Questions investors and developers asked attorney Ilan Leibovitch in meetings and calls, as he described them in his weekly column, with his answers in brief.
Before choosing a country, a city or a neighbourhood: what the apartment is for, who manages it, and what is at the top of the list.
Time, margin and control. How many stages can get stuck, whether enough is left in the deal, and whether the figures are real.
Registering the contract protects the right in the property. A trust with milestones protects the money. One without the other is not enough.
A company or a private purchase? The first question is what you will do with the property over the next ten years. The decision is made before signing.
About this library
For more than two years attorney Ilan Leibovitch has written a weekly column, "Two international real estate stories a week". Each column has two real stories from his desk. In almost every story there is a moment when an investor or a developer asks him a question.
We have collected 18 of those questions here, as they appear in the column, each with Ilan's answer in brief. We have grouped them into five themes. The names in the column are pseudonyms anyway, and here we have removed them altogether. Each answer shows the date of the column and the country where the story happened, when the column says so.
Please note: the answers are general. The law differs from country to country, and every deal is different. Attorney Ilan Leibovitch is a partner in Compass Group Romania, and in the company's transactions he represents the company only. For any deal of yours, hire an independent lawyer.
Before you choose a property
"Where is it best to invest: Greece, Portugal or Bucharest?"
Ilan stops this question before it starts. First "why", and only then "where". There are three main routes, each with its own pain: ongoing rental income, which needs continuous management; a flip, where the renovation almost always runs long and costs overrun; and future appreciation, where the money can sit for years with no cash flow. There is also a fourth route, investing through a fund, with less control and less liquidity. Only after choosing a goal do you choose a team, and then check everything twice: contracts, documents and licences.
From the column, 13.9.2025 and 20.9.2025
"Which country? Which city? What's the neighbourhood like?"
Before talking about a neighbourhood, Ilan asks what the apartment is for. Long-term letting needs a quiet residential area close to transport. Letting to tourists needs a sought-after central area. Someone looking for appreciation over a decade can choose an "up-and-coming" area, if they understand the risk. And anyone who wants it all, holidays, income and appreciation, has to decide what comes first. Three questions before the one about the neighbourhood: what is the apartment for, who manages it, and what is at the top of the list.
From the column, 21.3.2026
"A new apartment from a developer, or a resale?"
There is no single right answer. A new apartment in an area not yet "discovered" can rise in value if the planned infrastructure arrives, but if the infrastructure is delayed, the money is locked into a property that earns little. A resale apartment that is already well let is usually sold at a price that already reflects that success. So the questions are how long you are willing to wait, how much of a shock you can absorb if the plan does not work out, and what the two people buying together really want from the property.
From the column, 18.7.2026 (the story is in Greece)
"My father lost money in Romania. Why is it different this time?"
Ilan first asked what exactly the father had bought. The answer was agricultural land near a village, with no zoning plan and no building permit, sold on promises. The difference today, according to Ilan, is what you buy and how you check it: a finished apartment in an existing project, which you can fly out and see, in a country that is an EU member, with a computerised land registry. The fear, he said, is fully justified if you make the same mistakes. It is not justified if you invest in a real property, with checks and with professional support.
From the column, 22.11.2025 (Romania)
"I've done three projects in Israel. How different can it be to build in Romania?"
Very. According to Ilan, the most dangerous thing an Israeli developer brings abroad is not a lack of experience, but the experience. The intuition from home, how a contractor behaves, how the bank works, when "another week" really means a week, does not work there, and sometimes misleads. Buyers are different too: their rights, the culture and what you may say. Before a plot, financing and a contract, Ilan asks two personal questions: do you really want to do this as a profession, and how involved will you be when something goes wrong. Because something always goes wrong.
From the column, 6.6.2026
Before you sign
"How do I know the ownership is clean?"
That is exactly why you need legal support. The check covers the ownership history, making sure there are no attachments or charges, checking the building permit, translating all the documents, and checking that the registration is in order. Ilan recalls that in the 2000s people bought in Romania on the strength of presentations in Hebrew in a hotel, and nobody did these checks. In Romania it all starts with the land book extract, and how to read one is covered in our guide to the land book extract.
From the column, 22.11.2025 (Romania)
"So what do you actually check when you see a new deal?"
Three things, always in the same order: time, margin and control. Time: how quickly the deal is meant to finish, and at how many stages it can get stuck. Margin: whether there is really enough left in the deal, because the profit is made at the moment of purchase, not on the day of sale. Control: whether the figures you hold are real, and not just what was sent to you in a presentation. For developers, Ilan adds the three filters: economic feasibility, a planning and physical check, and a legal check.
From the column, 25.10.2025 and 27.7.2024
"I checked the registration, the zoning, the permit. Who even thinks to check whether there's enough electricity?"
A developer in Cyprus asked this after discovering that the neighbouring village's transformer could not supply his villas. The legal and planning checks were excellent, but nobody asked whether there was infrastructure able to supply the project. The solution was a new transformer next to the plot, at a cost nobody had planned. His lesson, in his own words: you do not sign for land before checking how much power there is around it.
Most of the questions in this library were asked too late, after the money had already moved. Their value is in asking them before.
From the column, 18.10.2025 (Cyprus)
"The agent said the tenant leaves at the end of the year. Can I rely on that?"
An agent cannot know that. He can only repeat what the seller told him. In the story in Greece, the lease was written for a year, but under local law the tenant had longer protection, and the new buyer stepped exactly into the seller's shoes. In the end the tenant was paid compensation to leave early. According to Ilan, the question is not "is there a tenant?" but what the tenant's rights are under local law, and how much it will cost to get them out if they decide to stay. That answer goes into the price before you sign.
From the column, 16.5.2026 (Greece)
"Just make sure that if something happens, the court will be in Israel"
Ilan warned a client who asked for this in a partnership agreement over a building in Bucharest. When the property is in Romania, an Israeli judgment is very hard to enforce there. An Israeli court cannot give direct orders to Romanian authorities, and Romanian law has to be proven to it through expert opinions. Afterwards a further procedure is needed in Romania to recognise the judgment. In the story, after a year of hearings in Israel, the client filed a claim directly in Romania. The jurisdiction you choose in a contract is a decision, not a technical clause.
From the column, 10.1.2026 (Romania)
Buying off-plan and your money
"What happens to our payment if something goes wrong?"
Buyers asked this of an Israeli developer in Cyprus. The bank offered him what sounded like a "guarantee for buyers", but in practice it was a financing tool for the developer, with no direct protection for the buyer. The solution Ilan built had two layers: registering the sale contract, which protects the right in the property, and a trust account with a lawyer, which releases money only when an agreed construction milestone is reached. Registering the contract alone, he explains, does not return money that has already gone to the developer.
From the column, 2.5.2026 (Cyprus)
"If I register a caution note for each buyer on their apartment, they're protected, right?"
Not always. A developer in Greece asked this while planning to strip apartments to the shell and rebuild them. A note is registered on an existing property. If the apartment changes substantially, it may no longer match the registered description, and the protection weakens. The basis, according to Ilan, is a trust arrangement: an independent party holding the money until agreed milestones. But a trust is only as good as its terms: what the milestones are, who confirms they were reached, and what happens if there is a delay or a stop.
From the column, 28.2.2026 (Greece)
"The developer is small. What if he doesn't have the money to finish the project?"
A buyer in Bucharest was torn between a large company and a boutique developer, in the same neighbourhood and at the same price. Instead of deciding by size, they checked facts: how many years the developer had been in business, how many projects he had delivered and whether on time, and whether the money went into a trust account. Ilan added that when buying from a distance, the developer's availability and the personal relationship are an important asset. In today's Romania, also ask whether advances go into the project's separate account, as the law requires. How to check a developer yourself is covered in our guide.
From the column, 13.12.2025 (Romania)
"What's happening with our money? Could we lose everything?"
Investors in a hotel project in Greece asked this when the project stalled. Ilan's office acted as trustee of the buyers' money, and the money had already been released to the developer according to the milestones in the agreement, when the contractor stopped working because the developer had stopped paying him. Ilan worked with a local lawyer, and it emerged that the developer had been in difficulty even before the project began. Within two weeks they traced the developer's assets in another country, obtained a temporary attachment order, and opened negotiations with the contractor to finish the works. Ilan's insight: a trustee who releases money by milestones is not ongoing monitoring of the developer's finances. It is worth knowing in advance what the trustee does, and what it does not.
From the column, 17.5.2025 (Greece)
After the purchase: management and letting
"Is there a management company you could recommend?"
Ilan is in no hurry to recommend. He first asks what you want the company to do, beyond being "reliable". Most investors, he writes, do not know what a management company is supposed to do beyond finding a tenant and collecting rent. In another column he gave four criteria: years in the market, a thorough check with references and reviews, a licence that meets local requirements, and a contract read carefully, including what is included and what you pay for separately. And what is cheap in management fees can cost dear in repairs.
From the column, 1.3.2025 and 20.4.2024
"Can I write into the lease that I have access to the apartment?"
An investor in Bulgaria wanted to let to a long-term tenant and visit the apartment several times a year. Ilan explained that a long-term tenant has a right to quiet and exclusive use, and that the landlord does not enter without consent. You can try to write access into the lease, but the stable tenant you are looking for will not sign it. There are two options: short-term letting to tourists, with licensing rules and with weeks you keep for yourself, or long-term letting, and then you stay in a hotel when you visit.
From the column, 25.4.2026 (Bulgaria)
"The tenant pays every month. Why is there so much less left at the end of the year than I was promised?"
An investor in Cyprus bought a "passive investment" and stopped looking. When they went through the statements, it turned out the contract included extra fees: on every repair, on finding a tenant and on renewing a lease. Repairs were ordered without a competing quote. Nobody stole anything; everything was according to the contract. Ilan helped him redraft the management agreement: a cap on fees, a duty to get a competing quote above a set amount, and a proper quarterly report. His lesson: a management company is a tool, and someone still has to check it.
From the column, 6.6.2026 (Cyprus)
Structure, financing and tax
"So maybe I should just set up a company from the start, to be safe?"
According to Ilan, that is the opposite mistake. The first question is what you plan to do with the property over the next ten years. One property, alone, for the long term: a private purchase is simpler and cheaper to maintain. Several properties, or a partner coming in: a corporate structure may fit. Timing is critical, because in most of the countries Ilan works in, moving a property from a person to a company is a tax event. The decision is made before signing, with a lawyer and a tax adviser, and depends on the country and on your tax status.
From the column, 25.7.2026
Frequently asked questions
Where do the questions come from?
All the questions are taken from the weekly column of attorney Ilan Leibovitch, "Two international real estate stories a week", from 2024 to 2026. They are questions investors and developers asked him in meetings and calls, as he described them in the column. The names have been removed.
Are the answers legal advice?
No. The answers are a general summary of what Ilan wrote in the column, about cases in different countries. The law differs from country to country. For any deal, hire an independent lawyer who works only for you.
Can attorney Ilan Leibovitch represent me in a purchase from Compass?
No. Attorney Ilan Leibovitch is a partner in Compass Group Romania, and in the company's transactions he represents the company only. We recommend that every buyer hires an independent lawyer.
The bottom line
Most of the questions in this library were asked too late, after the money had already moved. Their value is in asking them before.
If you have a question of your own about buying in Romania, book a half-hour call with me. We will go through it together, and see what needs checking and who should check it.
Moti Azulay, Compass Group Romania
Sources: The column "Two international real estate stories a week" by attorney Ilan Leibovitch, the issues of 20.4.2024, 27.7.2024, 1.3.2025, 17.5.2025, 13.9.2025, 20.9.2025, 18.10.2025, 25.10.2025, 22.11.2025, 13.12.2025, 10.1.2026, 28.2.2026, 21.3.2026, 25.4.2026, 2.5.2026, 16.5.2026, 6.6.2026, 18.7.2026 and 25.7.2026
This article is general information only and is not legal, tax or financial advice. The answers summarise the column of attorney Ilan Leibovitch, about cases in different countries, with identifying details removed. The law differs from country to country. Attorney Ilan Leibovitch is a partner in Compass Group Romania, and in the company's transactions he represents the company only. We recommend that every buyer hires an independent lawyer. Correct as of 17 October 2026.
Now you know more.
This article is general information, not legal, tax or financial advice. Consult local professionals before any transaction.
