President Nicușor Dan has promulgated the 'Nordis' Law, which introduces strict rules in construction and real estate transactions to protect buyers.

President Nicușor Dan signed on Friday the decree for the promulgation of the 'Nordis' Law, voted in Parliament in November. This law aims to clarify and strengthen regulations in the field of construction and real estate transactions, thus protecting citizens who purchase homes that are in the project phase. Among the amendments made is the requirement for developers to have the building permit noted in the land register before promising the sale of a home.

Additionally, advances for reservations are limited to a maximum of 5%, while for the structural resistance and installations to 25% and, respectively, 20%. The amounts paid by buyers cannot be used for other purposes, and non-compliance with these rules will attract fines of 1% of the turnover. The law will also introduce the registration of mandatory promises in the Land Register, thus preventing the sale of the same property to multiple persons.

These measures were inspired by an investigation that revealed fraudulent practices in the real estate sector, including the sale of unfinished apartments by developers. The 'Nordis' Law will be published in the Official Gazette at the beginning of next week.