[BUYING AND SELLING REAL ESTATE IN ROMANIA]
197
detailed urbanism plans). Note that a permit is, in most cases, needed for building, as well as for demolition. Moreover, should building be envisaged on the acquired land, the buyer must consider that, in order to obtain the building permit, several authorisations such as an urbanism certificate, environmental clearance or ISU approval certificate must be obtained from the relevant Romanian authorities. In addition, according to Law no. 102/2023 on amending Law no. 50/1991 and Law no. 350/2001, the holder of the building permit must fulfil several publicity formalities, including, but not limited to the notification of the building permit in the Land Book and publishing the title of the investment objective and the number and date of the building permit in a widely circulated newspaper. Furthermore, if the acquired land is agricultural, its type may be changed to buildable, in order to be able to actually build on it, by requesting modifications to the regional urbanism plans – if the land is outside the city limits. However, in consideration of Law 175/2020, which entered into force on 13 October 2020, this operation has to be carefully assessed as it might be extremely difficult to amend the regional urbanism plans and to move the land within city limits. In light of the aforementioned, it is strongly recommended to undertake a due diligence investigation prior to proceeding with real estate investments in Romania.
ILN Real Estate Group – Buying and Selling Real Estate Series
Made with FlippingBook Online newsletter