• Sun. Aug 7th, 2022

Real estate investments in the Republic of Moldova – Real estate

ByWillie M. Evans

Jul 5, 2022

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Despite multiple periods of crisis, we see real estate prices rising around the world. Moldova is no exception. We therefore believe that real estate investments in Moldova are a good opportunity, especially given the simplicity of the acquisition procedure.

That’s why we offer you a short guide on how to do it correctly.

In Moldova, you can buy a property from a company, a real estate agency or directly from the individual owner. No matter who you buy from, you will have to follow the same rules.

All real estate acquisitions can be made exclusively by the notary. But before that, the parties must do some preparatory work.

First, the seller must produce documents confirming the owner’s rights to the domain. In most cases, ownership is confirmed by contact of acquisition, inheritance, gift or exchange contract.

Secondly, the seller must obtain the extract from the real estate register, which is the ultimate confirmation of who the owner is and the number of owners (if there are several). Additionally, the snippet will show the ownership history of the domain. Apart from this, the extract confirms that the property is free of any pledge or other type of mortgage, seizure or debt.

The third document is an appraisal certificate which contains the value of the property for tax purposes. On request, this certificate can be issued with the extract.

The buyer must prove they have the money to pay for the property and, very importantly, must be able to show where the money is coming from. This is a mandatory requirement and without it, no notary will authenticate the acquisition contract.

Before concluding the contract, the notary will check the documents mentioned above, and will provide the contract to the parties to read the content and then sign it. In accordance with the law, the buyer must pay for the services of the notary.

The buyer has three months to register the contract in the real estate register. It is important to emphasize that the ownership of the real estate is transferred from the seller to the buyer at the time of registration.

In addition, I would like to highlight an important issue regarding payment. When the buyer is an individual and the seller is a legal entity, payment can only be made in national currency – Moldovan Leu (MDL). In addition, if the price is greater than 100,000 MDL, payment will be made exclusively by bank transfer.

We hope that this little guide will help you to make any real estate acquisition in a simple and safe way.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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