You want to buy a property in Romania? Here’s how a Romanian real estate due diligence lawyer can advise you

Jan 23, 2018

Before buying a property in Romania, both the seller and the buyer must ensure that they have all the necessary documents available. Issuing some of the documents takes time and it would be unpleasant to know that some of the documents are missing in the day before the transaction takes place, so that the deal must be postponed. In this sense, it is advisable to use the services of a Romanian lawyer specialized in due diligence, constructions and real estate transactions.

Such a lawyer can draft not only the file with the necessary documents but also make a real estate due diligence report. The real estate due diligence report is a legal analysis that mainly verifies the legal issues that may occur, the validity of the property title, the property rights that may arise from an eventual creditor and, in the case of buildings, the degree of seismic risk, according to the Romanian lawyers specialized in due diligence, constructions and real estate transactions from Pavel, Mărgărit & Associates Romanian Law Firm.

Whether you are dealing with a real estate transaction on your own name or with the help of a  Romanian lawyer specialized in due diligence, constructions and real estate transactions, you need to know which documents you need.
Here’s the documents you need to complete a real estate transaction between individuals in Romania:

• Identity documents of seller and buyer;
  
• Property documents of the building, apartment or land which is the object of the real estate transaction. These may be: sale / purchase contract, donation contract, final / irrevocable sentence / civil decision, title of ownership, heir certificate, etc .;
• Fiscal certificate on behalf of the owner, issued by the competent Financial Administration, showing that the owner is up to date with payments to the state. The competent Financial Administration is the institution where the owner pays the annual tax for the building;
• The cadastral documentation of the immovable property (the real estate and location plan, respectively the relevant plan), drawn up by an authorized cadastral expert;
• Land registry of the building;
• Energy performance certificate, issued by a certified energy auditor;
• In the case of apartments, the certificate issued by the owners or tenants association showing that the owner is up to date with his / her debts (maintenance, expenses, repairs, joint expenses, etc.). The warranty is not required if the buyer agrees to take over any existing debts.
• Last invoice and receipt regarding the up-to-date payment of utilities related to the real estate.

If one or more legal entities are involved in a Romanian real estate transaction, they will need additional documents. Here are the documents required:

• Romanian Fiscal Certificate, issued by ANAF;
• Registration Certificate at the Romanian Trade Registry or the act on the basis of which the legal person carries out its activity;
• Valid ascertaining certificate, issued by the Romanian Trade Register (for commercial companies). In the absence of the certificate of attorney, the notary office can issue, in return, an extract through the RECOM Online service;
• Power of Attorney (Delegation, A.G.A) for the legal representative at the conclusion of the act (if applicable);
• The decision of A.G.A to show the agreement of the associates regarding the sale of the property owned by the company.
  

As you can see, in order to prepare the file for the real estate sale-purchase transaction in Romania, it is necessary for the persons involved to obtain a series of documents from the state institutions or authorized specialists. A Romanian lawyer specialized in due diligence, constructions and real estate transactions can take all the necessary steps to obtain these documents and draft the documents for the Romanian real estate transaction. In addition, based on the due diligence report prepared for the same property in Romania by the specialized attorney, you will have the certainty that you are purchasing a building, apartment or a land without any legal issues, say Romanian lawyer specialized in due diligence, constructions and real estate transactions of Pavel, Mărgărit & Associates Romanian Law Firm.

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Pavel, Mărgărit & Associates Romanian Law Firm is one of the top law firms in Romania, which offers legal services at the highest quality, beyond client’s expectations. The Law Firm approaches the cases with maximum professionalism and dedication. It’s ultimate goal is obtaining exceptional results and achieving the client’s objectives, in a time efficient manner. Among Pavel, Mărgărit & Associates clients are top multinationals and local companies.

Source: Avocat Pavel