Selling of Property in Romania

The process of selling a property in Romania, may be a complex one depending on the legal status of the property and the taxes that need to be paid by the seller before and at the moment of the sale.

            In order for a person (legal or natural) to sell property in Romania the land, building or both should meet a series of conditions such as: the real estate should be free of encumbrances (mortgage, limitations or court cases expressly notified to the Land Registry) or if these exist this shall be notified to the Buyer (not an obligation, but it may make the process go more smoothly); the existence of court cases related to that particular estate, the real estate should not have an interdiction to be sold etc. Also, so that the property may be sold with any hinderance its legal status at the Land Registry should be in order.

            Regarding the seller the one who wishes to sell property in Romania should have legal ownership over the real-estate, as nobody can sell something which does not pertain to him/her.

            The seller shall then put the property on the market. The Seller has two main possibilities for this: either to conclude a contract for services with a real estate agent, or to designate a representative to deal with the selling of the real estate. In a contract with a real estate agent, the Seller usually pays a commission of 1 up to 3 percent of the value of the transaction.

            After this Buyers shall contact the Seller if they are interested in buying the property. The Seller may draw up a contract named unilateral promise to sell in which the Seller is obliged to sell the property and the Buyer has a limited period of time to decide if he desires to buy.

            After the parties have agreed upon the property and its price then a sale-purchase contract may be drafter. Before the conclusion of the sale – purchase contract, the parties may sign a sale – purchase promise agreement stipulating that the sale – purchase agreement shall be drawn up in a determined period of time.

            The sale-purchase contract must be authenticated by a public notary (the taxes for this may be paid by the Buyer or divided among the parties) in order fo it to be valid according to Romanian legislation. A series of documents must be presented to the notary by the seller: documents from the the fiscal authorities (stating that there are no outstanding debts), from the Land Registry ( stating that the seller is the owner) etc.

            According to the Romanian Law, the Seller is held responsible for any hidden vices that Buyer may subsequently find by the real estate and also for any eviction against the Buyer.

            The Legality Team are specialised in matters relating to the buying and selling of property in Romania and may assist you through the entire procedure.

1 thought on “<strong>Selling of Property in Romania</strong>”

  1. Gheorghe Romac

    Hello. I would like to sell my house located in a small village near Resita. I have a buyer but need guidance on the process. Is it possible to make the sale without me leaving Australia.? Roughly what kind of costs are involved if i were to engage your services. Would i need some form of power of attorney?

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The main management structure of the company in Romania is the general meeting of associates / shareholders. The constitutive act establishes the rules for convening and adopting decisions and whether the exercise of the vote can be delegated by special mandate by the associate / shareholder who cannot take part in the meeting. In the limited liability company, each shareholder entitles the holder to one vote in the respective meeting. The general meeting of associates has the following main obligations: ✓ to approve the annual financial statement and to establish the distribution of the net profit. ✓ to appoint the administrators and the censors, to revoke / dismiss them and to discharge them, as well as to decide to contract the financial audit, when it is not obligatory, according to the law; ✓ to decide the pursuit of the administrators and censors for the damages caused to the company, designating also the person in charge to exercise it; ✓ to modify the constitutive act.
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The limited liability company is the most common form of company in Romania, being the legal entity that best serves the interests of investors both from the point of view of the reliability of the activity, and from the perspective of its management. The limited liability company is abbreviated "SRL" in Romania and is the equivalent of the American limited liability company Limited Liability Company (abbreviated to LLC) or the German economic structure "Gesellschaft mit beschränkter Haftung" (abbreviated to GmbH), or the structure called "limited" , the structure used in most Latin American states.
The limited liability company is characterized by:
✓ the character intuitu personae, which means that this economic structure is based on the trust between the associates;
✓ the division of the share capital into fractions called shares, which cannot be negotiable securities;
✓ the liability of the associates is limited to their contribution to the share capital.
The limited liability company may also have a single partner, natural or legal person, of Romanian or foreign nationality, who will be the owner of all shares. Instead, the maximum number of associates is 50 people.
At present, the Romanian law no longer conditions the subscription and payment of a certain amount as share capital.
Through registration, the company acquires legal personality, becoming, under the law, a collective subject of law. The conclusion given by the judge is sent, ex officio, to the Official Gazette of Romania for publication at the expense of the company and to the Financial Administration in whose territorial area is the main headquarters of the company for fiscal registration, mentioning the registration number in the Trade Register .

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