Posted in: Foreign Nations
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Prior to 1990, nearly all of the real estate located in Romania was owned by the state. This real estate was owned either directly by the government or by state owned entities. With the overthrow of the Communist regime in that country, there has been a slow and somewhat plodding liberalization of the real estate laws within the country.
The years under dictatorial control left Romanian in worse economic shape that any other Eastern European nation. In addition, unlike some other countries from the Soviet Bloc, Romania has been slow in digging out for years of repression and economic mismanagement. With that said, there is some light at the end of the tunnel that likely will result in more foreign nationals taking a second look at investing in Romania.
In 2007, Romania will join the European Union. It is expected that when this occurs, the real estate laws within Romania will move in a direction to make them more in line with the real estate laws in other EU nations
Investment Property in Romania
At the present time, individual foreign nationals cannot buy and own real estate in the country. In point of fact, foreign nationals cannot even inherit and then take title to real estate situated in that country. The only manner in which a foreign national can invest in real estate in Romania is through a duly established corporation or limited liability company that is established under the statutes and regulations of Romania.
Residential Real Estate in Romania – Single Family Properties
For the most part, there is no foreign ownership of single family dwellings in Romania at this point in time. Because the only manner in which foreign nationals can take title to and own real estate in Romania is through a corporation or limited liability company, there are very few enterprises that have been established for the purpose of purchasing and taking title to single family dwellings.
In addition, although Romania has been working to establish a more stable market economy in recent years, due to the amount of time that it was under the yolk of a dictatorial regime, the real estate market is shaky. The demand for single family residents is spotty throughout the country. A good share of the more recently built single family residences are not necessarily constructed in a particularly sound manner. In addition, many older properties are in a state of disrepair.
Residential Real Estate in Romania – Apartments
A significant portion of the Romanian population currently dwell in apartments. There has been some movement by foreign nationals to become involved in commercial enterprises — within the parameters established by the Romanian Constitution and related laws — that own apartment buildings or complexes in the country. At this juncture, most investors in such real estate ventures have not made exceptional profits in these ventures. However, there is hope (reasonably placed for the most part) that when Romania is integrated into the EU, the Romanian economy overall and the real estate market specifically will experience growth.
Holiday Property in Romania
tourism in Romania is not, as of this juncture, a significant industry. Therefore, when it comes to the real estate market involving vacation or holiday properties, there is not a significant amount of activity at this juncture. Up until 1990, foreigners were barely allowed into the country in the country. And, any foreigners that were permitted into the country certainly were not allowed to visit most areas in the country. Up until the 21st century, vacation and holiday travel into Romania almost was unheard of.
In reality, Romania is not without its points of interest when it comes to tourism. However, there remains much to be done in regard to reinvigorating the infrastructure of the country before there can be much of a market in tourism. The government is working on these matters at the present time. Once again, when Romania enters into the EU, there is a high probability that there will be an increase in the number of visitors to the country in the future.
Specific steps to buying real estate property in Romania
At the present time, the Constitution of Romania prohibits a foreign national from directly owning real estate in Romania. Even if a foreign national inherits real estate, that foreign national simply cannot take possession and ownership of inherited real estate in that country. This Constitutional provision — and companion statutes and regulations enacted by the government of Romania since 1990 — is not in step with what is in place in other countries that comprise the European Union. Thus, it is fairly to safe to assume that there will be fairly significant pressure on the Romanian government to liberalize its real estate laws to at least permit ownership of real estate in Romania by foreign nationals who reside in one or another of the other EU nations.
With that said, there is not specific proposal on the block at this time to liberalize the real estate laws even for foreign nationals from EU member nations. However, and again, the main underpinnings of the EU involve free commerce between the countries that comprise the EU. Such free commercial activity would be significantly impaired in regard to Romania and other EU nations should the laws (and Constitutional provisions) in Romania remain so stringent (and strident) when it comes to the issue of foreign ownership of real estate in Romania.
With this said, a Romanian company may own real estate in the country even if that company is owned 100% by a foreign national. Obviously, foreign nationals who have an expressed interest in owning real estate in Romania, either for investment purposes or as part of a business enterprise, are establishing companies — corporations or limited liability companies — within Romania.
The process for creating these entities is not that difficult. Generally, foreign nationals are retaining legal counsel in Romania to assist them in establishing these entities. There are lawyers in Romania that now specialize in this type of legal affair.
Provided that a foreign national or group of foreign nationals have duly established a bona fide corporation or limited liability company in Romania, the process for purchasing real estate within the country is not particularly complex on the surface and in and or itself. The process commences with the execution of a preliminary contract for sale. Via this document, the purchase price is established and a deposit is made by the buyer. In most instances, the deposit is set at an amount equal to 10% of the overall purchase price of the subject real estate.
During the interim between the execution of the preliminary or initial sales agreement and the date of the signing of the final agreement conveying ownership of the real estate to the buyer, the purchaser is obliged to obtain any necessary financing that he or she will need to effect the purchase of the real estate. (Again, in the case of a foreign national, the financing arrangements will need to be made by and the mortgage loan issued in favor of a duly established Romanian legal enterprise in the form of a corporation or limited liability company.
At this juncture it is important to keep in mind that Romania is a country fraught with problems when it comes to the title to real estate. The process of checking title to real estate in Romania is convoluted and difficult. Efforts have been made by the Romania government in recent years to clarify this entire process, and to clean up titles to real estate. But, the work and effort in this arena is far, far from complete.
The Romanian government has created a national property registry office. But, the office has been slow in dealing with the myriad of issues pertaining to title to real estate in the country.
Another problem pertaining to real estate in Romania centers on the fact that in many instances that real estate cannot be used as collateral for a loan. In this regard, unlike in nearly every other country in the world, the real estate that is the subject of a sale and for which financing is being obtained, in many instances will not be able to be used as collateral for a loan. In other words, if a person (or company) wants to buy real estate in Romania and needs a loan to do so, that person or company will need to use some other form of collateral for the loan beyond the real estate that is being purchased.
Once again, and has been noted, it is likely that there will be changes to the real estate laws on the books in Romania. Indeed, those changes will need to reach the Romanian Constitution as well. The entry of Romania into the EU in 2007 will be the primary reason that the Romanian government is likely to set upon a course to liberalize the real estate laws (and Constitutional provisions).
Property Abroad always recommends using a Solicitor or Lawyer.
Les Calvert
Posted in: Foreign Nations
Cricket is a fantasy game, which is cherished by almost every people. People love to watch cricket more during World Cup. Although there are so many cricket fans but only few people take out time to watch it from their daily work. During world cup you go for a holiday mood to enjoy the world cup. Many countries compete against each other to win the World Cup. It’s a matter of high esteem for a country to win the world cup. Winning a world cup brings so manys reimbursement and perks for a player as well as a country.
International Cricket Council for the first time organized world Cup Cricket in 1975.West Indies defeated Australia in the final and won the tournament. One-day cricket match was born from a test match. Though one-day cricket is of short duration but is very fascinating to watch. The event is held after every four years. world cup cricket is a world level premier championship, which is played between countries to fight for the title of world champions.
Cricket is one of the popular sports in the world. It is most viewed in Asian, African and Caribbean nations. The ICC is expanding its wing in other parts of the world, bringing more and more countries to join the world cup club. ICC is focusing its development plans on African, Asian and United States aiming to bring more nations into this club. At present there are sixteen nations playing for the world cup. Every country plays with complete dedication and makes new records. Players are on foreign ground where they represent their nation. This is the platform where they can prove their capabilities and bring reputation to their nation.
There are many offers for the cricket fans who want to enjoy all the matches of World Cup Cricket. The hotels are available at reasonable prices. You can avail these offers online; you do not need to hire an agent. You can simply log on to those sites that provide facilities for booking air tickets and other facilities. The air tickets and hotels are affordable for you and so you can have a complete enjoyable tour.
Cricket fever can be seen everywhere during the world cup. People tune in to those channels where there is discussion on cricket or a live match is shown. All around you will find people talking about cricket. Even you can hear world cup live on FM and local radio channels. All TV channels put discussion on cricket with the experts. Its all about cricket fever where you walk cricket, talk cricket, sleep cricket, eat cricket. You can get cricket news on Internet, newspaper, sports and news channel.
Australia is the most successful team who became triumphant thrice, then comes West Indies who won twice and India, Sri Lanka, Pakistan have each won once. Everybody is crazy to know the scores made by a team. This is one of the important happenings, which everybody wants to know. World Cup Cricket is one of the most challenging event for a player where they prove themselves. It’s a dream come true for a player to play the world cup cricket.
The ninth World Cup cricket is being hosted by West Indies. They are organizing this event with great cheer and fun. Through this event they are also promoting their tourism. This Caribbean island of West Indies will make many new records and scores. The World Cup Cricket schedule is being deployed on Internet, magazines, newspapers and TV channels. You can access any of the mediums to get latest happenings in world cup cricket.
Ella Wilson
THANK goodness Shoaib Akhtar has been ruled out of the World Cup. He will not be missed. He does not belong on a cricket field anywhere, let alone representing his country in the game’s most prestigious event. An impostor whose reputation relies on a handful of bursts spread over a career lasting a decade, he has been more trouble than he is worth. No captain, no team, has ever been able to rely on him. Throughout, Akhtar has been more interested in the glamour than the graft. His image as a charming rogue conceals an outlook that has damaged the reputation of every team he has represented. Far from sustaining a great tradition of fast bowling in his country, he has undermined it. Worse, he has taken emerging players with him. Now he has been exposed as a drug cheat. The game is up.
Posted in: Community Level
MEET TERESA ESPINOSA Hey ya'll! It's Teresa Espinosa! For those that don't know me I eat, breath, dream DANCE. It is my life and passion, and I'm so grateful for this opportunity to share it with you! I like to think of myself as not only a choreographer/ dancer/ teacher, but also a mentor/ career councilor. And with this class, I want to offer more than choreography; I want to provide an experience that will remind you why we all love to dance! So if you're ready to take yourself to another level then you've come to the right place! Hope to see you there 
"Great dancers are not great because of their technique — they are great because of their passion." Martha Graham 1894 — 1991, Dancer, Teacher and Choreographer CREDITS INCLUDE: Hannah Montana, Missy Elliott, Janet Jackson
The Gramm-Leach-Bliley Act (GLBA) of 1999, repealed the portion of the Glass-Steagall Act of 1933 that prohibited banks from consolidating with investment houses while the GLBA also expanded the influence of the Community Reinvestment Act of 1977 which requires banks to make loans to higher-risk borrowers. Although the lethal economic brew imposed by the GLBA was not exposed immediately after its passage due to the rapid appreciation of both the housing and securities markets shortly thereafter, the financial crises that began to shake the world’s economic foundations in late 2007 caused many experts to begin to point back to this piece of 1999 legislation as its foremost catalyst.
The Glass-Steagall Act
Enacted in the wake of the Great Depression, the Glass-Steagall Act established the Federal Deposit Insurance Corporation (FDIC) and established a variety of banking reforms that including a provision prohibiting banks from owning other financial companies. After the Untied States Congress held numerous hearings to investigate the causes of the 1929 market crash, it was determined that the mixing of the commercial and investment banking industries in the 1920s generated a high degree of fraud and conflicts of interest in securities activities. The 1933 Congress also prophetically reasoned that due to the inherent risks associated with securities markets, securities losses could cause capitalization problems for banks and threaten the integrity of bank deposits. In turn, because the federal government insures these deposits, they would be responsible for paying tremendous sums if banks were to deplete deposits as a result of securities losses.
The Community Reinvestment Act
The purpose of the Community Reinvestment Act of 1977 (CRA) was to encourage commercial banks to make loans in low and moderate income areas and to prohibit the discriminatory refusal of banks to lend in these neighborhoods known as “redlining”. Subsequent CRA regulatory changes, such as implementing a quota-based lending requirement system for banks, resulted in $467 billion in loans by CRA lenders to low and medium income borrowers between 1993 and 1998 according to statistics reported by the U.S. Department of the Treasury in April of 2000. The Treasury Department further reported that loans to these borrowers rose by 39% in the same period of time. In an article for the New York Post, noted economist Stan Liebowitz claimed that the expansion of the CRA’s reach in the 1990s encouraged a loosening of lending standards throughout the banking industry. Similarly, Austrian economist Russell Roberts wrote in a Wall Street Journal essay that CRA promoted low-income housing by pressuring lending institutions to lend to people who would otherwise be rejected as a bad credit risk.
The Gramm-Leach-Bliley Act
After years of lobbying by the banking industry to repeal the provisions of Glass-Steagall that erected a wall between commercial and investment banks, in 1999 President Clinton’s Treasury Secretary Robert Rubin took the lead in urging fellow liberals in Congress to join their counterparts across the aisle to ultimately pass the GLBA by bipartisan votes of 90-8 in the Senate and 362-57 in the House of Representatives. President Clinton signed the bill into law on November 12, 1999, but did so only after demanding that the GLBA require that mergers between commercial banks and investment houses be strictly examined by the regulatory bodies responsible for the CRA. As a result, banks could not make the seemingly lucrative acquisition of investment houses without meeting the requisite quota of higher risk CRA loans, which only added more incentive for banks to make high-risk loans and delve deeper into the sub-prime mortgage business.
The Creation of the First Financial Supermarket
Citibank, having been the lead lobbying force behind the repeal of Glass-Stegall, had attempted to permanently merge with the three investment houses of Smith-Barney, Shearson and Primerica for several years. Upon Glass-Stegall’s repeal in late 1999, Citibank immediately made the mergers permanent under a new financial supermarket known as Citigroup. Former Clinton Treasury Secretary Robert Rubin was immediately rewarded for his efforts as the key proponent for the repeal of Glass-Steagall in November of 1999 by being appointed to the Board of Directors at Citigroup just as the Clinton Administration was leaving office in December of that same year. In fact, Forbes reported that Rubin received over $17 million in compensation and $33 million in stock options before resigning as Chairman of the Board for a now financially distressed Citigroup in January of 2009. Not so surprisingly, Marketwatch listed Rubin as one of the “10 most unethical people in business” shortly thereafter.
Banking Fusion Leads to Economic Fallout
As feared by the supporters of Glass-Steagall and critics of the CRA, Citigroup’s losses from securities activities related to the sub-prime mortgage crisis and the rampant financial distress that followed resulted in tens of billions of dollars of federal government support. Unfortunately, Citigroup was not alone in the post-1999 merger, securities losses and government bailout category: Wachovia Bank acquired both A.G. Edwards and Golden West, Bank of America purchased Merril Lynch and Countrywide, J.P Morgan bought both Chase and Bear Stearns, and the list goes on.
When the GLBA removed the protective walls between commercial and investment banks that Glass-Steagall had previously held firmly in place, there was nothing preventing bank dealmakers from colluding with investment house analysts to show positive results for clients to enhance their collective bottom lines. Banks no longer needed to concern themselves with the scrutiny imposed by neutral third-party security analysts when the level of due diligence from analysts within their own company is much more favorable. Investment houses could freely mix sub-prime CRA mortgage debt with normal prime loans into a collateralized debt obligations (CDOs) before selling them off as mortgage-backed securities through a different arm of the same financial institution. These financial supermarkets could actually make their requisite quotas of high-risk CRA loans and pass them on to investors with greater ease.
The transparency and scrutiny created when one company investigates, negotiates and ultimately purchases from another company was dissolved. Only those with conflicts of interest were permitted to weigh in, but why should they when they all stand to make the enormous profits realized in the financial industry prior to 2008? Hopefully, once the federal government completes its infusion of trillions of dollars into these ailing financial supermarkets, it can start to fix the core problem by repealing the GLBA and rebuilding Glass-Steagall’s walls.
Brian S. Icenhower
Posted in: Community Level
Endless surprises can be found in the city of West Hollywood, its recognition as an international destination for design savvy professionals and sophisticated interior design clients has served a vital economic factor for its growth. The active participation of the local government is one of the biggest factors for its accomplishments, it has been providing accessible arts, design, and cultural events programming for its residents and visitors alike. This has awakened every interest to broaden its every person’s ability in terms of fine arts and designs; it has promoted social participation amongst citizen. No doubt, that each of its residents has developed passion and sophistication in the given field.
Are you wishing to have somebody like them? To have somebody who would make every space, which surround you as beautiful as those of first class community? West Hollywood Interior Designer could make your wish realistic.
Their society has been a med
BZ Community Class – Angelo Paulos – Teaching the Class
ium of raising their level of awareness. It is not surprising how they provide superior interior designs to every discerning client.
Their approach with the needs that are asked to them is somewhat different. How is that so? Instead of using the old styles and methodologies, which is already being used, they try to develop new approaches and concepts. Creating new and unique interior designs would be more beautiful and beneficial not only on their part but for the clients as well. By using the modern methods, they acquire the expected results.
For the West Hollywood interior designer, it is not bad to dream of a luxurious type of living environment as long as it satisfy our needs, it makes us fulfilled and we are ready to spend for it. But spending would assure you of that luxurious living that you are dreaming of.
Clients are the most important element in the development and the success of the design, without them, no interior designer could generate a functional design. They are the ones who provide for the ideas; the designers just relay those ideas to visual and aesthetic results. They have not thought of anything but to reach and meet all expectations that are given on them. They believe that no matter what happen, unexpected situations, delays or work force shortage. Interior designers like them should do their best to arrive at the given time.
West Hollywood Interior Designer believes that it is not difficult to be an interior designer, as long as we play our best part and do everything that we can do, and most specially make everything of it as a part of our lives.
Linnea Teer