The process of buying property in Bulgaria
Bulgarian legislation allows the foreign individuals the purchase of real estate in the country, although there are certain restrictions. Choosing a property should take into account the fact that foreign individuals cannot acquire the ownership of plots. This means that when buying an apartment foreigners do not meet any difficulties, but in order to buy a house with a plot of land or just a land – the foreign person is required to register a company in Bulgaria.
1.Selection of apartment, house or townhouse: Upon your arrival an employee of our company will meet you at the airport, who will be at your disposal during the whole trip, beginning with transfers, hotel accommodations and up to your departure from the country. Our consultants will listen to you and pick up objects that best meet your requirements. Write down what you like, and after you look at all offers, choose the best one. Ask all your questions, discuss payment scheme, possible discounts, etc.
Our managers will help you decide prompt, they will advise you what infrastructure is nearby, what is the quality of construction and others.
2.Checking the legal purity of the property: All the properties that we offer for sale are checked by our lawyers. For the property you choose, we give the land title deed, building permit, certificate of absence of encumbrances, acts of building readiness (if available).
3. Please note:
The living area of an apartment in Bulgaria consists of a built-up area (room, bathroom, balcony + wall area). The living area is considered by the external perimeter ofwalls !!!
Total area: living area + common parts of the building, which includes common areas (corridors, stairs, etc.).
Stage of purchase
After touring all the proposals and selecting a specific object, begins the most significant phase in the acquisition of real estate, usually consisting of the following major steps:
Reservation deposit – paying a deposit of 1000 – 2000 €, the desired property is removed from sale, and is assigned to you .
Reservation can be paid in cash on the spot or by wire transfer from any bank. We recommend you make the payment of the reservation fee on the spot because this will secure for you the removal the apartment from sale and the price for you remains unchanged.
Note: The amount of the reservation will never be refunded if you change your mind and cancel your purchase. Reservation can not be transferred to another complex. Reservation is included in the final price of property.
Signing of a preliminary contract of sale – up to the expiry of the period specified in the reservation form, you should conclude a preliminary contract of sale between you and the seller. It identifies all the parameters and conditions of the final deal – complete description of the property, which is subject to sale, price, terms and conditions of payment, etc. The contract shall be in writing in Bulgarian and English languages, without need of notarization. The preliminary contract is individual for each complex. After its conclusion, with the mutual consent of the parties,it is allowed to make changes and additions in the form of annexes to the contract, duly registered in writing.
Note: Be sure to check your personal data, property details, bank details for payment and payment schedules.
The first installment of the preliminary contract is made within the time specified in it, usually not later than 3-4 weeks from the date of payment of the reservation.
Signing of the Notary Deed – after full payment of the cost of the real estate property on your part, under the terms of the preliminary contract, comes signing of the Notary Deed – a document certifying the transfer of title to the new owner. The signing takes place at the notary in the area of action which the property is located. After signing the document by the seller and buyer and authentication of their signatures,the notary sends the Notary Deed to the district court. Judge for inscribing amends circumstances of the property in the state register of real estate. Indication of this will be present in the Notarial Deed.
Note: Tell our lawyer about the intention to go to the deal no later than 20-30 days before the scheduled trip. Notify about any change of documents (replacement of passport, residence permit, etc.). Information will be needed on all persons who will be assigned as co-owners in the Title Deed.
Stage after the sale – registration of property in the tax office and BULSTAT
After receiving the final title deed, you as the new owner must register the property in the BULSTAT register and put it under the account of the local tax office and account number will be assigned to you, which will be used for every property transaction in the future.