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REAL ESTATE & CONSTRUCTION: Q&A


REAL ESTATE LEASE CONTRACT: ESSENTIAL ELEMENTS?

The property lease contract must be concluded in writing, containing in particular: contractual parties, description of the dwelling or part of the dwelling rented, rental rate and payment method, type of costs paid in relation to the dwelling and the manner in which it will be paid, information on persons who will use the dwelling together with the lessee, duration of the rent, provisions on maintenance of the dwelling, provisions on the use of common premises, common parts and devices of the building and the land used in the building, provisions on the rental.

TAX ON REAL ESTATE TRANSFER: WHAT ARE THE USEFUL TIPS?

Real estate transfer is reported by public notaries, courts or public law bodies within their jurisdiction. If someone nonetheless draws up a document which he has not certified with a notary public, he/she is still obliged to report such real estate transactions to the competent branch of the tax Administration according to the location of the property, within 30 days of drawing up the document. If property transfer is not reported according to the market value of the property, the tax Administration is empowered to estimate the market value of the property. If the taxpayer is exempted from paying the tax, he will no longer get a decision on that exemption. Only taxpayers who establish a tax liability will receive a solution. The taxpayer is obliged to pay the tax liability within 15 days from the day of delivery of the decision on determining the property tax, since the appeal does not delay the execution of either the temporary or the tax decision.

JUDICIAL ORDERED SALE OF A PROPERTY: HIGHLIGHTS?

The court in whose territory the property is located is responsible for deciding on the proposal for real estate enforcement and for the enforcement itself. Furthermore, real estate enforcement is carried out by recording the enforcement in the land registry determining the value of the property, selling the property and settling the bailiff from the amount realised through the sale of the property. The sale of real estate is done by electronic public auction. The electronic public auction shall start with the publication of a call for participation in an electronic public auction carried out by the Financial Agency.

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