Procedure 1 (recommended): Place Deposit and Close at a Later Date
Step 1:
We locate and preliminary check the property in the Land Book
Step 2:
Form Ltd company to buy the land (costs about 500 EUR) - ONLY FOR BIG PLOTS OF LAND/obtain residency/give up the ownership on the land belonging to the building you purchase, but keep the right to make use of it (you are able to resell the property to a Romanian with the land as if you own it )
Step 3:
Enter a precontract before the Public Notary with 5-10% deposit, to secure the property you intend to purchase will not be purchased by someone else
Step 4:
Further searches for title, charges, burdens, licences, permissions
Step 5:
Closing the deal before the Public Notary. The transfer is authenticated and registered in the Land Registry.
Procedure 2 (unrecommended, available in special occassions): See, Check and Buy
Some sellers are reluctant to or simply reject deposits because they have various personal plans after they sell. If we find a property that meets your demands and you like it very much and want to obtain it, we shall conduct all the searches (that can take some time) and make sure it is safe to buy it. After this, you can make the purchase contract before the Public Notary and pay all the money to the sellers, without placing an initial deposit.
The disadvantages of this method are:
a. you must have all the money from the beginning,
b. while the searches are being done, someone else might come and buy it before you.
c. following this procedure, an investor who does not have a good advisor can hurry and buy something without a great value or something with legality problems.
