KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ROMANIAN LAW -
I. Types of Real Property Transactions -
A. Purchase of an undeveloped plot of land (agricultural);
B. Purchase of a buildable plot of land (with or without a building);
C. Purchase of a building without the land (with superficies right over the land);
D. Purchase of a flat (condominium);
E. Purchase of a company having real estate assets.
II. Major Content of the Purchase Agreement -
The contract must include: parties’ identities, description of the real estate (address, surface area, buildings, cadastral number and Land Book registry number), purchase price (which must be serious – not derisory, real – not fictitious, and determined or determinable), as well as the main obligations of the parties (i.e., to transfer the property rights and to pay the price)...
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