Romania: The advance payment for reserving an apartment, completely eliminated

The bill that emerged as a reaction to the Nordis case has undergone new amendments, which completely eliminated the advance payment for reserving an apartment and restricted the distribution of money received by real estate developers from clients.

Also, the maximum limit of the advance payment that can be collected upon signing a sale-purchase promise has decreased from 65% to 45%. Thus, in the latest version of the project, it is specified that "the amounts paid by the buyer as an advance under the promise to sell / promise to buy / bilateral promise to sell-buy are deposited in a separate bank account of the developer, dedicated to the construction of the project for which the advance was paid, and can be spent by the developer only for the purpose of developing the respective project and only with the "payment receipt" stamp of the person responsible / site manager, for the resistance part maximum 25% of the price and after its completion, for the installation part maximum 20% of the price".

Source: Profit.ro