Law no. 185/2018 entered into force on the 26th of July 2018 adding several new provisions, modifying or repealing existing provisions of Law no. 7 /1996. of which we would like to mention the following:
- The ownership right over an immovable asset, resulting from the reorganisation of a legal person (merger or spin-off) shall be registered with the relevant land book, based on a reorganisation certificate issued by the notary public. Such a transfer is acknowledged as a result of a duly carried out reorganisation procedure (substantiated by decision/s of the governing bodies of the involved legal person/s, by the relevant court decision performing the legality check of such operation and by duly registering the operation with the relevant trade registry office)
- A mortgage of future goods shall be registered only subject to a previous registration of the related building permit, repealing the previous additional condition (registration of the partial reception minutes)
- If during the systematic registration procedure, there are more owners identified in relation to the same immovable asset (who have acquired the title based on different legal deeds) a single land book shall be opened within which such legal situation shall be registered as Part II (marginal note), with no ownership right being registered on this occasion. The latter shall be done only in the case of a final court decision on the true owner, concomitantly with the ex officio de-registration of the aforementioned marginal note.
In the case of several co-owners of a property, out of which only part of the owners are known, a land book shall be opened providing the joint quotas of the known co-owners and mentioning that the remaining joint quotas have <<unknown owners>>.
Stratulat Albulescu Attorneys at Law is a young and dynamic Romanian law firm, providing legal advice in all business sectors and in all areas of Business Law and Dispute Resolution in Romania. Our team is comprised of lawyers who are leaders in their disciplines.
The firm works in close co-operation with highly-respected law firms throughout Europe and elsewhere and has significant experience in cross-border transactions, with its lawyers providing legal advice in the English, German, French, Italian, Romanian and Spanish.