Bucharest Notaries’ Fee Grid Altered

Real estate transaction costs will be higher in 2012 after the alteration of the fee grid employed by the National Union of Notaries Public, which resulted in increased fees.

In the context of a real estate market which has been frozen for the last few years, there has been an alteration of the National Union of Notaries Public fee grid, which resulted in increased fees.

Consequently, the costs of real estate transactions in the capital will be higher in 2012.

Real estate analyst Radu Zilişteanu says that notaries have been facing a serious drop in the number of real estate transactions carried out at their offices; therefore, in order to render sale and purchase more attractive, they lowered their fee grid considerably during the crisis and now they seem to have increased it, as having registered lower cashing lately.

According to the new fee grid, the minimal value of a two-room flat with increased amenities, on a middle floor, in a central area such as Dacia, Decebal, Dristor, Eminescu or Unirea is of EURO 46,000 for a building dating from 1978-1987.

Last year the same kind of flat in one of the above mentioned areas was worth EURO 42,000.
Even though the prices of new flats are not directly influenced by the new values of the fees provided in the notary grid, according to analyst Radu Zilişteanu, the expenses borne by both parties involved in the sale and purchase agreement will be higher.

“These notary grids have never been in accordance with the actual prices on the real estate market. The only effect of these alterations of the fee grid will be a rise in transaction costs, namely higher notary fees and state taxes”, Radu Zilişteanu stated.

The Real Estate Estimated Value Guide for 2012 divides flats in Bucharest into 59 areas, based on floor number, amenities, as well as year of construction.

Translated by: Roxana-Andreea Dragu

MA Student, MTTLC, Bucharest University