Investments in Romania:

Due to its history of being divided between the Austro-Hungarian and Ottoman empires, Romania has two different registration systems currently in use. These are the "land book" system and the "inscription-transcription" system. The 1996 law On Cadastre and Real Estate Publicity, the primary legal act dealing with land registration, contemplates use of the land book system throughout Romania, and outlines the procedure for switching over from the inscription-transcription system. Rights under the latter system, however, are protected under this law until each particular jurisdiction is ready to make the change. (There will be 170 land book offices, under each of the 170 local court offices.)

In Romania, the land book system is, in theory, supposed to provide conclusive evidence of ownership and other registered rights. However, the description of the land book in the law raises the possibility that the rights inscribed in the land book can be annulled in the future by court judgment. In addition, some rights, such as successions and rights obtained through court judgment, are enforceable even if not inscribed in the land book. These exceptions make it difficult for third parties to rely on the land book, since inscripted rights can be overturned, or non-inscripted rights may be enforceable. It is therefore very important to seek good legal advice from PeregrineLaw.