
has received a copy of the annex to the previous
contract, which includes technical description of
the property (plans, sections, information on the
coverage of each room, etc.), materials used for
construction and a description of common
equipment (elevator, basement, collective
heating, etc.) and other technical information.
During this period of discussion, the buyer may
withdraw from the contract and receive a full
refund of the deposit paid to the developer. If the
buyer renounces the contract after the reflection
period, he/she will lose the deposit, unless such
withdrawal is due to special reasons provided by
law, for example, the inability of the developer to
perform the actions according to the Preliminary
Contract (Aimvesting, 2019)
For sale and purchase of real estate at the
development stage the parties should conclude a
VEFA Contract. Before signing it, should
provide the buyer with a set of rules that will
apply to the property built, for example, the use
of communal property, economic use of the
property, service charges, etc.
Current French legislation establishes
requirements for mandatory provisions of the
VEFA Contract. In particular, it should contain
the following items:
− a detailed description of real estate under
construction and its location in the building;
− purchase price, payment terms and terms of
revision of construction in progress;
− completion date;
− guarantee of completion or reimbursement.
The VEFA may also contain certain conditions
precedent, i.e. the terms that the parties should
fulfill by a certain date in order to proceed with
the sale and purchase of the property. In practice,
such requirements often include the buyer’s
obtaining a mortgage to pay the purchase value
of the property, under construction, or the
developer’s taking a bank loan to finance the
construction (since the initial purchase price
payments received from the buyers may not be
sufficient for such financing, and developers, as
a rule, do not invest their own funds). If the
parties do not fulfill their previous conditions, the
VEFA Contract is terminated and the developer
returns the deposit and / or the amount of the
purchase price actually paid by the buyer at the
time of such termination.
The VEFA Contract may provide a fixed or
preliminary purchase price. However, in most
cases it is a fixed price. If this is a preliminary
price, the VEFA Contract shall include the basis
on which such price may be revised and therefore
the final price is set. In any case, the final price
cannot increase by more than 70% of the increase
in the construction price index.
Buyer has to pay the purchase price in several
parts. The amount of each contribution is
calculated as a percentage of the total purchase
price, depends on the stage of construction and
the type of housing (apartment or house) and
cannot exceed the maximum established by law.
For example, the purchaser's payment to the
developer is no more than 20% of the total
amount at the stage of building the foundation of
the house. The deposit is also included in the
installment payments (in particular, it is part of
the last payment). The buyer pays for each stage
after the developer has received a written
certificate from the supervising architect
confirming the completion of the relevant stage
of construction. Thus, the buyer is protected from
any abuse by the developer and can influence its
behavior.
At the same time, the contract may also provide
for a penalty of up to 1% of the outstanding
amount per month to be paid by the buyer in case
of late payment of the purchase price. If the buyer
is unable to pay the relevant installment within a
month or longer, the developer may terminate the
VEFA Contract and file a claim for
compensation (FrenchEntrée, 2007).
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According to the legislation of the Federal
Republic of Germany, any person of age 18 and
fully capable can be a buyer of real estate under
construction. No special requirements apply to
such buyers, and there are no restrictions on
foreign buyers, except, as in France, the
prohibition of financing with illegally obtained
funds.
Unfinished construction is usually sold by real
estate agencies that are only responsible for
marketing the property or directly by developers
who are also in charge for construction
management and financing the construction
project. The developer engages builders,
architects, designers and other contractors to
carry out the construction.
There are no special requirements for developers
of construction under development. However,
they should meet the general requirements for
property developers. For example, before starting
construction works, they should obtain a building
permit. Moreover, depending on the type of
project, other administrative permits may be
required, such as environmental permits or health
safety certificates (Terrafinanz Wohnbau, 2013).
Failure to comply with the conditions of any
building or other permits may result in the
imposition of sanctions on the developer,
including the project closing or even the
demolition of the construction work.
In order to purchase unfinished real estate, the
parties must enter into a purchase and sale
agreement ("SPA"). In contrast to French
practice, the purchase of unfinished property in
Germany does not require the conclusion of a
preliminary contract.
Current legislation establishes requirements for
the mandatory provisions of the sales contract. In
particular, sales contract should include the
following provisions:
− a detailed description of the building;
− construction plans;
− terms of payment;
− property rules and any easements.
A sales contract may also contain certain
conditions precedent, meaning conditions that
the parties should perform by a certain date in
order to proceed with the sale and purchase of the
property. In practice, such pre-conditions often
include the buyer obtaining a mortgage loan to
pay the purchase price of the unfinished property
and the developer receiving a bank loan to
finance construction (since the initial
contributions to the purchase price received from
buyers may not be sufficient for such financing)
or acquisition by the developer of household land
for construction purposes. If the parties do not
fulfill their previous conditions, the contract of
sale is terminated, and the developer returns the
deposit and/or the amount of the purchase price
actually paid by the buyer at the time of such
termination.
The developer can receive payments from the
buyer (customer) only after signing the SPA
(sales agreement). The developer must keep the
money obtained in a bank account separate from
the developer’s assets.
The parties may agree on the amount and
schedule of payment of the purchase price in the
SPA at their own discretion, but in any case
subject to the following legal requirements:
− if the purchase price is paid in installments,
the current legislation allows up to seven
payments, provided that the construction
stages are completed;
− each payment is made only after completion
of the relevant stage of construction;
− the initial payment must be equal to 30% of
the purchase price and can be paid after the
commencement of the land works or the
excavation of the basement.
The following payments are made in such
manner:
− 40% of the purchase price can be paid for the
completion of construction works
(framework, concrete shell, etc.);
− 8% of the purchase price may be paid for the
installation of roofs and gutters;
− 3% of the purchase price may be paid for the
initial installation of sanitary premises;
− 3% of the purchase price may be paid for the
initial installation of heating systems;
− 3% of the purchase price may be paid for the
installation of electrical systems;
− 10% of the purchase price may be paid for
installation of windows, including glazing;
− 6% of the purchase price can be paid for
internal plastering, except for decorating;
− 3% of the purchase price can be paid for
screed (main floor, usually poured concrete);
− 4% of the purchase price can be paid for tiles
in sanitary facilities;
− 12% of the purchase price can be paid after
the date of readiness for occupation of the
premises and step by step before transfer;
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− 3% of the purchase price can be paid for
facade works;
− 5% of the purchase price may be paid upon
completion.
However, since current legislation only allows
for up to seven partial payments, one partial
payment generally corresponds to the completion
of several construction phases together. Thus,
German law regulates in detail the terms of the
contract of sale of real estate at the stage of its
construction and, in the same way as French law,
protects the rights of buyers (customers) from
possible financial abuses by construction
companies (Chance, 2019).
As for Ukraine, it should be noted that in
accordance with the Law of Ukraine “On
Investment Activities” (Law of Ukraine No.
No. 1560-XII, 1991), investment and financing
of the construction of residential construction
objects using non-state funds, attracted from
individuals and legal entities, including
management, can be carried out exclusively
through construction financing funds, real estate
transaction funds, joint investment institutes, as
well as through the issuance of special purpose
bonds of enterprises, the fulfilment of obligations
for which is carried out through transferring the
object (part of the object) of residential
construction. Other methods of financing the
construction of such objects are determined
exclusively by laws.
The functioning of construction financing funds
is provided for by the Law of Ukraine
No. 978-IV (2003), according to the provisions
of which funds are raised from individuals for
housing construction by the manager, which is a
financial institution.
The manager, having attracted funds, has the
right to enter into an agreement on the financing
of housing construction with the developer. In
accordance with the terms of the concluded
contract, the manager transfers the funds to the
developer for their use in the construction of
housing. It should be noted that the current
legislation does not provide for the amount and
conditions of the transfer of funds by the
manager to the developer. This aspect is the
prerogative of the parties and is determined
exclusively by the contract concluded between
them. As a result of the non-regulation of this
issue in the legislation, in practice, there are
frequent violations by the developer of
commitments made, for example, the use of
funds not for the intended purpose. This, in turn,
puts not only the possibility of timely completion
of housing construction at risk, but its
finalization in general.
To prevent misuse of funds in housing
construction in foreign countries, there is a
mechanism for attracting funds by opening
escrow accounts and transferring funds from
them to the developer.
At the same time, the legislation, and not just the
contract, determines the percentage of
installment to the developer. The condition for
the transfer of each subsequent tranche is the
completion by the developer of a certain stage of
housing construction work (laying the
foundation, erecting the walls of the house, etc.)
with the presentation of relevant documents
confirming the completion of these works. Such
a mechanism allows to effectively control the
activities of the developer and the use of funds
for construction, while reducing the risks of their
loss by investors.
The current legislation of Ukraine provides for
the possibility of opening escrow accounts.
However, unfortunately, this mechanism
currently remains on the sidelines in matters of
attracting funds for housing construction. In
October 2020, Draft Law of Ukraine No. 4247
(2020) was submitted to the Verkhovna Rada of
Ukraine, which proposes to implement a
mechanism for attracting funds for housing
construction using escrow accounts to ensure the
protection of investors' rights at the legislative
level. It should be noted that the author of this bill
paid attention only to housing construction
financing and real estate transaction funds.
At the same time, the draft law not only does it
not enhance investor protection, but also exposes
additional risks both to investors and banks that
service the accounts of Construction Financing
Funds / Real Estate Operations Funds and/or are
managers of such accounts and entrusts banking
institutions with non-specific functions of
examination of the state of construction works.
In particular, with regard to the requirement
provided for in the draft law to ensure actual
control over the progress of construction by a
bank, in which the manager has opened an
escrow account (transfer of funds to the
developer only after bank is convinced that the
relevant stage of construction has been
completed), it should be noted that banking
institutions are not experts in such kind of works
and are not authorized to evaluate the level of
their actual implementation. Determining the
scale of completion of construction works at each
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of the nine stages provided for by the draft law
requires the participation of third-party expert
organizations authorized to carry out such
estimation.
Entrusting the bank with an additional control
mechanism through the gradual release of funds
from the escrow account only on the condition
that the developer completes the previous stages
of work, actually removes the developer from
responsibility to investors and exposes the bank,
which serves the escrow account, to claims from
investors in the case of construction failure.
Besides, this mechanism creates a risk for
investors to obtain insurance compensation, as it
gives the developer and the insurance company
grounds to deny the fault of the developer, thus
removing him from civil liability, which, in turn,
makes insurance indemnification of such liability
impossible.
However, the mechanisms of attracting funds for
housing construction are rarely used by
developers in practice. Investors are usually
offered other ways, in particular, concluding
preliminary contracts, according to which the
investor must pay a significant part of the funds
for housing construction. Despite the fact money
paid are generally a means of ensuring
compliance with the obligation to conclude the
main contract in the future on the part of the
investor, and not the developer himself.
Therefore, such a mechanism is even more risky
for investors, since under the terms of the
previous contract, the developer is in no way
obliged to transfer the real estate object to the
investor, but only to conclude a contract for the
sale of the real estate object in the future.
However, even if the developer does not enter
into a basic contract with the investor in the
future, the developer does not bear any particular
financial risks.
Conclusion
Summing up, it is worth concluding that the use
of escrow accounts in housing construction can
become an effective mechanism for protecting
the rights of investors. The legislator has to
secure the interests of those who invests in the
development of property by means of gradual
(staged) financing of building using escrow
accounts, provision of additional control,
including by the bank, over the course of
erection, introduction of mandatory insurance
civil liability of the developer in favor of
investors.
For this purpose, the introduction of a
mechanism for opening escrow accounts in
banks for the accumulation of investors' funds
and the subsequent phased financing of the
construction of a specific object according to the
degree of its preparedness can be a promising and
effective measure for the storage and targeted use
of investors' money.
In fact, the analogue of escrow accounts in terms
of the gradual financing of housing construction
in France and Germany is the legally established
opportunity for investors to pay for housing
construction depending on the completed stage
of construction. Thus, it allows investors to be
financially protected from possible risks from
construction companies. Therefore, the use of
foreign experience in financing housing
construction should be extended to all possible
ways of attracting funds through the adoption of
a corresponding draft law in Ukraine.
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https://www.terrafinanz.com/a-step-by-step-
guide-to-buying-residential-property/