Q: If an apartment has a mortgage and is sold, what happens with the new owners? Do you they undertake the mortgage? Or does it continue being the problem of the previous owners? IP: If an apartment was sold with a mortgage, the new buyers know this. In  the “cartea funciara” there is an interdiction noted that the bank has registered a mortgage on the property. This is why when the new owner buys the property, usually either he pays the bank and he cleans up the papers, or he continues the loan (having the bank’s approval). In order for you to buy such a property, you [...]

Q: I want to buy an agricultural land but the owners only have a property title and no other documents. Is there any possibility of a precontract at the notary until the problem is sorted out? IP: In theory it exists. It depends on the surface. If we are talking about a few hectare, it can happen. If it’s hundreds of hectares, with tens or hundreds of owners, simply forget it. You will lose time and money, without having a serious result. Make sure that you will collaborate with lawyers specialized in this field. And also keep in mind that this is one of the most difficult tasks for an [...]

Q: What is the trend of asking prices for apartments in Bucharest in 2012?    IP: I am expecting that the prices for old apartments will have a declining trend in the first half of the year, due to many reasons: ·         Prima Casa is influencing the market less than in the past. ·         Banks will provide fewer loans. ·         The European and global instability make more people cautious before they proceed in an investment. ·         [...]

  Q: I'm looking for a 2 room apartment in a semi central area through the Prima Casa program. Do you think I can handle it on my own or should I hire a real estate agent?  IP: I definitely suggest you collaborate with a Real Estate professional. If he is a good one, he will be a positive factor in your search and will help you save time and money. But this does not mean that everyone is good for you. The market is full of “tarani” who have 0 respect for their clients, so you should choose based on such principles as: Respect for the client, good knowledge of the market, [...]

  Q: I want to buy a house in Bucharest. The house that fits the needs of my family the best is in Ferentari! My sister does not want to help me because the house is in FERENTARI! What is the mystery with this Ferentari??? IP: Well this is a delicate subject. Ferentari is a neighborhood  with a very bad reputation and is thought as one of the worst 3 neighborhood in Bucharest. I know people who live there and have never had any problems but there are also many others that have all sorts of stories to tell. But before you make up your mind, I suggest you invest one-two weeks of your [...]

    Q: What is the optimum time of recovery for an investments for an apartment ment for rent? IP: I’d say 10-12 years (8-10%) but, even better, 16-20 years (aprox. 6%). Depending on the property, investment strategy and many more. Be aware of the fact that when we do the numbers, we take into consideration the entire price, not only the one paid to the owner. You have to add taxes, the cost of renovation, etc. In plus for the annual income, you have to deduct from the rent any costs and taxes that you have. Then you will have your answer.   – the question was asked during [...]