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Buyers of nordis apartments in Romania are currently facing a difficult legal situation due to the developer’s entry into insolvency procedure in Romania. The insolvent real estate developer is undergoing a legal process in which the judicial administrator or the liquidator becomes responsible for managing the company’s assets and liabilities. In this context, buyers of nordis apartments in Romania may face significant delays in the delivery of apartments and the risks of losing advance payments or being unable to finalize transactions are imminent. Furthermore, the insolvency procedure in Romania can affect the financial stability of the Nordis developer and may involve changes to the original terms of the sales and pre sale contract in Romania. In such cases, the law provides certain legal solutions that can help buyers of nordis apartments in Romania protect their rights and investments. The Romanian Law Firm Pavel Mărgărit and Associates emphasizes the importance of consulting a real estate lawyer in Romania or an insolvency lawyer in Romania specialized in such procedures to protect the buyer’s property rights in Romania and to offer legal assistance for recovering claims during the insolvency procedure in Romania.
The Protection Granted by the Provisions of Article 131 of the insolvency law in Romania
Article 131 of the Insolvency Law in Romania provides obligations arising from a pre sale contract in Romania with a certain date, made prior to the commencement of the insolvency procedure in Romania, in which the seller enters insolvency, will be executed by the judicial administrator or the liquidator at the request of the buyer, if certain conditions are met. These conditions include: the contractual price being fully paid or being payable at the time of the request, the property being in the possession of the buyer, the price not being lower than the market value of the property, the property not being critical for the success of the reorganization plan and for real estate, the promises are noted in the land register.
According to this article, if the real estate developer is in insolvency in Romania, the judicial administrator or liquidator can execute the pre sale contract in Romania only if certain conditions are met. An insolvency lawyer in Romania from The Romanian Law Firm Pavel Mărgărit and Associates can provide legal advice to determine to what extent buyers of nordis apartments in Romania meet the conditions outlined in the insolvency law in Romania and assess whether the property is crucial for the success of the developer’s reorganization plan, offering solutions to protect buyers’ property rights in Romania during the insolvency procedure in Romania.
Other legal means of protecting rights arising from sale-purchase agreements prior to the insolvency procedure in Romania
Protecting property rights in Romania is essential for buyers, especially when the developer is in��insolvency procedure in Romania. One of the most important legal tools is registering the presale agreement in Romania in the Land Register, which grants the buyer the rights over the property. In relation to the provisions of Article 2386(c) of the Civil Code, which regulates the legal mortgage right acquired by the prospective buyer in cases where a promise to contract involving a registered property is not fulfilled, the registration of the legal mortgage right in the land registry provides the prospective buyer with an additional real guarantee that they will recover the money paid. This applies in cases where, due to the fault or refusal of the prospective seller, the promise of sale does not result in a final contract. This measure is significant because even if the developer enters the insolvency procedure in Romania, the buyer can request the execution of the sale and presale agreement in Romania. Another important aspect is the possession of the property, which the buyer can request in accordance with legal conditions if all requirements for completing the sale have been met. An experienced real estate lawyer in Romania will assist the buyer to ensure that the presale agreement in Romania is properly registered and that property rights in Romania are protected, even in the face of the developer’s creditors.
Another important aspect is the statement of claim in Romania. Buyers who have signed a pre sale contract in Romania must file a statement of claim in Romania to be included in the creditors’ table in the insolvency procedure in Romania. The statement of claim in Romania is essential to ensure the recognition of the buyer’s rights during the insolvency procedure. By submitting the statement of claim in Romania, buyers of Nordis apartments in Romania secure their place in the final creditors’ table to benefit from any amounts resulting from the sale of the developer’s assets. An insolvency attorney in Romania or an insolvency lawyer in Romania from the Romanian Law Firm Pavel Mărgărit and Associates will offer legal assistance in drafting and submitting the statement of claim in Romania, ensuring that all necessary documents are included and that the buyers’ rights are protected during the insolvency procedure in Romania.
“The statement of claim in Romania is an essential tool that allows creditors to protect their rights and interests during the insolvency procedure in Romania. In this context, complying with deadlines and procedures is not only a legal obligation but a pillar that ensures transparency and fairness for all parties involved,” stated the Senior Associate Lawyer specialized in Insolvency and Restructuring of the Romanian Law Firm Pavel Mărgărit and Associates, Dr. Nicoleta Năstasie.
“Buyers of Nordis apartments in Romania face a complex legal situation, but the law offers clear solutions for protecting their rights. It is essential for them to consult an insolvency lawyer in Romania, who will provide specialized legal assistance for recovering claims, minimizing the risks associated with the insolvency procedure in Romania,” stated the Managing Partner of The Romanian Law Firm Pavel Mărgărit and Associates, Dr. Radu Pavel.
Role of a real estate lawyer in concluding a pre sale contract in Romania
Legal assistance from a real estate lawyer in Romania is essential when concluding a presale agreement. Firstly, a real estate lawyer in Romania drafts and negotiates the contractual clauses and reviews the documents underlying the transaction, such as ownership titles, any encumbrances or mortgages and analyzes the legal status of the property to prevent any issues that could affect the validity of the property transfer. Furthermore, a litigation lawyer in Romania can mediate the negotiation of terms between the seller and buyer, ensuring that the risks of a potential dispute are eliminated.
The Romanian Law Firm Pavel Mărgărit and Associates has extensive experience in the insolvency procedure in Romania and the lawyers within the firm can assist you with drafting the request for the opening of the insolvency procedure in Romania, drafting the statement of claim in Romania or any other aspects related to insolvency in Romania. We invite you to contact us through the form on our website, https://avocatpavel.com/contact/.
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Buyers of Nordis apartments in Romania must be aware of the legal options and solutions available in the context of the insolvency procedure in Romania. Consulting a real estate lawyer in Romania, litigation lawyer in Romania, or insolvency attorney in Romania is essential to protect their rights. Through the Romanian Law Firm Pavel Mărgărit and Associates, buyers can benefit from comprehensive legal services, including consultation for concluding a presale contract in Romania, protecting property rights in Romania, and submitting the statement of claim in Romania. Thus, they can ensure the protection of their investment, even in the face of the legal challenges that may arise during the insolvency procedure in Romania.