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).
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