How to buy a property in Romania
September 19th, 2007
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There are a few tings to do when buying properties in Romania:
1. Inform yourself about the real estate market. Decide what type of property is best for your investment and what is the best location. You’ll have plenty offers to choose from. There are new apartments, off plan investments, houses and villas, construction land, agricultural land. You can buy a property in Bucharest or other important city, you can buy a holiday house in the mountain or at the sea side.
2. Once you decide what you look for you mast find a trusted estate agent. Check his background and ask for references. Inform the agent about your requirements. The agent will send you a list of offers that meet your criteria.
3. Once you decide what properties on the list are interesting for you fly to Romania to see the properties. This may look a little complicated and some people prefer to buy online without visit ing (especially when investing off plan). If you like a property start negotiating a better price and once satisfied make an offer.
4. Complete the legal checks. This part will be cared by your agent or a legal advisor. Through these checks you mast establish the seller's right to sell, the authenticity of his title deeds, the contract showing when the seller bought the property, etc
5. Sign a preliminary contract and pay a deposit (10-30%). Be careful with the terms in this contract (use legal advice).
6. Make final legal checks (solicitor job) to look for any charges and debt of any kind on the property or land under offer.
7. Make final payment and sign the notary deed. You’ll pay the stamp duty and notary fee.
The contract will be written in Romanian. Ask for a full legal translation performed by a authorised translator. Read and understand all the contract. Ask your lawyer or agent if you have any doubts about terms in the contract and sign only if you are entirely satisfied with it.
Setting up a company
According to the law foreigners can’t buy and own land in Romania (this will change for EU citizens in 2012).
The most common solution to this problem is to form a Romanian company. This will usually cost you €500-1000.
There are other ways for foreigner citizens to buy land in Romania:
- EU farmers can buy agricultural land with no restriction
- You can buy land if you have legal residence in Romania
More about investing in Romanian properties in the Independent Guide
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