Is there a land registry system in Romania?
The property registration system is wholly functional in Transylvania; the other territories of Romania are required to introduce the Land Registry system in order to facilitate the process of EU integration in 2007. Land registration system is merely important for registration of new ownerships pursuant to the new act of the Romanian Parliament on return of the properties which were confiscated during the communist era. Tax issues Concluding a sale and purchase contract of a land involves payment of taxes such us notary taxes, registration taxes, local taxes etc. Taxes depend on the value of the real estate, the type of the land and the ownership structure and the average tax rate is 3%. Furthermore, the landowner is liable for an annual payment of a local tax. The local councils may approve the tax exemptions of or reductions foe land realties to direct investments having a significant impact on the economy.
