How to Buy a Property in
Romania
The property buying process in Romania is a relative unknown to foreign buyers,
yet it can be relatively simple and efficient with the appropriate knowledge and
preparation. Three people can make the buying process simple, secure and successful
for you: a professional estate agent/property consultant, a reputable solicitor/lawyer
(ideally English speaking) and the notary.
Stage One
Find your property. Start by deciding on the type of property and location you
are interested in. Whether a coastal new build apartment, a villa in a skiing
resort or a city centre apartment, or maybe just a plot of land, define your objective
clearly from the onset. This will help focus your efforts and reduce the time,
energy and money spent in the process. If you are buying land or the property
has land with it and you want to own the land, set up a Romanian company.
Negotiate the price and make a verbal offer. Once you decide what you want to
buy, find out a reputable property consultant or estate agent and inform them
of your requirements. They should be able to find a suitable property or land
plot for you. When you have a list of offers that meet your criteria, fly over
to Romania, view and scrutinise each offer thoroughly. If you see something that
you like on this visit, you can start negotiating a better price and if satisfied
make an offer. When your offer is accepted, proceed to stage two.
Stage Two
Complete basic legal checks (use a reputable solicitor). A legal adviser will
carry out the basic checks, establishing mainly the seller’s right to sell,
i.e. the authenticity of his title deeds, the contract showing when they bought
the property (or land), etc.
Sign a preliminary contract (be extra careful with the terms of this contract)
and pay a deposit (10-30% as agreed with the seller).
If the basic legal checks are successful, you can sign a preliminary contract
and for a small deposit (10% with private sellers, higher usually with companies
selling off plan) you can secure your property. Pay special attention to the terms
of this contract, as in many cases it contains the specifics of how and when the
rest of the payments will be made.
Have the solicitor perform additional checks. The full checks are now carried
out by the solicitors. They will now look for any charges and debt of any kind
on the property or land under offer. If they don’t find anything wrong,
you can proceed to the final stage.
Stage Three
Make the final payment (70-90%), sign the notary deed and pay stamp duty and the
notary fee - With all checks successfully completed you can make the final payment
and finally sign to the full contract, usually in front of a notary or solicitor.
In many cases, part of this step is incorporated in step three, by making the
preliminary contract into a full contract. In either case, the notary would have
to authorise the transaction and you’d be required to pay stamp duty and
notary fees.
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