Bulgaria property news and articles

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.

Most of the actions described below will be carried out by local professionals and you will have little to do except sign papers, transfer money and pick up your keys once it is all over. However, it is useful for you to know what is going so you can talk knowledgeably about any problems should they arise.

Making the Purchase of your Bulgarian property

Understanding the details of the process of buying a property in Bulgaria will also impress on the people you choose to work with that you know your stuff, and should enhance your prospects of securing a safe deal.

Once you have chosen a property in Bulgaria and agreed the selling price, you will g0 through the following procedures.

•You will choose a lawyer (this might be done before selecting a property in Bulgaria), in most of the cases when buying the Bulgarian property trough a Bulgarian real estate agent, they will provide the solicitor for you and it will be included in the agent’s commission.

•You will reserve the Bulgarian property (where applicable), with a small deposit, normally 10% of the selling price.

•Your lawyer will carry out all legal checks for the Bulgarian property and report the results to you.

•Depending on the type of the Bulgarian property you are buying, there may also be other types of searches – survey, technical survey, regulation searches.

•If the searches and/or survey show no potential problems for you, a preliminary contract is signed with the seller. At this stage a deposit is paid, usually amounting to 10 per cent of the price.

•Between the preliminary and final contract, both parties prepare for the signing of the title deed. For some property buyers in Bulgaria it is necessary to register a Bulgarian company and for the seller to obtain updated tax evaluation statements and a plan of the property commonly referred to as the skitsa.

•The final contract, in notary form, is signed between the parties and in front of a private notary, in the same region where the property is situated. The notary act is registered with the Registry Agency on the same day.

•After the notary act has been signed, it is necessary to register it with the Registry Agency within seven days. It is also necessary to declare the property at the local tax department within two months from the signing of the title deed.

These are the key steps in most Bulgarian properties purchases; however, your purchase of Bulgarian property may be slightly different depending on the type of property in Bulgaria and any special conditions for the deal.