Our team in Bulgaria is available to assist English – speaking buyers in person, showing properties, areas and providing valuable information about the country and its residential tourism market. We work with English-speaking lawyers and leading banks to assist our clients during the purchasing process, whose main characteristics can be summarised as follows:
• The total purchase cost should not exceed 5 %( including lawyer’s fees), except in the case of older and/or cheaper properties.
• Under Bulgarian law a foreigner cannot own land. If you wish to buy land or a house with a plot you can circumvent this law by forming a Bulgarian company through which you can legally own the property. However, you do not need to form a company to purchase an apartment.
• We advise buyers to always use a lawyer
The purchase process consists of the following steps:
• A reservation deposit is paid to hold the property – usually 1,000 Euros.
• If the property consists of land or an existing re-sale property a Bulgarian company must be set up through which it can be legally bought and owned.
• An initial private purchase contract is signed (after having been thoroughly checked by your lawyers) and an initial payment is due – usually about 10% to 40%, depending on whether it is a re-sale or off-plan property.
• Stage payments are paid throughout the building process for most off-plan property.
• The Notary Act is then signed in front of a Bulgarian notary. In the case of an off-plan development, the Notary Act is signed once the building is completed.
The time scale of each of the steps depends upon the type of sale. In the case of an off-plan development, the preliminary contract is usually signed within weeks of the reservation.
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