We are again going through a boom in the real estate market in Romania, and the number of transactions is rising from one year to another. In the transaction, property acts are checked by notaries, but there are many other things you need to be careful before you sign a sale purchase agreement. Due diligence, real estate and constructions lawyers at Pavel, Margarit & Associates Romanian Law Firm present five aspects you need to keep in mind when making these transactions.
Here they are.
The title of ownership of the property in Romania is the most important document. Signatures on the property title must be readable, there should be no signs of erasures or blurry stamps. It has to be taken into account that a property can be acquired by law, conventions and court decision, but others may have the right to live or use the property without being the owner of the building. At the same time, a person entitled to use the property in Romania, has a usufruct or servitude right, but is not allowed to sell the property in question.
The tabulation act is another very important document. The right of ownership is opposed to third parties by its inclusion in the Romanian Land Book and the registration of the property right. No property can be alienated without tabulation. This is obtained from the Romanian Office of Cadastre and Real Estate, by a notary or by an authorized expert. As a rule, this is achieved with the cadastral file and is the first thing to obtain before the land book extract.
The extract from the Romanian land book of authentication is obtained by the notary who authenticates the documents and at the same time blocks the land book so that no other operation (except this one) can be made until the documents have been finalized. It must contain the following information:Owner’s name – must be the same as the name in the vendor’s identity card. You also must verify the successive sales;The order number and the cadastral number of each building;Terrain surface – cadastral measurements;If the property in question is burdened by a task, you must verify if there is any servitude, superficie, if there are any notations of the disputes concerning this property. The fiscal certificate is an act without which the sale – purchase agreement cannot be drafted. This document shows whether the owner is up-to-date paying state taxes on the dwelling. The document is issued by the Romanian fiscal administration to which the building belongs and also certifies the name of the owner. Another document to be obtained before concluding the real estate transaction is the energy certificate. Of course, if it is a complex transaction, it is advisable to hire a due diligence, construction and real estate lawyer in Romania. This specialist can draft the necessary dossier and can perform the due diligence procedure in order to prevent any problems that may arise, recommends Pavel, Margarit & Associates Romanian Law Firm.
Pavel, Margarit & Associates Romanian Law Firm is one of the top law firms in Romania, which offers legal services at the highest quality, beyond clients expectations. The Law Firm approaches the cases with maximum professionalism and dedication. Its ultimate goal is obtaining exceptional results and achieving the clients objectives, in a time efficient manner. Among Pavel, MÄƒrgÄƒrit & Associates clients are top multinationals and local companies. In 2017, the success stories of the Romanian Law Firm have brought recognition of the most prestigious international guides and publications. Thus, Pavel, Margarit & Associates Romanian Law Firm ranked second place in Romania in the rankings of business law firms with the most relevant expertise this year, realised by the Legal 500 publication, the most prestigious guide for law firms in the world, based in London, UK. The law firm is also recognized internationally by IFLR 1000 Financial and Corporate Guide 2017. Pavel, Margarit & Associates Romanian Law Firm is also the only law firm in Romania recommended by the Global Law Experts Director in London in the Dispute Resolution area of Practice. All the relevant information regarding Pavel, Margarit & Associates Romanian Law Firm including areas of practice and the most important deals can be found on the website ww.avocatpavel.com, which is one of the most complex law firm websites in Romania.