Keeping Track of Your Bulgarian Property Investments

Whatever you decide to do about investments – put them in a trust, appoint investment managers to manage them in your own name or manage them yourself-you should always keep an up-to-date list of your investments and assets and tell your family where to find it. Make a file. By all means have a computer […]

Signing the Notary Act when buying a property in Bulgaria

Checking the Reputation of the Bulgarian Developer
In the specific case of buying an off-plan apartment in Bulgaria, besides the usual legal checks, it is advisable to make enquiries into the reputation of the developer. It is also useful to view his previous projects that have been finalised.

Power of Attorney for buying a property in Bulgaria

It is very rare to have a deal completed and all legal checks made while you are in the country on your first visit. Most deals take 1-2 months to complete. You can return to Bulgaria at every stage during the conveyancing process to sign the documents, but this is not really a practical or cost-effective solution. In most cases therefore it will be necessary to leave power of attorney with your representatives in Bulgaria.

Choosing a Lawyer when buying a property in Bulgaria

Of course this is something that can be arranged before choosing a property and agreeing the price, but in practice most people first have contact with a lawyer at this stage of the process. In fact there are no legal requirements to use a lawyer, since the actual rights of ownership over a property can be transferred by a notary with a notary act. A notary is a licensed official who can authenticate documents and perform certain other acts. On the day of the deal they will verify who the buyer and seller are and check that all the paperwork is in order to complete the deal legally.The lawyer’s role is different.The lawyer’s role is to ensure that your interests specifically are being satisfied and to check all the documents are in order so that the notary can legalise the deal.

The Process of Buying a Property in Bulgaria

The procedure for buying a property in Bulgaria is different from the procedure in the UK. This is so, not only because the law and the legal system as a whole are different, but also because of the different habits and traditions of the country. There are some similarities, of course, but in general it is best to understand the specifics and the procedure, rather than try to compare it and make conclusions on the basis of what you know from the UK property buying process.