Buying Property in Romania – Romania Real Estate Law
If you are looking for a holiday or a second home or investment in Romania, Transylvania or Black Sea, you are a foreign citizen /
Foreign citizens after 2012, citizens of the European Union (non-Romanian) may purchase a Romanian home or apartment free of charge and sell any Romanian property, without limitation. In addition to the price of the property, buying real estate in Romania has other related costs
If you choose to work with a Romanian real estate agent / broker, you can expect an additional commission of about 2% of the property price -4%. The local tax is 2-4% of the hotel price. The contract must be witnessed by a public notary, who must be certified by the Land Registry responsible for the recording of the property. The cost of a Romanian public notary is about 0.5 to 1 per cent of the purchase price. You must also pay the registration transfer deed to the Land Registry ("Cartea Funciara"). The Romanian land registration fee will vary depending on the length of time the property is owned by the seller and the value of the property.
The Romanian Property Law provides for citizenship of EU member states, legal persons registered in the EU Member States, Stateless persons of Member States may purchase land in Romania and may join the EU from Romania after five years from January 1, 2012, only after the land has been used for secondary housing or secondary headquarters; only for agricultural land and
But for citizens, legal persons and stateless persons not from the EU member states, the Romanian legal system provides that they can reciprocate in the reciprocity of the Romanian state (from January 1, 2014) On the basis of an international treaty between Romania and the country of origin, to purchase land in Romania.
a cautious investor will be employed by the Romanian Lawyer / Romanian Legal Office, who will liaise closely with the notary public, verify ownership, obtain excerpts from the Land Registry and draft agreements on the transfer of ownership of real estate. This means that Romanian lawyers will act only for his or her clients and are accountable to his clients, and the notary will not assume the same level of responsibility for the buyer.
Under Romanian law, there are three basic rights to land and buildings, such as ownership; tenure, tenancy, tenure, super;
Sometimes, the investor / purchaser may choose to close the pre-sale agreement, and the seller undertakes to transfer the ownership to the buyer for a date in exchange for the agreed price. The contents of a pre-sale contract will specify all commercial and legal conditions for the transfer of ownership as a prerequisite for eventual transfer of title. This closure does not imply the transfer of property, but rather binds the parties to the damages or penalties set forth therein. If the seller refuses to sign the final decision
Completion of the pre-sale agreement is In order to protect investors / buyers from any possible purchase to other buyers as well as to fixed purchase prices and the duration of the problem. In our view, it is necessary to enter into a pre-sale agreement with a notary public and to specify clearly the sale price and other terms relating to the future purchase term.
Under the Romanian legislation, a sales agreement signed in Romania will impose an obligation on the parties to fulfill their obligations to the contract of sale, the delivery of goods and / or services and the terms and conditions of payment, , Payment instruments and price insurance, contractual risks and the means of resolving the resulting litigation arising out of the contract.
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