Can Brits Buy Property in Romania
Yes, Brits can buy property in Romania. However, there are a few considerations that should be made before doing so. When it comes to the purchase of property, British citizens enjoy the same rights as their counterparts in Romania due to the fact that Romania is a member state of the European Union. However, there are some limitations placed on the amount of land that an individual is permitted to purchase, and non-EU citizens could be required to obtain authorization from the Romanian government before they are allowed to buy property there.
The steps involved in purchasing real estate in Romania are, for the most part, very similar to those involved in purchasing real estate in other European nations.
Finding your perfect Property
The first thing you need to do is locate a piece of real estate that piques your interest. You can do that on our Romanian property search page and then present an offer to the owner of the home. Following the acceptance of the offer, you will be required to sign a contract and make a down payment. The down payment is often somewhere in the range of ten to twenty percent of the total buying price. You have three days after the contract is signed to change your mind and cancel the agreement without incurring any fees. If you do not exercise your right to terminate the contract, the transaction will be considered complete, and you will become the legitimate owner of the property.
The next thing you need to do is make arrangements for a survey to be done on the property. It is not a legal necessity that this be done, but it is recommended that it be done so that any structural flaws that can lead to issues in the future can be identified and addressed. After the survey is finished, you will be responsible for making arrangements for a solicitor to complete the sale of the property. The attorney will review the contract and make certain that everything is in proper order before signing it. In addition to this, they will take care of transferring the money into your account and registering the property under your name.
It is important to be aware that in order to rent out your property, you will be required to obtain a licence from the Romanian government. This is something that you should keep in mind. Because obtaining this licence can take as long as six months, it is essential that you take this into consideration while making your preparations.
Renting out your property in Romania as a British citizen
To answer the original question, British citizens are able to purchase real estate in Romania, and the procedure is not much dissimilar to that of purchasing property in other European nations. Although there are a few considerations that need to be given attention, such as the requirement for a licence if you intend to rent out your house, the process is, on the whole, not too difficult to carry out.
It’s possible that you’re considering retiring there, or maybe you just want a place to go on vacation. Or perhaps you are simply wanting to make a profitable investment.
After you arrive, the next step is to establish a local bank account in Romania. This is something that needs to be done in order for you to successfully transfer money and pay for your property. In the event that you want to rent out your property, it is prudent to open a bank account in Romania in order to be able to receive payments related to the money generated by the rental of your property.
There are a few things you should keep in mind when you are preparing to purchase a piece of real estate. Your first order of business will be to look for a reputable real estate agent. Before making a choice, it is important to gather as much information as possible and consult a number of different brokers.
You need to be aware of the expenditures that are associated with purchasing a home in Romania. These include the cost of the property itself, in addition to fees for things like stamp duty and legal fees, and so on and so forth.
Finally, before to making a purchase of real estate in Romania, it is important to seek the guidance of professionals. This is due to the fact that the procedure can be difficult, and there are a few things that it is essential for you to be aware of. A legal firm in Romania is an excellent place to go to receive the assistance of an experienced professional.