Purchase a Romanian Property

– residential properties,

– commercial properties,

– industrial properties,

– the purchase of land has been limited for foreigners (for agricultural land)  

Mandatory legal representation (yes/no)

No, but it is highly recommended for various legal steps, especially for those who are not familiarized with the Romanian language and laws.

Legal assistance for:

– preparing the sale contract,

– verifying the provisions of the contact,

– performing the due diligence procedures,

– completing the transfer of ownership,

– representing clients in litigation cases,

– verifying any other documents required during the sale and after the sale of the property 

Yes

– the identity documents of the parties involved in the sale,

– the documents of the property,

– the fiscal certificate,

– the cadastral papers,

– the land registry extract,

– the energy performance certificate

– the building tax,

– the land tax,

– the property tax (payments in advance can lead to a reduction of 10% on the overall taxation)

– Mandatory: the seller, the buyer, the notary (the sale transaction is always completed through a notary public)

– Optional: the lawyer and the real estate agency, if the puchase was facilitated by a realtor 

Yes, both the notary and the lawyers charge fees. The notary can charge 0.5% to 2% of the value of the transaction.

 – the Civil Code,

– the Romanian Constitution,

– the Law no. 312 of 2005 on the Acquisition of Ownership over Real Estate by Foreign Citizens, Stateless Persons and Foreign Legal Entities, etc. 

The same rules applied for local citizens 

Non-EU citizens can purchase real estate properties, but they can’t own land in Romania (exceptions from this apply, but they are very limited). Reciprocity principle applies as per the provisions of international treaties. 

– the documents of the legal entity are necessary (the fiscal certificate, the registration certificate, the power of attorney for companies that appointed a local representative, etc.),

– the documents of the property that is for sale

The Office for Cadastre and the Romanian Trade Registry 

– the seller,

– the buyer,

– the selling price,

– the type of property,

– the rooms it has and their respective surface,

– the obligations of the parties involved etc. 

Pre-contract and the sale contract 

 Penalty clauses 

 Property inheritance rights 

 In Romania, both Romanian citizens and foreigners related to Romanian property owners can inherit various assets.

The property rights are established based on the family tie of the heir and total number of surviving heirs.

Other parties, not related to the testor, can become heirs, as per the stipulations of the will.   

Due diligence involves a complete background check of the property from a legal and financial viewpoint.

The purpose is to discover if the property is sold with any legal issues or debts.

A physical inspection of the property is also included in standard due diligence procedures.  

There are 2 main categories – private domain properties and public ones 

 Those who want to purchase a property in Romania can benefit from the following:

-the right to use the property;

– the right of habitation in the property;

– administration rights;

– concession and mortgage rights;

– usufruct.  

Once you purchase a property in Romania, the Property Registry will have details on the new ownership and the property, on matters such as the: owner’s name, the location, details about the property, the neighbouring properties, the survey number, the surface of the property, mortagages, etc.  

 Yes 

 For issues pertaining to misrepresentations/mistakes on title deeds – 3 years. For the restitution of land/immovable property – no statute of limitations are imposed.  

 Provisions of the Romanian Civil Code

 It depends on the city (in Bucharest, the average price for new properties is EUR 1.489 per square meter and EUR 1.682 for older properties).  

 Yes

 Yes

 Our lawyers can help foreigners purchase a Romanian property (prepare the documentation, address a public notary, submit papers with local institutions, etc.).

They can also assist in immigration formalities for those who need visas to relocate here and can also assist with: renting properties, property litigation, property inheritance, etc.