Buying a land for exploitation or for construction in Romania involves a lot of legal research. In some cases, is more difficult to establish the legal status of a plot than the legal status of a building. For instance, many lands in Romania are not included in the cadastral circuit, other lands cant be used for construction. Therefore, a minimum of legal research is needed to see if the subject of the acquisition does not raise any legal issues.
A Romanian real estate, due diligence and construction lawyer can handle the necessary preliminary investigation and obtain the necessary documents in order to perform the transaction in best conditions and to the benefit of the client, advise the specialist lawyers from Pavel, Margarit & Associates Romanian Law Firm.
By hiring a Romanian real estate, due diligence and construction lawyer, who can draft for you a due diligence report about the Romanian property, you are sure that the purchase will meet all the necessary conditions and that there will be no unpleasant surprises after the transaction.
First of all, the buyer must ensure that the land corresponds to the object of the investment, and at the same time that the legal status of the land in Romania allows its acquisition.
Here are some other things you need to be careful about.
Check the state of the land in Romania. Is it or is it not in the building area? – By the end of the transaction it is recommended to know the state of the land and its placement in the building area. Those who want to build a construction in Romania must take into account that a plot of land can be located in the urban area, but no on the building area. Therefore, it is advisable to request an informative Romnian urbanism certificate before signing the sale and purchase agreement in Romania. By this certificate, the authorities make known to the buyer (or to the person requesting the act) the legal, economic and technical details of the already existing land and buildings and determine the urban requirements to be met.
The building has to be registered in the Romanian Land Book – The end of the registration is proof of the fact that the land in question is registered in the Romanian Land Book. In order for a land to be registered in the Romanian Land Book Register a cadastral documentation is drawn up by the Romanian authorized cadastral expert. This documentation is based on technical data about the land (measured area, plot of land, coordinates, etc.), as well as land ownership documents.
Check of the authenticity of the power of attorney – A sale and purchase agreement for a land in Romania may be signed at the public notary office by the owner or by a representative, who has a power of attorney. In recent practice, notaries require, prior to the authentication of the sale and purchase agreement, the verification of the power of attorney, to see if is has been revoked or not.
Verify postal mail history and restitution requests. At the same time, it is advisable that the seller obtains from the competent city hall certificates of the postal address of the building and the status of the restitution claims, based on Romania special laws of restitution (Law 10/2001, Law 18/1991 etc.), for each address.
In addition to the legal advice provided for the sale and purchase agreement, a Romanian real estate, due diligence and construction lawyer can make the necessary legal verificantion at various institutions in Romania. Hiring a Romanian specialized lawyer, the real estate transaction can be completed much faster and in safer conditions, say the Romanian real estate, due diligence and construction lawyers from 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, Margarit & 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
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