Purchase property in Bulgaria
Our law office D.Vladimirov & Partners provide a professional legal services to purchase property in Bulgaria.
Once you’ve found a home you plan to buy and agreed the selling price, you will need to take the following steps:
- Signing a preliminary contract and pay a deposit.
- Signing the notary deed and make the final payment.
The buying process is generally straightforward and is often completed within a month. EU citizens can purchase and own property in Bulgaria in the same conditions as locals.
The process of property acquisition and disposal can be lengthy and complicated and we advise our clients on the significant commercial implications that might arise.
We advise on and draft development agreements, provide legal assistance in construction, planning and site disposal matters, fund-raising arrangements, freehold transfers and any associated due diligence reports.
We assist in the acquisition of real estate in Bulgaria and in the subsequent implementation of investment projects in the field of hotel management and tourism, golf courses, office and commercial buildings, industrial construction works in Bulgaria
Please note we are chariging you for real costs and legal fees, state fees and the tax for transferring of ownership). If a travelling out of Sofia is needed, this would be calculated additionally.Purchase property in Bulgaria
Property legal check-up
Working with many international clients & corporate, our law office D.Vladimirov & partners has created a stable legal work policy for checking of the legal status of your property in Bulgaria.
Acting as a qualified property lawyers in Bulgaria, we performing the legal check services for our clients, depending on complexity of every case in the Bulgarian property register.
We check in the Bulgarian property Register the status of the certain property and report to our clients the final results and warnings, if there are any.
This information would allow you to check whether there are any encumbrances upon your property, for which you do not know, for example: a mortgage for a loan, which is already repaid, interdiction, imposed by the tax authorities for unpaid tax obligations, or any other rights of third persons.
As a result of the contractual obligations, undertaken by the Bulgarian government in relation to Bulgaria’s membership in the European Union, an important part of the Bulgarian law was recently changed.
From 1 January 2012 citizens of the EU are no longer prohibited to purchase Bulgarian land, which is in regulation.
Until this date they had to set up a Bulgarian company and purchase land through the established legal entity, as according to the old law only Bulgarian individuals and companies had the right to acquire Bulgarian land.
This led to many unfavourable consequences for foreign investors, such as paying additionally to a lawyer to establish a Bulgarian company, appointing an accountant for the relevant services and making other expenses, related to having and maintaining a company.
The first stage in buying a home in Bulgaria is the signing of a preliminary contract. Your lawyer is responsible for ensuring that this is drawn up correctly and you shouldn’t rely on an estate agent to do so.
It’s important not to pay a deposit or sign a preliminary contract prior to performing an in-depth due diligence of the property.
Check that the property has the same dimensions as advertised, if there are any undisclosed encumbrances (i.e pending costs) and that all the necessary permissions and documentation are in place.
While some agents or developers will provide a properly-drawn up contract, some won’t – and unless you’re a Bulgarian-speaking lawyer you won’t be able to tell which is which!
For peace of mind it’s recommended that you have the contract drawn up or at least checked by a Bulgarian property lawyer.
There are a number of types of preliminary contract, depending on whether you’re buying an existing (built) property or a new property off plan (i.e. yet to be built or under construction).
Signing the Notary Act
Signing the notary act (sometimes referred to as the notary deed, purchase contract or final contract, which is equivalent to a title deed) is the final step in taking ownership of your property.
If you’re unable to be present at the signing, you can have your agent or lawyer sign it on your behalf if you’ve given him power of attorney.
You should always sign the notary act in person if you’re buying a brand new or off-plan property, to make sure that all the requirements of the preliminary contract have been met.
The signing of the notary act takes place in front of a notary public, who first checks that all the conditions contained in the preliminary contract have been fulfilled.
It’s normal for all parties concerned to be present when the final contract is read, signed and witnessed by the notary, including the estate agent, developer (for new or off-plan property), your lawyer and your translator.
Either party (buyer or seller) can give a representative power of attorney. In the case of an off-plan purchase, the final contract isn’t signed until the building is complete.
Find independent legal advice for purchase property in Bulgaria
Numerous property owners are now experiencing problems with their property because they did not seek independent legal advice and instead used lawyers and translators which were recommended by the estate agent or developer and they were acting for both parties.
Appoint a qualified lawyer, who is experienced in property conveyance and fully independent of anyone else involved in the transaction, eg the estate agent, vendor or developer.
If you need our legal assitance, do not hesitate to contact us immediately
Call us for more information on + 359 897 90 43 91 or send us your inquiry on email@example.com