registration in the Land Book Archives - Pavel, Margarit and Associates

Thus, in the old regulation, namely the Law of cadastre and real estate advertising No. 7/1996, it is expressly provided in Art. 24, that: "The promise to conclude a presale purchase agreement for real estate or other rights in relation to it, and deeds of connection and detachment of real estate registered in the Land Book Office, is closed in authenticated form, under penalty of absolute nullity". This article has been repealed by Law no. 221/2013 approving the Government Emergency Ordinance No. 12/2013, regulating certain fiscal measures and extension of deadlines and amending and supplementing certain acts, published in the Official Gazette of Romania, Part I, No. 434 dated 07.17.2013. As a consequence, signing the pre sale purchase agreement for real estate in authentic form is optional, but, on the other hand, is a mandatory element for registration of the presale purchase agreement in the Land Book. The advantage of registration in the Land Book of a presale purchase agreement for the promissory buyer is considering as legal mortgage in favor of the promissory buyer, the advance payment paid to the promissory seller, which means that, if the promissory seller doesnt want to sell the real estate and conclude the agreement, the promissory buyer has the right to track and enforce the asset, in order to recover the advance payment. But, unlike the previous provisions, the presale purchase agreement remains registered in the Land Book only for a period of 6 months from the date of expiry of the deadline set by the parties for closing the sale purchase agreement, after which the registration from the Land Book may be canceled. The 6 months term from the date of expiry of the deadline set by the parties for closing the sale purchase agreement is the term in which the promissory buyer may request the competent court to pronounce a Ruling to takes place of the agreement, if all validity conditions are met, this term being one of decay. After 6 months, the right to initiate this action is prescribed. Schedule an online consultation

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What do we need to know about signing a pre sale purchase agreement, according to the New Civil Code?