Real estate law in Romania can be complex, and many people have questions about how to navigate this legal landscape
Whether you are buying or selling property, or simply want to understand your rights and obligations as a property owner, it is essential to have a good understanding of Romanian real estate law.
In this article, we will answer the 10 most asked questions about real estate law in Romania.
Q1: What are the requirements for buying a property in Romania?
The requirements for buying a property in Romania differ depending on your citizenship. If you are an EU or EEA citizen, you can buy property in Romania without any restrictions. However, you will need a Fiscal Identification Number to complete the process if you are an EU citizen without a Romanian Personal Identification Number. If you are a non-EU citizen, you can only possess a building or other structure, not the land on which it is constructed. To use the land, you will need a permit. It is also important to confirm that the seller owns the property and to check the land survey records for a report from the land registration.
Q2: What is the process for buying a property in Romania?
The process for buying a property in Romania involves several steps. First, you will need to find a property you wish to purchase. Once you have found a property, you will need to hire a Romanian licensed attorney to assist with due diligence and help you draft a sale or purchase contract or real estate purchase promissory agreement. Both the buyer and the seller will be present at the closing together with a local notary. The property will then officially be yours after the deed has been recorded in the Romanian Land Registry. The costs for the purchase will also include transfer tax, notary fees, local taxes, and registration fees.
Q3: What is the due diligence process when purchasing a property in Romania?
Due diligence is an essential part of the process when purchasing a property in Romania. A due diligence report of the property can be prepared by a Romanian lawyer to analyze the legal situation. This report will provide information on the characteristics of the property, owners, risks, and legal restrictions. Due diligence also involves confirming that the seller owns the property and checking the land survey records for a report from the land registration.
Q4: What is the role of a Romanian real estate lawyer?
A Romanian real estate lawyer plays a crucial role in the process of buying and selling property in Romania. They can offer legal assistance with due diligence, drafting sale or purchase contracts, and representing clients in negotiations. A real estate lawyer can also help clients with property disputes and litigation, foreclosures, deed transfers, and coordination with lending agents or any other parties involved in the sale or purchase of a property.
Q5: What are the zoning restrictions for properties in Romania?
Zoning restrictions in Romania vary depending on the location of the property. The local government sets the zoning restrictions for each area, and they determine how the property can be used. It is important to check the zoning restrictions before purchasing a property to ensure that it can be used for the intended purpose.
Q6: What are the taxes associated with buying and selling property in Romania?
The taxes associ