by Vlad Cuc
E&C Law Firm provides legal assistance with Due Diligence procedures we consider absolutely necessary in order to safely purchase a property in Romania. Depending on the type of property you are looking to purchase there can be 2 types of Due Diligence procedures to be taken:
Basic Due Diligence
This includes verification of the property’s Title Deeds and Land Survey documents as well as obtaining an extract from official Romanian Land Registry (“Cartea funciara”).
In-depth Due Diligence and adjacent services
The process can include but is not limited to:
a) Verification of the property from the point of view of the possibility of being involved in ongoing litigations at the Court archives in the area.
b) Verification and comparison of the Land Survey documents, topographical and other information required for future development. As an example: the situation of the electricity poles in the area, whether they can be moved from the location if needed etc.
c) the occupation coeficient of the land: what percentage of the land can be built upon.
d) drafting the sell/purchase pre-contract, the contract and providing assistance with the proceedings and the Public Notary at the moment of sale.
Please note that this is not intended to be a complete list of procedures for the fulfillment of a due diligence process.