Changes. Moreover, two taxes were annulled following Romania’s accession to the European Union - the stamp fee and the judicial stamp fee, Bucharest notary Melania Popa told Business Standard. However, she added, “the activity of notaries public has not changed following Romania’s EU accession, in terms of formalities,” Popa said.
Before 2007, a tax worth 16 percent of the difference between the selling and the purchase prices of the property had to be paid. Now, the tax percentage depends on the moment the good was obtained and is only applied to individuals. Thus, the fee is currently worth 2-3 percent of the property ‘s price. According to Popa, drawing up the purchase contract is the only activity which gives the notary the right to cash in a commission.
Deals. The number of real estate transactions reached 140,000 during January-May 2007, increasing fivefold year-on-year, 113,000 transactions more than in the first five months of 2006. Notaries are among the highest-paid individuals in Romania. In 2005, a notary public earned an average €45,000 per month, in spite of pro bono activities, such as collecting real estate deal taxes.
However, Popa said the job is no longer attractive, even for high-rated university graduates, because of the high level of stress and fluctuating income. Aspirants to the notary public must have Romanian citizenship only and no criminal record.
