Property Purchase Procedure in Romania
The property buying process in Romania is straightforward, you will be able to buy a property and if you wish to own the land you will have to set up a Romania company.
The property purchase procedure
Choose your property.
Negotiate the price and make a verbal offer.
Complete basic legal checks. A reputable solicitor should do all this on your behalf. The legal advisor will carry out all necessary checks, establishing mainly the seller's rights to sell i.e. the authenticity of their title deeds, the contract showing when they brought the property.
Sign a preliminary contract (be extra careful with the terms of the contract) and pay a deposit. This can be any where between 10%-30% and is to be agreed with the seller. If the basic legal steps have been checked and taken, you can sign a preliminary contract for a small deposit (around 10%) though this can be higher with companies selling off plan.
Pay attention to the terms of this contract in many cases it specifies how and when the rest of the payments have to be paid.
The solicitor will then perform more checks. These full checks are carried out by the solicitors ion your behalf. They will now check for any charges and debt of any kind that it is tied to the property. If they do not find anything wrong you can proceed.
Final payment, signing of the notary deed and payment of stamp duty and the notary fee. Once this has been done you will sign the final contract usually in front of the notary or solicitor. The purchase contact must be in Romanian. For security and peace of mind request a translator so they can perform a full translation of the contract, you must be able to both read and fully understand this.
Ensure that you ask your solicitor if you have any doubts about any terms of the contracts.
One of the key benefits of purchasing properties off plan is that costs associated with purchasing a property can be kept to a minimum. Romanian Deals Property will arrange for the contracts to be checked by a Romanian lawyer and ensure that all necessary checks (i.e. property inspections, land registry) are completed.
Should you wish we can recommend independent Romanian (and English speaking) lawyers specialising in real estate.