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Due Diligence Best Practices in Romania

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Romania’s accession to the European Union has attracted numerous foreign investors seeking lucrative opportunities in real estate and land acquisition. However, navigating the complex Romanian property market requires a deep understanding of due diligence best practices.

Understanding Ownership Concepts

In Romanian law, the concept of ownership is crucial. The “right of ownership” entitles the owner to full powers including possession, use, and disposal of the property. However, there are various forms of co-ownership, such as:

• Joint ownership
• Co-ownership (ordinary or forced)
• Superficies right: allows a person to own or construct a building on another person’s land

Recognized Rights in Romanian Law

Romanian law also recognizes other types of rights, including:

• Usufruct: grants a person the right to hold and use an asset owned by another person and benefit from its products (up to 30 years)
• Easements: allows the owner of one plot of land to benefit from rights related to a neighboring plot
• Concession rights: grants a person the right to use public or private property for a limited period (typically up to 49 years with possibility of extension)

Acquisition of Land by Foreign Investors

In Romania, individuals and companies within the EU or EEA can purchase land subject to the same conditions as Romanian individuals and companies. Non-resident EU or EEA individuals and companies can acquire land for:

• Secondary residences
• Headquarters

Citizens of third-party states and stateless persons can acquire agricultural lands outside city limits.

Mandatory Pre-emption Rights

However, there are specific situations where mandatory pre-emption rights apply, including:

• Statutory pre-emption right by the Romanian State to acquire forests located within its public domain or historic monuments
• Co-owners’ and owners’ statutory pre-emptive right to acquire private forest domains in their vicinity
• Pre-emption right observed in favor of specific individuals and entities when selling agricultural land outside municipal boundaries

Conclusion

Conducting due diligence in Romania requires a thorough understanding of the country’s complex property laws and regulations. By familiarizing oneself with these nuances, foreign investors can navigate the market with confidence and minimize potential risks.

Note: I’ve reorganized the content into sections and subheadings to make it easier to read and understand. I’ve also added bullet points where necessary to highlight key information.