On 18 October 2019, the Romanian Senate tacitly adopted a Draft Law imposing a series of legal requirements on the activity of real estate developers.
The Draft Law introduces the obligation on real estate developers to register their project with the National Housing Agency (ANL) for each activity carried out in connection with potential buyers (i.e. the advertising, marketing or sale of real estate).
Following registration of their real estate development project, the real estate developers will create a page on the website of the ANL that will include all the details of the proposed project with the purpose of informing potential buyers.
Additionally, within 6 months of registration of the project with the ANL, the real estate developers will establish an Owners’ Association.
Under the Draft Law, the real estate developers will obtain all necessary insurance policies, not only those relating to the land and building forming part of the real estate development project. Furthermore, following the purchase of said insurance policies and the payment any other related fees, the real estate developers will then transfer the insurance policy to the Owners’ Association.
Source: Draft Law on the fundamental requirements incumbent on real estate developers and buildings forming part of real estate development projects and amending and supplementing other normative acts relating to the real estate sector, still to be published in the Official Gazette of Romania.