Competition body wants notary law changed to bring down fees

Newsroom 02/11/2009 | 15:10

The new rules should reduce the cost of notary services, which are now 14 times higher in Romania than in Germany, and four times more expensive than the European Union average, according to a study released by the council. On a EUR 100,000 real estate transaction, a Romanian buyer would pay EUR 5,000 to the estate agent and EUR 1,070 for the notary services. The fees for real estate agents put Romania fifth in the EU, while those for notary services place the country seventh among 21 EU countries which were analyzed for the report. The average real estate agent's fee for such a deal in the EU is EUR 3,764, while for notary fees, the average is EUR 916. Such high fees indicate anti-competitive practices, believes the council. “The notary services market is one of the most crowded in Romania. The situation in our country is far worse than in the European Union,” said Bogdan Chiritoiu, president of the Competition Council.
Corina Saceanu

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