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How to Buy an Apartment in Romania: 10 Steps to Success

Posted by on May 16, 2022

Purchase of a Romanian residence by a non-resident alien requires acquaintance with the country’s property laws and procedures. Remember that regardless of whether or not you engage with a real estate agent, all contracts for the purchase or sale of real estate must be notarized in order to be legally binding.

Follow the steps listed below in order to acquire a residence in Romania.

If you are not a Romanian citizen, you must obtain an NIF number.
You can buy property in Romania if you’re an EU citizen, but it’s far simpler if you’re not.

Taxes are included in every real estate transaction. In order to do so, an NIF, or non-resident identification number, is required. Other nations identify taxpayers with tax identification numbers. This is the same as before. Residents of Romania utilise the personal numeric code (issued at birth) in lieu of a taxpayer identification number.

Citizens of the European Union can obtain a residence permit in Romania. When you obtain your residency permit, you will receive a unique identity number (CNP). You will be able to pay taxes using your CNP instead of your NIF.

Non-EU citizens are required to obtain a National Insurance Number (NIF) before to purchasing real estate. The local tax office (ANAF) offers two options to obtain an NIF: in person or through a representative. Form 30 is a form that you or your representative must complete. In terms of documentation, you must give a copy of your passport and the picture identification of your proxy. If you employ a proxy, you must have a notarized power of attorney. It is possible to mail the documents, however it is better to visit the ANAF headquarters in person or send a representative.

Remember that it could take up to 21 days to receive your NIF. The longer it takes to obtain an NIF, the longer it will take to purchase a home in Romania if there are issues with Form 30 or missing documents.

It is recommended to employ a lawyer who specialises in due diligence if you are unsure of what you are doing.

Find A Dependable Real Estate Expert
If you have lived in Romania for a long time or know someone who has, it is possible to purchase an apartment. The majority of foreigners that relocate to Romania utilise a real estate agent to look for property for sale in Romania. When entrusting real estate brokers with your money, they should be dependable.

First, ensure that they are dealing with a reputable company. Inquire as to how long the company has been operating in the area. Inquire about their services and whether they can assist you during the entire legal process.

Never neglect to inquire about their commission structure. Three percent is the normal commission rate for real estate agents. Ensure that the commission you owe a real estate agent is specified in the contract you sign as a buyer. Typically, the commission is paid on the same day as the sale or purchase agreement.

Find a Property You Like and Complete the Transaction
Maximize your time by seeing as many homes as possible. Certain purchasers may find a new or recently remodelled home more enticing than an older home they can renovate to their liking. Before making a purchase, you should inquire about the costs of restoring the home to determine whether the price is reasonable.

Establish A Date And Sign A Pre-Agreement. In Romania, it is customary to meet with the seller before to signing the final purchase agreement in order to draught a preliminary contract. By signing this document, the owner agrees to sell the apartment to you on a set date, which should be specified in the pre-contract. Typically, you will be required to pay 10 percent of the agreed-upon amount. Ensure that the pre-contract states that you will receive a refund if the transaction is not completed by the stated deadline due to the seller’s incompetence (with additional penalties). However, it may be prudent for your attorney to review the pre-contractual agreement before it is notarized.

Obtain and validate all property-related documentation from the seller.
In order to finalise a real estate transaction, the property owner must produce specific papers. A legal professional or public notary should evaluate the documents. The following is a list of the required paperwork from the vendor:

Identity documents (such driver’s licences, passports, and identification cards) (original plus copy). if necessary, marriage or divorce papers.
Documents of ownership for your new apartment, house, or building. If the property was received as an inheritance, a certificate of heirship and a definitive and irrevocable civil judgement granting possession of the land would be required.
Certification granted on behalf of the owner by the Financial Administration. This certificate is valid for thirty days and verifies that the vendor has paid all applicable taxes for the current fiscal year.
All papers associated with the property’s ownership. This document, which consists of a property plan and a location plan, was created by a cadastral expert.
A duplicate of the land title. This certificate, which is valid for five days following the date of issuance, is requested by the notary public.
In the case of apartments, the owners or tenants’ association must attest that the vendor has paid all maintenance and repair costs in a timely manner. It is feasible for you to assume responsibility for the unpaid bills if you so choose.
Bill and receipt for the final payment of utilities.
On the final purchase agreement, a Notary Public will attest to your signature.
Once all documents are in order, both the buyer and the seller must see the notary public. The notary public will check the documents before they may be signed. Additionally, a notary public will attest to the payment. Since the maximum sum that can be paid in cash is 9,500 Euros, the majority of real estate transactions in Romania are settled via bank transfer.

This consists of notary fees and a property registration tax of around 1,2 percent of the home’s value.

7) Ensure that you have your Land Registry Documents with you.
The public notary will ensure that the transfer of ownership is documented with the land registry. This could take up to three weeks following completion of the transaction. After the conditions have been met, the notary public will provide you with land registry documentation bearing your name.

8) Register with city hall in a formal capacity.
You must visit City Hall, primarily the financial administration, in order to obtain the fiscal role, also known as the ROL, as the new owner of the units. In other words, it is merely a courtesy to guarantee that the name of the person who owes taxes on a particular property is current. When applying for a modification in the ROL, you must present your identification and the sales/purchase contract. Within thirty days of signing the contract, you can have your name added to the ROL. It is possible that failure to do so will result in a nominal fine.

Cancel your utility agreement.
As soon as you become the new owner, your name must be added to every utility contract. If you need to report a problem and it turns out that you do not have a contract with your energy provider, there is no need to act immediately.

Take advantage of this opportunity to review your contracts and make any required modifications.

Make insurance coverage mandatory and voluntary.
All property owners in Romania are mandated by law to get insurance against natural disasters. Included in this category are natural calamities including earthquakes, landslides, and flooding. The essential insurance coverage costs 20 Euros to obtain. Under this sort of insurance, if your apartment is completely destroyed, you may only be able to recover up to 20,000 Euro in damages.

Optional insurance policies can be obtained to cover extra damages and increase the payout to which you are entitled. Examine the insurance policies provided by the top insurers in the country.

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