How to Vet a Romanian Property Developer Before Buying Off-Plan in 2026

Introduction: The Developer Is More Important Than the Apartment

Buying property off-plan — purchasing an apartment or house that has not yet been built, based on architectural plans, a show apartment, and a promise of future delivery — can be a sound investment strategy. Entry prices are typically 10–20% below the eventual market value of the completed unit. The buyer secures a modern, nZEB-standard home at today’s pricing in a building that will be brand-new on delivery. In a rising market, the capital appreciation between the off-plan purchase and completion can be significant.

But off-plan buying carries a risk that no completed-property purchase does: the risk that the building is never finished, finished late, finished to a different specification, or finished by a developer who becomes insolvent after taking your money. Romania’s property market learned this lesson painfully through the Nordis scandal — a high-profile developer that sold the same apartments to multiple buyers, collected massive advances, and ultimately collapsed, leaving hundreds of buyers with neither apartments nor refunds.

The lesson is clear: when buying off-plan, the most important thing you are buying is not the apartment — it is the developer’s ability and commitment to deliver it. A beautiful floor plan in a glossy brochure is worthless if the developer lacks the financial capacity, the construction expertise, the legal permissions, or the integrity to complete the project. Due diligence of the developer — not just the apartment — is the single most important step in any off-plan purchase in Romania.

What Does Buying Off-Plan Mean in Romania?

An off-plan purchase in Romania follows a defined legal sequence. The buyer first signs a reservation agreement (acord de rezervare) — a simple document that reserves a specific unit for a defined period, usually against a modest deposit. The buyer then signs a pre-sale agreement (antecontract de vânzare-cumpărare) — a notarially authenticated promise of sale that legally binds both parties to complete the transaction at a future date, subject to defined conditions. The buyer typically pays a deposit (usually 10–30% of the purchase price) at this stage. Construction proceeds, and upon completion, the buyer and developer sign the final sale-purchase agreement (contract de vânzare-cumpărare) before a notary, transferring ownership of the finished apartment.

Under the new buyer-protection rules (the Nordis Law), each apartment must be individually pre-registered in the Land Registry before the developer can sell it. The pre-sale agreement is noted against the specific unit’s registry entry, preventing the developer from selling the same unit to another buyer. Advances paid by the buyer are restricted in how the developer can use them — no more than 25% of the apartment value for structural works, and a further 20% for installations.

Step 1: Verify the Developer’s Corporate Information

What to check. Company name, registration number (CUI/J-number), date of incorporation, registered office, shareholders, ultimate beneficial owners (UBOs), directors, share capital, stated business activities (CAEN codes), corporate group structure, and any related companies.

Where to check. The Romanian Trade Registry (Registrul Comerțului — ONRC) provides public access to company registration data. The portal recom.ro allows searches by company name or registration number. Annual financial statements are filed with the Ministry of Finance and accessible through the ANAF portal. The Land Registry (OCPI) records property ownership by legal entities.

Red flags. Company incorporated very recently (less than 2 years) with no track record. Minimal share capital (RON 1 — the legal minimum for an SRL). Frequent changes of directors or shareholders. Registered office at a virtual-address service rather than a real business location. Complex ownership structure through multiple holding companies or offshore entities that obscures the identity of the real beneficial owners.

Step 2: Review the Developer’s Financial Health

What to check. The developer’s annual financial statements (bilanț) for the most recent 2–3 years: turnover (cifra de afaceri), net profit/loss, total assets, total liabilities, equity (capitaluri proprii), and number of employees. Verify tax compliance through a fiscal certificate (certificat de atestare fiscală) from ANAF.

Where to check. Financial statements are publicly filed with the Ministry of Finance and accessible through the ANAF online portal and through commercial data providers. The Trade Registry also records whether annual accounts have been filed.

Step 3: Check the Developer’s Track Record

What to verify. How many projects has the developer completed? How many apartments have been delivered? Were projects completed on time? What do existing buyers say about quality, after-sales service, and warranty responsiveness? Are there pending lawsuits from buyers, contractors, or suppliers? Has the developer ever abandoned a project or entered insolvency proceedings?

How to verify. Visit completed projects in person. Talk to residents. Search the developer’s name on Romanian legal databases (portal.just.ro) for pending litigation. Check online reviews and forums (forum.softpedia.com, Facebook groups for specific developments). Ask the developer for references and contact details of previous buyers — a confident developer will provide them.

Step 4: Verify Land Ownership and Development Rights

What to check. Extract from the Land Registry (extras de carte funciară) for the project land: who owns the land, whether it matches the developer (or a related company), whether there are mortgages (ipoteci), liens, servitudes, litigation notes (notări), or other encumbrances. Verify the land area and cadastral boundaries.

Why it matters. If the developer does not own the land — or if the land is mortgaged to a bank for a different purpose, or subject to litigation — your off-plan purchase may be worthless regardless of what the pre-sale agreement says. A developer who has mortgaged the project land to secure an unrelated loan, or who is building on land with an unresolved ownership dispute, creates a risk that no amount of contractual protection can fully eliminate.

Under the Nordis Law. The developer must pre-register all apartments in the Land Registry before selling them. Verify that the pre-registration (preapartamentare) has been completed for the specific unit you are buying. Your pre-sale agreement must be noted on the unit’s Land Registry entry. If the developer has not completed the pre-registration process, do not sign and do not pay.

Step 5: Verify Building Permits and Urban Planning

What to check. Valid building permit (autorizație de construire) issued by the local authority. Urban planning certificate (certificat de urbanism). Zoning compliance (PUG/PUZ/PUD). Environmental approvals where required. Expiry date of the building permit (permits have a defined validity period and must be extended if construction does not commence within the specified timeframe).

Why it matters. A developer who is selling apartments without a valid building permit is selling a promise based on nothing. Even with a permit, the permit may be challenged — by neighbours, by environmental groups, or by the local authority itself. If the permit is annulled, construction stops and the project may never be completed. Verify the permit’s existence, validity, and whether any legal challenges have been filed.

How to verify. Request a copy of the building permit from the developer. Verify it with the issuing local authority (primăria). Search the Administrative Court (Tribunalul) for any pending challenges to the permit. Your lawyer should conduct this verification as a standard part of the due diligence process.

Step 6: Check Project Financing

What to check. How is the construction financed? Does the developer have bank financing (project finance or construction loan) for the project? What proportion of the construction cost is covered by the bank versus the developer’s own capital versus buyer advances? Is the developer financially dependent on collecting buyer advances to fund construction?

Why it matters. A developer with bank financing for the entire construction cost is a fundamentally lower risk than a developer who relies on buyer advances to fund each construction stage. Bank financing means that a professional lender has conducted its own due diligence — verified the developer’s financials, appraised the project, reviewed the permits, and assessed the construction budget. It also means the construction can proceed even if apartment sales are slower than expected. A developer without bank financing who depends on a continuous flow of buyer deposits is exposed to a cash-flow interruption that can halt construction.

Step 7: Review the Sales Documentation

Pre-sale agreement (antecontract). This is the most important document in an off-plan purchase. It must be notarially authenticated. It should specify: the exact unit (floor, apartment number, area), the purchase price, the payment schedule, the delivery date, penalties for late delivery, the developer’s obligation to complete to specification, conditions for withdrawal by either party, the buyer’s right to inspect during construction, warranty terms, and the consequences of force majeure.

What your lawyer must verify. That the antecontract has been noted in the Land Registry against the specific unit. That the payment schedule does not require excessive advances before meaningful construction milestones. That penalty clauses for late delivery are meaningful (not symbolic). That the buyer has the right to withdraw and receive a full refund if delivery is delayed beyond a defined period. That the specification (materials, finishes, dimensions) is clearly defined and contractually binding — not aspirational. That the developer cannot unilaterally change the project or the unit specification.

New Buyer Protection Rules: The Nordis Law

The Nordis Law — adopted in response to the Nordis developer collapse — represents the most significant buyer-protection reform in Romania’s off-plan property market. The key provisions include mandatory pre-registration (preapartamentare) of all apartments in the Land Registry before the developer can sell them, notation of each pre-sale agreement against the specific unit’s Land Registry entry (preventing double-selling), restrictions on how developers can use buyer advance payments (25% for structural works, 20% for installations — the developer cannot spend buyer money on architecture, land acquisition, or unrelated expenses), and the requirement for a designated responsible person within the development company to certify payment usage.

The law is a fundamental improvement. It does not eliminate all risks — the sanctions framework is still being refined, and enforcement varies — but it makes the most egregious forms of developer fraud (selling the same unit multiple times, spending buyer money on unrelated ventures) structurally much harder to execute. For foreign buyers, verifying that the developer has completed the pre-registration process and that your pre-sale agreement is noted in the Land Registry is now a non-negotiable minimum step.

Red Flags Every Buyer Should Recognise

Buying Personally vs Through a Romanian SRL

Step-by-Step Due Diligence Process

Frequently Asked Questions