The Purchase Process

How to purchase Romanian property

Under current Romanian Law anyone can purchase land in Romania. 

Security of Title

The Romanian government has become extremely strict in respect of title to property.  There is now a central land registry similar to the UK and other western European countries.  No sale will be entered into without a notarised certificate from the land registry showing proper title to the property.  No official notary in Romania will provide incorrect information in respect of the title of the property.

Costs

On completion of the purchase there are some notary fees payable which are based on a sliding scale in respect of the purchase price of the property.  These are nominal amounts which we will estimate and advise prior  to completion. 

Please note that in addition to the purchase price of the land there is a tax payable based on the total price of the acquisition.  Currently, this is based on a sliding scale with variable percentages.  Typically, a purchase to the value of 20,000 euros would attract a tax of approximately 800 euros.  We understand that in January 2007 this system will be replaced by a standard tax rate which has yet to be announced.  Our information is that this will be in the region of 3%.  This should be taken into account when working out the overall costs.

We charge an all inclusive finders fee of 3.0% or 500 euros whichever is the greatest of the final purchase price which is payable after the property purchase is completed.  If you wish, we can arrange maintenance and management of your property in your absence.   

Property Survey/Insurance

We can obtain a comprehensive written surveyors report at a cost of 350 euros.  Insurance for your property will become mandatory from July 2008, the cost being around 100 euros per year for comprehensive insurance covering all eventualities.

Procedure

 1.  We will instruct our lawyer on your behalf to obtain the necessary guarantees in respect of the land registry title and if you wish arrange any insurance in case of any default.

In conjunction with our lawyer the local notaries and The Chamber of Commerce it is our job on your behalf to deal with all these issues and we guarantee that all legal and fiscal requirements will be dealt with in that way.