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BUYERS GUIDE INFORMATION FOR PURCHASING A PROPERTY IN BULGARIA
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Viewing trips |
Buyers guide |
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Why Bulgaria?
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Frequently Asked Questions Buying in property in Bulgaria
Must I arrange my own notary in Bulgaria as I have no idea who to use?
Bulgarian law requires the use of a Notary Public within whose jurisdiction the property purchased is located. You can either sign the Title Deed in person or give Power of Attorney to your lawyer or another person to sign it on your behalf.
I do not wish to travel to Bulgaria can someone else look after this matter?
If a buyer chooses not to go to Bulgaria upon signing the Title Deed, he/she can give Power of Attorney to his/her solicitor or another person who will take care of all the legal requirements.
Are there any restrictions on the resale of the properties in the future?
There are no restrictions, but there are additional taxes and administrative formalities if you decide to resell your property.
Is there any time restriction on the right of ownership?
Property ownership is indefinite. Banks are very comfortable with the title ownership rights of Bulgarian developments. This is why interest rates have dropped from 18% to 7% in the last 2 years.
Can I open a bank account in Bulgaria?
Yes. Non-Bulgarian citizens can open bank accounts in any currency. They can also freely repatriate any money deposited in such accounts. All it takes is visiting your bank office and filling out the relevant application forms.
I have heard that there are restrictions on foreign land ownership in Bulgaria. Do I have to reside in Bulgaria for a certain period of time or should I set up a local company?
The existing restrictions concern foreign land ownership only, not foreign property ownership. If you buy an apartment or a building, there are no restrictions. You do not need to set up a company or reside in Bulgaria.
What is a preliminary contract?
The preliminary contract is preliminary in the sense that it precedes the Title Deed, which is available once the property has been completed. The preliminary contract requires the two parties to sign a final contract in the form of a notary deed, which transfers the ownership of the property. The preliminary contract is binding for both parties and is subject to execution and enforcement. The preliminary contract is necessary because the property is still under construction and the seller cannot transfer the ownership title until all construction has been completed. The preliminary contracts that we offer require developers firstly to build the property and secondly to transfer the title of ownership once the property has been completed. The seller is liable for all payments made if he fails to finish the property. The title may be transferred to the buyer by court order if the seller fails to do that.
What is a Title Deed?
The Title Deed is by far the most common title deed under Bulgarian law, and it is accepted as proof of ownership. The Title Deed is required for the transfer of property ownership. It is concluded by the seller and the buyer in front of a Notary Public who certifies their signatures and their will to sell and buy. The Notary Public keeps a copy of the Title Deed and registers the property with a special Registry Agency. The Deed is drafted and executed in Bulgarian, but your solicitor will translate and legalize it for your convenience.
How can I ensure there are no mortgages or other rights of third parties over my property?
You should ask for aliens and encumbrances certificate, and your solicitor will obtain the most recent one for you. Your Bulgarian lawyer or authorized person will be required to show that certificate before the transfer of ownership takes place.
What is “rough construction”?
"Rough construction" is defined by the Spatial Development Act as a stage of building where the walls and the roof have been completed, but the finishing work has been executed partially or has not been executed at all. The public authorities that supervise the construction of the development will issue a certificate that certifies completion.
Who is in charge of issuing building permits in Bulgaria?
Building permits are issued by the Architect-in-Chief of the respective municipality upon approval of the developer's architectural plans for the project. The building process cannot physically commence before the building permit has been issued.
Can I visit the property during construction to check the building quality?
Yes, you can certainly do that. The law entitles you to make inquiries and inspect construction at any stage. It also obliges us to produce relevant documents upon request.
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Useful Informaion
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Buyers guide
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Property Taxes
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