Purchase of property Bulgaria
Thorough area research and companies contracted lawyers is highly recommended to the process of purchase of property Bulgaria.
Examine a range of properties suggested by different agents, compare prices and ensure you are paying a fair price.
Extreme caution is advised. Do not rely on estate agents, promoters or lawyers, who advise you to cut corners in order to save time and/or money.
Seek independent legal advice
Many property owners are now having legal trouble, since they failed to look for independent legal advice
Engage a lawyer experienced in property transactions, who is not in any way related to other parties in the transaction.
If you are using a Bulgarian-based lawyer, make sure that lawyer has a registration with the Bulgarian Bar Association.
By the purchase of property Bulgaria there are no requirements for liability insurance for your Bulgaria-based lawyer.
Avoid signing any papers or paying any fees before you’ve consulted with an independent legal professional.
For all types of real estate transactions, we offer full legal assistance, from the initiation of the respective procedure to the conclusion of the final contract in the form of a title deed.
We take part and negotiate on behalf of the client with the other party and with any third parties.
We prepare the texts of preliminary contracts and title deeds.
Based on an explicit authorization by a client, who is currently abroad or is not able to participate in the transaction in person due to other obstacles, we are able to act during the conclusion of the transaction.
For performing a sale and purchase of a property, you should review the entire history of the property for any vicious previous transactions made with it, as well as perform a check for any existing real estate encumbrances over the property.
Every buyer is at risk of buying property with a burden attached to it, or having the transaction declared invalid because of a vicious previous transaction with the property, if these checks are not carried out.
If you are a seller, one of the biggest threats to your rights is to sign the deed of sale, but not to receive the agreed purchase price, or e.g. to assume responsibility for penalties without knowing that there is a statement of claim filed against you.
If the parties have not established trust between themselves, it is advisable to consider a reasonable mechanism for making the payment for the sale of the property, including by using the trust account of the notary, who will execute the transaction.
- Off-plan developments in Bulgaria are properties, for which no Permit to Use (Act Form 16) have been issued.
- The regulated stages of an off-plan development are set forth in the laws and regulatory documents. A non-exhaustive list of documents follows below:
- Planning permission – this authorizes developer to draft architectural designs and construction plans for development;
- Construction permit – it entitles the developer to start the construction according to the approved architectural, construction technical plans
- Opening the construction site and designating the construction line and level (Statement for Start of Construction)
- Certificate for completion and approval of shell-and-core construction (Act Form 14)
- Certificate acknowledging the compliance of the construction with the statutory rules (Act Form 15)
- Permit to Use (Act Form 16)
- Buying an off-plan development without Construction Permit is not advisable.
Typical transaction for buying off-plan developments involves two stages:
A/ signing of a preliminary agreement
B/ signing of a title deed in the presence of a Bulgarian Notary
The transfer of property is completed with the signing of the Notary Deed.
It is advised that the payment for purchase of off-plan property shall be made in installments,
All installments shall be paid after the completion of the relevant development stage and obtaining the statutory certification document.