The „Nordis” Law was approved unanimously

The law was voted on by all 301 deputies present at the meeting.

„The most important news is that if in the Senate form, real estate developers could charge an advance of up to 70%, in the formula adopted by us at the Chamber of Deputies, on the three stages, reservation fee, resistance structure and installations, the advance is 50%. So, basically, a measure that benefits the one who buys in good faith, but also the developer who knows exactly what percentage he can collect as an advance and has a certain predictability”, says, after the vote, deputy Florin Roman.

He states that the second important issue that must be specified is that, although this advance goes into a separate account of the real estate developer, „it will no longer be possible to proceed as before, meaning you cannot take the money from citizens to build them an apartment and practically finance the construction of another building. At the same time, very importantly, this money will be spent only with the signature of the construction site manager, he will issue a payment voucher and, practically, there is a double control over this measure”.

Florin Roman specifies that the notation in the building permit for each apartment to the ACF will no longer allow any developer to obtain an authorization for a certain number of apartments and, „in fact, through re-compartmentation or other tricks, to sell a larger number of apartments”.

„It’s a good law for Romanians, I’m glad you all voted, we did what was right for the people and we did, even if later some things, the important thing is to learn from mistakes and fix them”, concludes the liberal.

About the law

According to the new provisions, the amount paid for the reservation:

Real estate developers will be able to request advances only depending on the physical stage of the project:

– another 25% after the completion of the resistance structure,

– another 20% upon completion of the installations.

All amounts paid as an advance will be deposited in a dedicated bank account, in the name of the developer, and can be used exclusively for the continuation of the real estate investment.

The project was initiated by 72 deputies, four from the PNL and 68 from the PSD, including former social-democratic leader Marcel Ciolacu.