2018 Cadastral and Real Estate Publicity Law adds new provisions
Law no. 185 / 2018 for the approval of Emergency Governmental Ordinance no. 31/2018 regarding the modification and completion of the Cadastral and Real Estate Publicity Law no. 7/1996, was advertised in the Official Gazette of Romania under no. 638, on 23 July 2018.
Law no. 185/2018 came into force on the 26 July 2018 adding several new provisions and modifying or repealing several existing provisions of Law no. 7 /1996.
The following changes are worthy of mention:
1. The ownership right over an immovable asset, resulting from the reorganisation of a legal person (whether by merger or spin-off), shall be registered with the relevant land book, based on a reorganisation certificate issued by a notary public. Such a transfer is acknowledged as a result of a duly carried out reorganisation procedure (corroborated by a decision(s) of the governing bodies of the involved legal person(s), by the decision of the relevant court performing the legality check of such operation and by duly registering the operation with the relevant trade registry office).
2. A mortgage of future goods shall be registered subject only to a previous registration of the related building permit, repealing the previous additional condition (registration of the partial reception minutes);
3. If, during the systematic registration procedure, more owners are identified in relation to the same immovable asset (and 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 ownership right shall only be registered in the case of a final court decision on the true owner, simultaneously with the ex officio de-registration of the marginal note.
4. In the case of several co-owners of a property, where only some 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 are either greater than or less than those stated.