7. LAND BOOK EXCERPT
The land book is an official public document, in which are recorded details about the records of real estate and land that are the property of individuals or legal entities. The land book lists the owner’s name, as well as aspects related to the buildings and land he owns, as well as any other information that accurately establishes their location and details (neighborhoods, area). The land book also records the legal evolution of a possession, namely prohibitions, personal rights, mortgages and any other legal disputes related to a property, whether real estate or land, whether private or public.
Each Territorial Administrative Unit has a land register.
Being a public document, anyone can request information from the Cadastral and Land Registry about a building or land, about its owner, the status of the property (private or public), the tax amount, and any disputes in which he is employed (mortgages, seizure).
There are several forms of land book excerpt. The differences come from the different purpose for which each of the variants is released. There are three land book excerpt formulas:
a. For information – cannot be used to conclude a transaction, ie a sale-purchase deed cannot be concluded based on this document. It has no legal value and that is why it can be requested by anyone from the Offices of Cadaster and Real Estate Advertising within each Territorial Administrative Unit, usually assigned to the Judges.
This type of document reflects the legal situation of the building or land, without its history and includes the description of the building (area, elevations of common parts, if applicable, land elevations of the building, number of rooms, outbuildings, if applicable, and number cadastral).
The document also contains the names of the owners, the document based on which the property right was registered (sale-purchase contract, certificate of heir, etc.), the relations between the owners (whether the property is owned by two spouses and was acquired or not during the marriage) , as well as the possible tasks that encumber the building (mortgages, pre-contracts of sale-purchase, donations with the right of usufruct, insurance seizure, etc.).
b. The land book excerpt in extenso – presents all the above information, to which is added the history of the building or land. You can see the situation of the building from its construction until now, including the former owners. The act has no legal value, but only documentation and no real estate transactions can be made based on it, but it can be used in the credit file or for the employment of a building or land as a bank guarantee, when issuing personal documents, certifying domicile, in establishing the succession, as well as in other situations provided by law.
c. The statement for authentication – is the only one that is the basis of a real estate transaction and can be requested only by the notary public, on behalf of the holder, with an application that has his signature and unique seal. When a building is subject to a sale-purchase procedure, and the notary requests the documents, the land book of that building or land is blocked, in the sense that no other person can have access to information. The procedure aims to protect the transaction and guarantee that there is only one buyer.
This type of excerpt is valid for 10 days from the time of issue and is the only document that can prove that a property or land changes owner.
8. LAND FUND
The total area of land within the borders of a country, an administrative-territorial unit or an agricultural unit.
The lands of any kind, regardless of the destination, the title on the basis of which they are owned or the public or private domain of which they are part, constitute the land fund of Romania.
Depending on the destination, the lands are:
agricultural land, forest land, land permanently under water, urban land, related to urban and rural localities, on which the buildings are located, other landscaping, including agricultural and forestry land and special purpose land, such as those used for road, rail, sea and air transport, with related constructions and installations.
9. BANK GUARANTEE LETTER
The letter of bank guarantee is a document by which a bank (guarantee bank) irrevocably undertakes that, if the principal debtor fails to fulfill its obligations under the concluded contract, to pay the amount expressly indicated in this document, to the beneficiary of the guarantee.
Through this operation, the guarantee bank takes over the payment obligation for the situation in which the guaranteed one does not fulfill its contractual obligation.
The letter of bank guarantee is a means of facilitating transactions concluded between parties between which there is no necessary cash or guarantee of fulfillment of mutual obligations as an instrument for guaranteeing contractual obligations.
Letters of bank guarantee may be issued by banks upon request, on the basis of a collateral deposit made with the bank or other guarantees made in favor of the bank, or on the basis of other less liquid guarantees (mortgages, pledges, etc.), in which case the applicant must prove the existence of the sources of payment of the commitment assumed by the bank during that period.
Each bank has its own policy in issuing letters of bank guarantee, there are no international rules, which is why the issuer (bank) must take all precautions for the debtor (applicant) to pay its obligations under the contract concluded with the beneficiary, and only ultimately have to pay the customer’s debt.