If you want to buy or invest in Romania, Transylvania or the Black Sea or in Romania or abroad, or if you are a foreign citizen / investor, there are few aspects you need to know about the procedure and the cost of the acquisition in Romanian or Romanian houses.

After 2012, EU citizens of foreign nationals can buy (non-Romanian) houses or flats in Romania, they can freely purchase and sell any Romanian property, without restriction. In addition to the real estate purchase price, real estate purchase in Romania also entails additional costs.

If you have chosen to cooperate with a Romanian realtor / broker, you can expect 4% of the real estate price. The local tax is 2-4% of the property price. The signature of the contract must be certified by a notary who certifies the land registry responsible for real estate registration. The Romanian notary's fee is 0.5-1% of the purchase price. You have to pay a Land Registry ("Cartea Funciara") for the registration of the transfer document. The Romanian land tax levy required to purchase the property varies from 1% to 1-3%, until the seller owns the property and real estate property.

The Romanian Property Act stipulates that EU citizens are legal persons registered in EU Member States and stateless persons who are not resident in EU countries can only purchase land in Romania if Romania is a subsidiary of Romania after five (5) years from Romania's accession resident or resident in the EU (from 1 January 2012); only 7 (seven) years for agricultural land and forest areas starting with Romania's accession to the EU (from 1 January 2014)

But citizens, legal persons and stateless persons from non-EU Member States, Romania's legal system states that it may, on the basis of the terms of international treaties concluded by Romania, Romania, the Republic of Romania and the States of origin, grant land to those persons on a reciprocal basis

. In our view, a prudent investor hires a Romanian lawyer / Romanian public prosecutor who works closely with the notary to check the title, obtain a land registry extract and arrange for the transfer of property ownership. This means that the Romanian lawyer is only responsible for the agent and the lawyer, while the notary has the same responsibility for the buyer.

According to Romanian law, there are three basic rights to land and buildings such as property rights; usage rights lease, usufruct, surface; concession law. The principle of contractual freedom is a key part of Romanian property law

Sometimes an investor / buyer can decide to close a pre-sale contract by which the seller agrees to transfer property rights to the buyer at a certain time in return for the agreed agreement. The content of the pre-sale contract contains all the commercial and legal conditions for the transfer of ownership, prior to the final transfer of ownership. The termination of such a procurement contract does not imply the transfer of a transfer but imposes binding obligations on the parties such as compensation or punishment if the seller refuses the final notary transfer document within the agreed deadline

The sale closing an agreement prior to the purchase of buyers and the fixed price and duration of future purchases. In our opinion, it is our duty to conduct a sales contract with a notary and to clearly determine the selling price and other terms of future purchase duration. In this case, the court may be enforceable in the court proceedings as a document for the transfer of ownership.

According to Romanian law, a contract of sale signed in Romania is mandatory to specify: the parties' obligations to perform the sale are: contract and supply, the way of solving any litigation arising from the contract. Other necessary elements: the full name and identification of the parties (for legal entities) and the name of the person signing the contract (person with legal personality).

His team of Romanian lawyers provides real estate law legal services http://www.lawyersinromania.com

Source by sbobet

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