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Investing In East Europe's Romania- Law and Order

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For investors who are trying to test and enter the East European Market, the last two countries admitted in European Union at first of January 2007, Romania and Bulgaria, are really new El D'orado. The Real Estate Transactions have grown here in last 17 years, after fall of the communism. But now, the approach of Romanian Property Laws to those of European Union, are making safer this kind of transactions. Never would happen in Romania the problems that buyers were forced to end in Mexico and other Countries of Central or South America, where properties were lost because of an unsafe System of Property Law.

Romania has implemented a National Office for Land Survey and The Office of Land Roll Book that is fully working in the Northern Provinces Transylvania and West Plain but in Southern Provinces Muntenia, Oltenia and Dobrudja only 25% of properties are written in Land Roll Book. For properties that are for sale, an Urgent Methodology is adopted to write these properties in Land Roll Book. Some steps are to be done in the selling process of a Property, as follows:

  1. Every Sell-Purchase Agreement must be signed in Front of a Romanian Public Notary, who Autentificates the Agreement after the price is paid.
  2. Before signing the Agreement, Romanian Public Notary must to ask and receive an extras over the Land Roll Book that certifies the Owner of the Property and the absence of duties for the Property.
  3. The seller must have a Recent Certificate from the Office of Taxes that must be paid until the day of selling.
  4. The transfer of money is done through an order of payment from a bank to another or between the accounts in the same Bank to avoid Transfer Tax.
  5. In the day of payment, the property must be empty and the seller to give the keys to the buyer. An Inventory must be written for the objects that actually remain between the walls of property.
  6. If one of the two persons: seller or buyer is not able to come to the Notary in the day of signing the Sell-Purchase Agreement, he (her) can be represented by other person using a Power of Attorney. For persons coming from countries that have not signed The Hague Convention in 1956, is needed an Apostil, too (persons coming from United States, for example).
  7. After the signing of the agreement, the Public Notary and the Land Roll Book Office have to replace the new owner in the rights on the property, his name being written on the Land Roll Book of the Property.
  8. The New Owner has to declare his new Property at the Tax Office in max 30 Days.
  9. The foreigners Private Persons are allowed to buy any property in Romania, except Land for Constructions or for Farming. The exception will fall in 2012 for Construction Plots and in 2015 for Farmland.
  10. Foreign Companies or Joint Ventures are already allowed to buy Plots and Farms and all kinds of Property in Romania.
  11. Tax for Selling is 3% for properties bought in the last 3 years and 2% for properties kept more than 3 years and is paid by seller. The Public Notary's fee (Honorarium), is 2% and is paid by buyer.

More details about the Properties in Romania, can be seen on our Real Estate Agency's Sites: [http://www.romanianproperties.net] or [http://www.imobiliare-vittorio.ro].

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