PURCHASING PROCEDURE OF A REAL ESTATE IN BULGARIA
There are several important steps when purchasing a real estate. Please, read carefully the information below and if any question arises, do not hesitate to contact us. We would advise and help you to go through and implement the purchasing procedure easily and comprehensively.
1. Submit a request for a particular real estate or regarding the requirements your future property should meet;
2. Choosing a real estate
Our agent will contact you to find out what you would like to buy and get acquainted with your requirements. What is of great importance is why you would like to purchase a real estate – to give it on rent aiming at recouping your investment or to use it for your own needs. Our agent will contact you to get acquainted what your requirements are. What is really important is the purpose of buying a property – giving it on rent aiming at reimbursing the invested finances or using the property for your own needs. After specifying your purpose and your budget for the purchase, our team of professional agents will start searching for the desired by you property according to predefined requirements. After selecting the properties that are proper for you, our agent will contact you and schedule an appointment for a joint inspection of the chosen real estates.
3. Specifying the price with the Vendor
Once you have selected the property you are looking for and made a purchase decision, we will mediate the negotiations between you and the vendor to make sure everyone gets the best deal.
It takes 2 weeks for local citizens and 2 months if the vendor is a foreign citizen. It would not take long time before you can enjoy the property you have dreamed of.
4.1 Provided you have expressed your intention to purchase a particular property, it is necessary to deposit the so-called Deposit Guarantee amounting to 10% of the purchase price of the property. By providing such a deposit the property is reserved for a certain period of time until the signing of the preliminary or the final contract for sale and purchase.
4.2 Verification of ownership – the property is checked for mortgages, foreclosures and other types of charges in the property register, and on the day of the completion a Certificate of charge can be issued by the Registry Agency (Property register) at the vendee’s request.
4.3 If you wish, you can hire a lawyer to advise you at the time of the purchase.
4.4 The next step is preparing the documents necessary for the deal by the vendor
- Issuing a property scheme by the Cadastre and Surveying Office at the respective region;
- Tax assessment by the municipality where the property is located. It cannot be issued without paying a property tax and garbage tax related to the real estate until the moment of selling it;
- If the vendor cannot personally attend the signing of the title deed, they shall create a power of attorney to appoint a legal representative, as in most cases it is a lawyer;
- The vendor or their representative is required to provide the vendee with a document for paid utility bills – electricity, water and telephone, as well as a maintenance fee if the property is in a complex that is managed;
4.5 Having the documents being ready, the parties agree to a day and time convenient for both of them for signing the title deed. The way of payment shall be specified as well as the transfer costs that are at the expense of the vendee, unless the parties agree otherwise.
4.6 When signing the title deed of sale and purchase of a real estate there are local taxes, notary and court fees amounting to 3-4% of the tax assessment of the property, which are paid in cash to the Notary Public;
4.7 The deed is signed in the area of court operation. After signing the title deed in front of a Notary Public, the transaction is entered into the District Court and is considered legitimate. The title deed shall be received within 14 days of signing it.
4.8 If the vendee is a Bulgarian citizen, after receiving the document of title to property, they shall register the property in two-week period in the Tax Office at the respective municipality, as well as they shall transfer the electricity and water measuring lots.
4.9 If the vendee is a foreign citizen, according to the Bulstat Register Act, they shall register a Bulstat number at the Registry Agency within 7 days after the title deed has been registered and issued. Then the property should be registered in the Tax Office at the respective municipality.
Congratulations! You are an owner of a real estate in Bulgaria!