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The buying process in Romania can be completed within one month (except the final Deed of Sale). The process follows a cours similar to buying a freehold property in the UK:
Step 1: Reservation agreement
When you have chosen your apartment or property, you must cmplet a reservation form. Then you have to pay a deposit which often could be in the size of €3,000 and the property is then removed from the market. Your reservation secures the property for your purchase at the set price.
Reservation deposits are processed by HiFX plc, a market leader in foreign exchange services.
Step 2: Conveyancing
Following signing of the reservation agreement, a lawyer acting on your behalf has 28 days to gatherinformation on the property regarding the land register and other legal matters.
For off-plan properties, the lawyer will ensure that the developer meets all the appropriate legal requirements.
Step 3: Preliminary Contract
The preliminary contract is signed following the successful conclusion of legal checks on the property and details information on the following:
- buyer and seller
-description of the property
-price of the sale
-method of payment
Payment of the first installation is required upon signing of the preliminary contract.
Step 4: Deeds of Sale
The ownership of the property is transferred to the buyer with the Deeds of Sale following the completion of the development. This sale-purchase agreement is signed in front of a public official termed the notary.
It is not necessary for the buyer to be present to sign the Deeds of Sale: you may wish to authorize a third party, e.g. a lawyer, with the power of attorney to attend and sign the deeds on your behalf.
Please note! This information should only be seen as general guidance. Since laws, taxes and fees often change, a buyer must always inform himself of the latest rules and regulations
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