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who holds legally recognized ownership rights to a parcel may
illegally lease out the land to someone who is landless.
These various forms of tenure can create a complex pattern of
rights and other interests in any community or state.

According to the land Code in Ukraine Land is finally deemed as
an object of private ownership rights. So, landowners have the right to
sell, exchange, donate or pledge their plots. Finally investors can feel

more secure. First, now they can deal with actual owners of land.
Second, land, unlike movable property, is extremely difficult to hide
or move. So, foreign investors are also able to receive something of
real value if their Ukrainian counterparts fail to fulfill their contractual

obligations.
The Land Code permits two basic rights to land use: (i) the right to
permanent use; and (ii) lease rights. The right to permanent use gives the

right-holder the right to possess and use a land plot under state or
communal ownership without an expiration term. Unfortunately, this
right may only be acquired by enterprises, institutions and organizations,

which are related to state or communal ownership.
Fortunately, the right to lease plots of land is a viable alternative
for foreign investors, international organizations and foreign

governments. Under the Land Code, leases may be other short-term
(no more than five years) or long-term (no more than 50 years). The
Land Code also allows the lessee to sublet the land plot upon consent
from the lesser. All other issues in connection with the lease of land

are regulated by law of Ukraine.

Task 3. Answer the questions, using the active vocabulary.
1. What are the main property rights? What is their application?
2. How can land tenure rights be classified?
3. What is the difference between formal and informal property

rights?
4. In what cases can informal property rights be illegal?
5. What are the peculiarities of rights on land in Ukraine?

Task 4. Define whether the following statements are true or
false. Correct the false ones according to the text.

1. Use rights are rights to make decisions how the land should be
used.

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