Real estate
For years now, EU-citizens have been entitled to buy land in Romania, even without having previously established a local company. After the economic crisis, real-estate transactions have again taken up in Romania. In most cases, acquiring real-estate requires the payment of relatively high acquisition prices, which makes it desirable to thoroughly check, before paying the price, that all legal and contractual prerequisites are fulfilled, in order to conclude a successful business transaction.
1. Due-diligence
Checking the legal status of real-estate (due-diligence) in advance will, in most cases, prove to be a wise decision. Regardless if a plot of land is being acquired in order to construct a production facility, a company-seat or for any other construction project, the local provisions in force with regard to construction planning must be reviewed as a first step, in order to find out whether the local construction planning regulations allow for the desired destination to be implemented. A later change in destination of a particular plot of land can be tedious, costly and, in some extreme cases, even impossible to achieve.
As in other EU-countries, environmental issues are being handled with growing care. By performing a proper check in advance, you can avoid acquiring a historically polluted piece of land. Before the political turnaround in Romania, there were countless examples of agricultural or industrial pollution. It would be undesirable to acquire a historically polluted land and to bear the risks of having to cover the costs for cleaning up the existing pollution at some point in time.
Checking utilities and driveways should also not be neglected when purchasing a piece of land in Romania. They do not always come as a matter of course. Missing utilities can severely impact on later construction expenses, because getting them done usually goes to the expense of the landlord.
A thorough check of the previous chain of ownership should also not be neglected. A complete and legally spotless check of the previous chain of ownership is again very important, if the desired land was involved in a restitution procedure during the previous years.
2. Drafting the purchase contract
Romanian public notaries, be they from Brasov, Bucharest or other parts of Romania, are required by law to provide far less instructions than you may expect. Most of the time public notaries will draft concise contracts, where clauses, which would otherwise be regarded as normal, may be missing. If you are aware of this issue, you can of course amend the draft, by including the desired provisions, or even prepare your own draft for signing.
3. Construction projects. Construction lawyers
Construction projects must also be carefully prepared in advance. Regardless if the subject is a production facility, company seat or residential building: here you can also face unwanted problems or traps. Adequate legal advice can help you overcome these hurdles.
4. Attorney Brasov, attorney Romania
Our attorneys can provide you legal advice, based on their experience and knowledge, not only in Brasov, but all over Romania.
