Appraisal of property in Ukraine is the important issue due to two main reasons:

- sometimes it is required by Ukrainian laws and bylaws;

- it could be rather helpful to realize the actual value of certain property in the issue.

The main legal regulations covering appraisal of property in Ukraine are the Law of Ukraine "On appraisal of property, property rights and professional appraisal activities in Ukraine" effective as of September 07, 2001 and the Law of Ukraine "On forensic expertise" effective as of April 21, 1994.

Clause 3 of the Law of Ukraine "On appraisal of property, property rights and professional appraisal activities in Ukraine" defines appraisal of property and property rights as the process of value determination as on date of the expertise using the procedures stipulated by appropriate Ukrainian standards and legislative regulations and is recognized to be the result of practical activity of appropriate subject of the appraisal activity.

Clause 5 of the Law of Ukraine "On appraisal of property, property rights and professional appraisal activities in Ukraine" provides that the appraisal activity in Ukraine can be carried out by:

- private entrepreneurs of Ukraine and Ukrainian corporate entities, who have got appropriate certificate for the right to carry out appraisal activity in Ukraine;

- state and local authorities, who have been granted the right to carry out appraisal activities in the process of fulfilling their functions as concerning management and disposal of the state or municipal property.

In accordance with clause 10 of the Law of Ukraine "On appraisal of property, property rights and professional appraisal activities in Ukraine" appraisal (evaluation) of property in Ukraine can be carried out on the grounds of:

- an agreement between appraiser and customer;
- a court decree (writ) prescribing carrying out of appropriate property appraisal expertise.

Clause 7 of the Law of Ukraine "On appraisal of property, property rights and professional appraisal activities in Ukraine" provides that appraisal of property is required:

- at establishment of enterprises (business entities) on base of the sate or municipal property;

- at reorganization, bankruptcy, termination of state and municipal enterprises (business entities) and at the same as concerning companies having the state or municipal share in their authorized capital;

- at separation or identification of the part in the jointly owned property if the same has the state or municipal share;

- at evaluation of property, which is contributed into the authorized capital of a corporate entity, if state or municipality participates in such corporate entity;

- at privatization and other alienation of state and/or municipal property;

- at revaluation of property for purposes of accounting;

- for taxation of property;

- in order to evaluate losses or amount of compensation if the same is provided by Ukrainian legislation;

- in other events on the grounds of a court writ or if the same required in order to protect interests of the society.