the Ministry of Public Finance Archives - Pavel, Margarit and Associates

Amongst the changes new introduced is found a new provision according to which the Ministry of Finance may agree to conclude a lease / comodatum agreement on the real estate acquired through the program, only after the financier gave its agreement for the same request. Thus, starting with the entry into force of the new provisions, homes purchased through the First House program can be rented. There were also introduced new articles on regulating the situation in which it is wished to be sold the home in order to be purchased a bigger one. The guarantees for the purchase / construction of a new house in the program, in terms of art. 1 paragraph (104) of the Government Emergency Ordinance No. 60/2009, approved with amendments by Law No. 368/2009, as further amended and supplemented, are secured by a legal mortgage rank on the new house purchased / constructed through the program, in favor of the Romanian state, represented by the Ministry of Finance and in favor of the financier, in proportion to the percentage of guarantee, valid until at the conclusion of the foreclosure on the real estate subject to guarantee, by law, with the requirement to be mentioned in the Land Book the prohibition of alienation for a period of 5 years and a ban on encumbering tasks throughout the warranty. The beneficiary of the program has the obligation to use the amounts from the sale of the house purchased or built originally in the program, for liquidation of the loan initially granted under the program. If these amounts are insufficient to repay the loan initially granted under the program, the beneficiary is obliged to pay from his own sources, the eventual price difference for purchasing / constructing the new house in the program. The usage of the new credit will be exclusively made for the purchase / construction of the new house in the program, provided that the loan initially undertaken is liquidated until the conclusion of the sale purchase agreement or a contract to build the new house. The value of the new house, resulting from the evaluation report and usable surface, will be reported at the initial value of the house, resulting from the evaluation report and its total area and must be bigger than the assessed value and / or usable area of ‹‹the first home at the time of granting the housing loans initially acquired or built under the program. A house purchased / constructed in the program can be acquired by another eligible beneficiary under the program. After the expiry of the 5 years period in which operates the interdiction of alienation of the house acquired or built in the program, the beneficiary of the program, which has an ongoing credit granted under the program, may require the consent of the Ministry of Public Finance and the financier for selling the house purchased or built under the program. The approval is expressed under the condition of full payment of the guaranteed loan. In case of failure of this condition, the approval shall be deemed retroactively abolished. If the buyer pays by credit the dwelling price, the financier and the Ministry of Finance agrees to temporarily lift the ban encumbrance, in order to register a new mortgage on the property, in favor of granting the credit financier for house purchase.

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