Plovdiv lawyer | Lawyer Bulgaria

Posts

Legal division of property

When co-owners of common property fail to understand how to divide their property voluntarily and turn their ideal parts into real, they can turn to the court for legal division of property

This way of termination of the co-ownership is settled as a particularly indisputable production, which takes place in two phases .

Any joint proprietor may file a claim for a division, which is always subject to the district court of the place of inheritance (in the case of a division of inheritance) or the location of the property (in the case of a split of a real estate). Where incapacity or abstention is involved in the partition, prior permission of the District Court is required.

Division by Court settlement. In any case of a court case (prior to the entry into force of the court decision on the distribution of the property), the judicial separation may end with a court settlement. Legal division of property

The latter includes a contract between the parties for the distribution of properties and a definition by which the court approves the settlement if it does not contradict the requirements of the law and good morals.

A particular type of court settlement is the agreement of the spouses to divide their property upon divorce by mutual consent.

FEATURES OF Legal division of property

First stage of the legal division of property

In the first phase of the partition the issues between who will be partitioned, which properties and what is the part of each ofthe partitioners are clarified .

The action for partition is not extinguished by prescription.

The subject matter of a division may be all or part of the property, unless the law provides otherwise, or if it is incompatible with the nature or purpose of the property. If one of the co-owners does not take part in the division, it is entirely null and void.

The court decides by a decision on the admissibility of the division, which is subject to self-appeal, after its entry into force, a new hearing is scheduled and the division continues in its second phase.

At the request of some of the distributors, the court ruled on the issue of the temporary distribution of the use of the property until the end of the divestment and the sums that the users should pay to the others.

– Second phase of the judicial split of property

In the second phase of the division a real distribution of the shares admitted to partition is made between the parties that are recognized as co-owners and according to the established shares with the court decision of the first phase of the admission of the division.

Whenever possible, each of the partitioners should receive a real share of the objects subject to the divestment, as the units are equalized with money.

In the second phase of the division, if submitted, the following shall also be considered:

the claims on the accounts of the distributors to recognize the costs he has incurred to increase the value of the property
claims to increase the inheritance (inheritance split)
as well as for the assignment of an indivisible residential property (in the case of a divorce of a matrimonial property community or an inheritance).

The casting may be done by drawing lots or by partitioning where the prerequisites provided for in law are available. Where a property is unalterable and can not be placed in one of the lots, the court shall order it to be put out for public sale.

This phase of the division ends with a court decision that has the power of a notary deed on shared real estate and is subject to entry in the Registry Office on the location of the property.

Public sale of the real estate

Where the co-owner to whom the property is awarded fails to pay the remaining monetary equation within six months, the award decision is invalidated by law and the property is exported to a public auction.

In this case, the property may not be sold for public sale and assigned to another co-owner if it has made a request for an assignment, the legal prerequisites are in place, and he immediately pays the price at which the property is valued at the split, less the value of his share in it.

When making the sale, the distributors take precedence over the third parties involved in the sale, each of them being able to buy the property at the highest bid.

If several distributors wish to redeem the property at the highest price offered at the first sale, a new sale is only made between these dividers, which is carried out under the general rules.

After that the actual distribution is executed. With the help of an expert the court divides the real estate by creating of separate shares for each co-owner after which each of them receives his property by lot.

Each party of the case for judicial division pays the outstanding court fees according to the market price of the received share. There are no obstacles for the parties to make an agreement about the way of termination of the co-ownership during the judicial division and to arrange a court settlement.

June 24, 2018/by lawyer

Legal advices

Legal documents & apostiles

Most transactions involving real estate in Bulgaria require a notary at the location of the property. A notary may be used for a range of other dealings: to certify your signature on documents (for instance on contracts); to help you execute a Power of Attorney; to deposit a will for safe-keeping; to transfer a car or other vehicle, etc.

Bulgarian notaries are a regulated profession separate to Bulgarian solicitors (who are referred to as Bulgarian advocates), and Bulgarian notaries have a very specialised role. They function as trusted parties and repositories for certain types of formal business.

Notaries cannot also be members of the Bulgarian lawyer association, and being highly-specialised cannot generally assist with preparing the documentation or advising on the transaction or legal business you may be planning even though they are uniquely placed to help you give it formal effect. We are in a position to help you with these.

Scope of Notary Related Services

We draft and finalise all types of notary deeds — e.g. for the transfer of real estate through sale and purchase contracts, through gifts, by inheritance, etc. We are also in a position to advise you when and how to use the notarial form of contract to your advantage.

Because of our extensive experience and network of contacts among Bulgarian notaries, where more than one is available, we are able to liaise with them for you and ensure that you obtain the best service.

Verification of documents with an apostilles

Sometimes, if a document is required to be presented in Bulgaria but was signed or otherwise prepared outside Bulgaria, the document would need to be:

(a) certified; and/or

(b) apostilled

Apostillisation is designed to replace the older procedure of legalisation, and is governed by an international convention (we refer to this as “the Apostille Convention”).

An even simpler procedure may apply where the document was prepared in one of a small number of countries enjoying agreements for special assistance in civil and judicial matters with Bulgaria: contact us to find out if your country of interest is one of these.

By far the most common situation involves documents which do require an apostille. Apostilled documents are immediately recognised in all other Apostille Convention states simply by having a special seal (‘apostille’) attached, and can be used (subject to a certified translation) in place of notarised documents. In property transactions, apostilles may be needed on Powers of Attorney and on several of the documents in the procedure for company registration (if a company is used).

We can help you obtain apostilles. You just need to visit, getting the draft of documents HM Government’s office for apostille processing. This allows us to prepare an apostille for you and deliver the certified POA, etc, to Bulgaria within several days of your instruction.

In EUROPEAN countries, we maintain relations locally to allow us to apostille your document for use in Bulgaria as fast as possible. Equally, we can procure legalisations, certified and sworn translations of documents and certifications of documents produced or executed in Bulgaria for use in other countries. Contact us further for this.

Drafting of Notarial Deeds

Using a lawyer rather than a notary to prepare a notarial deed is wise for most property buyers or sellers. It commonly reduces legal costs by 0.5% of the purchase or sale price of the property.

Together with our thorough experience investigating property title and conducting Bulgarian legal due diligence, this creates a one-stop shop – we deal with both the formalities and the substantive protection of investors’ interests.

Given that Bulgaria still has a somewhat decentralised system for recording title, it helps to smooth the process that we maintain regular relations with the competent governmental authorities.

Certification OF LEGAL DOCUMENTS

We certify documents from other jurisdictions for use in Bulgaria and vice versa. The ones most commonly used are: certification as true copies; for the authenticity of signatures on them; for use in legal proceedings; as witness statements; and as sworn statements and affidavits. We also prepare/help execute Powers of Attorney (POAs).

Service process

We offer procedural representation in Bulgaria to clients involved in international legal disputes in administrative, civil and penal matters.

If you need our legal assitance, do not hesitate to contact us immediately ! Our law firm D. Vladimirov & Partners is here for you to support your business to start well and seamlessly, so that you will be able to take advantage of all the opportunities and options our country is giving you.

Call us for more information on + 359 897 90 43 91 or send us your inquiry on office@lawyer-bulgaria.bg

June 2, 2018/by lawyer

Legal advices

Purchase property in Bulgaria

Our law office D.Vladimirov & Partners provide a professional legal services to purchase property in Bulgaria.

The entire process of buying a property in Bulgaria is complicated so we need to check the ideal parts of the ownership right and also the land plot for lack of encombrances.

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.

Bulgarian land investment no longer requires company !

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.

Preliminary Contract

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

May 20, 2018/by lawyer

Legal advices, News, Personal

Bulgarian construction lawyer

Our lawyers have been involved in a wide range of construction projects, from small and medium size projects, such as construction of petrol stations, to major thermal power plants as Bulgarian construction lawyer.

We provide advice to investors, developers, financing institutions and government organisations.

Our thorough appreciation of the risks involved in property development and construction ensures we work together with our clients to minimise those risks.

Issue of Certificate for rough construction, roof level, (Act 14)

This act certifies that certain stage of the construction process is reached.

More specifically, the separate floors, staircases, outdoor and indoor walls, as well as the roof of the building are completed.

During the construction process the authorities issue an acceptance of the completed works by the investor and the supervisor

The completion of construction is certified by execution of a protocol (“Act 15”) which is signed by the investor, the designer, the contractor and the supervisor.

This Certificate called Act 15, the supervisor prepares a final report on the execution of the works.

The executor of the construction works hands over the building to the investor.

Issue of Certificate for Permission for usage (Act 16) – the building is completed in full at that stage. Bulgarian construction lawyer

It is examined by government construction authorities if it corresponds to the initial architectural project about which the building permission is received.

These four stages are absolutely obligatory and a must according to the Bulgarian Construction Law

Our law office provides professional consulting services and negotiaton assistanceship bteween the foreign investors and the construction contractors.

OUR LEGAL PRACTICE – CONSTRUCTION PROCEDURES

Throughout the years of our practice in the fields of construction law.

We actively took part into the development of folowing :

A/ infrastructural projects,

B/ linear and site infrastructure projects,

C/ gas stations, environmental

D/ water projects, waste treatment facilities construction projects, etc.

We have experience at all stages of the construction process – from the proper development of a detailed zoning plan procedure, giving the frames of the future construction project.

We are also able to provide legal advice upon the necessary demolition of equipment, whose operation is terminated.

We can assist you on a wide range of construction matters including:

pre-contract and tendering advice
drafting and negotiating of contracts
planning, environmental and building regulation issues
joint ventures, investment vehicles and funding
procurement structures and construction documentation
negotiating with local planning authorities
approval of designs, issuance of construction and operational permits
dispute resolution

We are used to work in each and every step of the construction process, including demolition of lawful buildings.

Our practice includes legal advice and drafting of

various types of contracts needed for the organization and implementation of the construction process, i.e. design contracts,
EPC contracts,
design supervision contracts,
construction supervision contracts.

We represent our clients in the negotiations on the specific terms and conditions, rights, obligations in the construction process.

Our team coordinates the necessary matters with civil engineers, designers and other experts who help us deliver first class and effective legal support.

Changes in the construction law

Аfter it came into force last month, changes in the law on spatial planning, which set the functions of the Ministry of regional development

The legal act to be divided into two separate, one will govern the territory, and the other will affect the investment process in construction.

The deputy hopes that with the new changes in the law will stimulate investment in construction.

Another major problem that hinders the investments, is the lack of general development plans of municipalities.

If you have any construction legal questions or issues in Bulgaria you need an expert lawyer to protect your rights.

May 9, 2018/by lawyer

Legal advices

Documents checklist property sale in Bugaria

Document checklist for property sale in Bugaria

Property title documents – certifying the title of the property.

Most frequent documents of ownership:

Title Deed, registered with the Registry Agency – title deed for purchase and sale, title deed for donation, title deed for exchange, notarized statement of ascertainment;
Deed with registration records;
Sales Agreement executed under the Ordinance on State-Owned Properties;
Sales Agreement, executed under the Municipal Property Act and the State-Owned Public or Municipal Real Estate Act. If executed after 1 June 1996, this Agreement has to be registered with the Registry Office.

Property Tax Evaluation Certificate – issued by the local tax office at the property do
Register a Joint-stock company in Bulgaria
micile. The Property Tax Evaluation Certificate has to contain an address identical to the address of the property as per the title deed, or in case of discrepancy, Certificate of Identity of Addresses has to be issued. The Property Tax Evaluation Certificate shall list all of property owners.

Property co-owners may not have any outstanding debts concerning the property (this means paying property tax and waste discharge fees), which shall be indicated in the Property Tax Evaluation Certificate.

Certificate of Marital Status of the seller(s), indicating the marital status of all owners as of the date of acquisition of the property. This certificate shall be issued by the Uniform System for Civil Registration and Administrative Services to Population department in the district of domicile of the owner.

Marriage Certificate of the seller, if applicable.

If the property is not acquired as marital property, it shall not be considered matrimonial property community (MPC); however, in case the address of the property is the address of registration of one of the spouses, a statement has to be filed, under article 26 of the Family Code, which shall evidence the respective spouse agrees to with the sale. This shall also apply for property acquired by inheritance, donation, and in general cases other than MPC.

If the property has any real rights registered, in order to execute the sale transaction, the user shall abandon all the real rights, established in their favour, by filing a waiver of the right to use the property. The waiver has to be signed in the presence of a Notary Public and shall be registered with the Notary Public’s file. In case the used is deceased, an excerpt of the Death Certificate shall be submitted.

In case the property is subject to partition – the document in question (contract, ruling), registered with the Registry Agency.

Plan of the plot, in case of transfer of land (land plot, yard or part of yard, where the property/apartment is built). It shall be issued by the technical service in the district of location of the property, and shall have a term of validity for 6 months.

In case the property has been received as inheritance – Certificate of Inheritance, Certificate of Death of the predecessor, Last Will and Testament.

In case the seller is divorced, the court ruling dissolving the marriage in divorce shall be presented.

Specific cases require different documents, which follow the property history and proves the title of ownership.

Certificate of Burdens for the property – to be issued by the Registry Agency, and including any and all ownership documents – from the date of the first Title Deed to the date of the last Title Deed, and in case of inheritance – a Certificate of Inheritance. In case the property includes land or shares of land, a plan of the property shall be enclosed as well.

In case the seller is unable to perform the formalities for a transaction personally, the seller shall have the lawful obligation to appoint another person to represent the Seller with a Power of Attorney. This Power of Attorney shall be notarized, and both the signatures affixed and the content of this Power of Attorney shall be certified. A declaration under article 25, paragraph 7 of the Notaries and Notary Practices Acts (NNPA) and a declaration under article 264, paragraph 1 of the Taxation and Social Security Code of Procedure (TSCCP) shall be issued.

An identity document, which confirms the identity of both the buyer and the seller (identity cards, certificates of good standing, and a decision of the competent body – in case the party under the transaction is a legal entity).

In case the transaction refers to transferring developed buildings – the respective documents issued by the builder/investor – building permits, architectural design and distribution of land, permit to use – Act Form 16, et al.

Other documents, according to the specifics of the transaction. Due to the diversity of documents possible, we recommend that the documents under this transaction be checked by a lawyer.

December 11, 2017/by lawyer

Legal advices

ANNUAL BALANCE & FINANCIAL STATEMENT

SUBMITTING ANNUAL BALANCE & FINANCIAL STATEMENT OF BULGARIAN COMPANIES

Every year the companies must publish annual financial statements for the past year, as the deadline for sole proprietors (which are subject to statutory audit) is 31st May, for limited liability companies (LLC) – by 30th June, and for all other entities– by 31st July.

Bulgarian companies must prepare their annual financial statements (referred as balance sheets) on the basis of International Accounting Standards (IAS), or on the basis of Bulgarian Accounting Standards for Small and Medium Enterprises (SMEs).Bulgarian companies, which do not exceed two of the following criteria during the previous two years :

Net asset value per December 31, less than BGN 8,000,000 ;
Annual turnover of less than BGN 15 million ;
Average number of employees less than 250.

choose between Bulgarian Accounting Standards for Small and Medium Enterprises or the International Accounting Standards (IAS ) to prepare and submit their annual financial statements. The companies from the public sectors, which are using public financial savings or funds , als o Bulgarian companies, which are issue a bonds or financial institutions are obliged to prepare and submit their annual financial statements on the basis of International Accounting (IAS ) Standards .

Companies in liquidation or bankruptcy prepare and present for their annual financial statements on the basis of Bulgarian Accounting Standards for Small and Medium Enterprises.

Bulgarian financial statements include:

Balance sheet, the income statement, the cash flow sheet, the capital sheet, Annexes

The information presented in the annual financial statements must also meet the following requirements:

– Intelligibility,

– Relevance,

– Reliability,

– Comparability

Companies which financial statements are subject to mandatory verification by independent auditors & accountancy needs to prepare an annual activity report. Once approved by the general meeting of shareholders, the Bulgarian companies must publish their annual accounts and annual financial statements under the following conditions:

Submission in the Bulgarian Trade Register before June 30 of the following year for Bulgarian regstered companies incorporated in the form of limited liability company (LLC) ;
Submission in Bulgarian Trade Register before 31 July of the following year for other legal forms (SA, etc.).

The managers or legal directors of the Bulgarian companies are responsible for the drafting, preparation, content and the publication of annual financial reports & activity statements of their Bulgarian companies within the time prescribed by law reports.

Should you need more information concerning this matters, send us a legal inquiry on info@lawyer-bulgaria.bg or call us now on + 359 897 90 43 91

December 11, 2017/by lawyer

Legal advices, News, Personal

Real estates lawyer Bulgaria

Our professional property lawyers team and assist the customer through the whole purchase or sale procedure from real estates lawyer Bulgaria.

Our Bulgarian lawyers, even they are real estate company’s lawyers guarantee and makes you sure that the transaction is legal,

The seller or the buyer understand each legal action

He works with purchasers, buyers and sellers of apartments, houses, plots of land, agricultural land, mortgages, bank loans, loan applications, tenants.

We advise always to use a property lawyer services because the past two years a lot of problems occurred with the real estates properties in Bulgaria.

Before it was believed that the real estate agent was enough to assist you.

+LEGAL CHECK OF DOCUMENTS

If you are a seller in a real estate transaction, our law firm can offer full legal services, including the following:

– we prepare a project and coordinate amendments to the text of a preliminary contract for sale and purchase of real estate;

– we inspect, advise and assist you in obtaining the necessary documents for the sale, including, but not limited to:

a certificate of tax assessment of the property;
certificate of marital status;
certificate of marital regime;
certificate of presence/absence of material encumbrances;
previous property acts;
cadastral scheme of the property by the GCCA, and others;
Filing a corrective declaration under Article 14 of the LTFA;

– we perform a check on the buyer – their representative power, availability of information about court cases against them, and other relevant information;

– we prepare and make amendments (if needed) to the draft title deed, assist our clients before the notary public and accompany the client on the day of the transaction;

– we assist our clients in obtaining possession of the property, including the preparation of a acceptance and delivery certificate, if such is needed and agreed;

– we coordinate the communication with the lending bank, if the buyer is going to use a loan for the purchase, we monitor the issuance of a letter of engagement;

– we cooperate, if the sale price will be paid through a trust account contract/escrow account;

In addition, although we are not financial advisers, we can provide you with guidance on the approximate real market price of the property, which you can receive from eventual sale.

We can represent you as a client in property issue throughout the whole process

If necessary, we can sign the new notarial deed on your behalf as seller and deliver possession of the property to your buyer.

We also offer legal assistance in solving problems related to the Cadaster and Property Register Act, problems with property boundaries, unresolved regulatory bills, precise registration of apartments, houses and plots in the schemes issued by GCCA, as well as with the preparation and supply of all the necessary documentation.

Should you have any questions or need information on the above legal services, please

But the Bulgarian property lawyer is the attorney who will be useful in practically all cases, including any legal stops in Bulgaria, contract negotiations and mortgages.

Some of the purchase contracts are standardized, others have ambiguous terms

In that case you need a property lawyer who is profound into the Bulgarian property legislation.

Our legal services include legal activities in following activities like:

Legal representation during sale and purchase of real property;
Provision of any documents required for the purposes of legally confirming property status;
Obtaining a certificate for entries, recordations or deletions;
Performing checks within the archive records at the Registry Agency
Legal check for the choosen property – a legal entity and clarifying circumstances that are vital for the transfer of the real property,
lawsuits against the seller, which may affect the property.
Drafting, preparation, signing, termination, and rescission of contracts for purchase and sale of real estate.

Preparation of notary notices for cancellation of preliminary contract for the sale of real estate.

Full legal assistance and representation in court during court cases for a refund of paid deposit as per a signed preliminary contract.

Legal representation by real property lawyer during legal proceedings under Article 19 of Contracts and Obligations Act for the announcement of a preliminary contract as final.

Full representation of a seller or a buyer during the signing of a title deed and the related procedure of declaring the property at the local municipality.

Legal representation during court proceedings for property aqusition.

Valuation of real estate properties by a competent licensed appraiser and obtaining the relevant valuation within a period of up to few days.

Our work for investor clients is at the heart of our real estate lawyers group.

We are committed to all aspects of the real estate law and we are able to service all requirements of our real estate investor clients. Real estates lawyer Bulgaria

Our experience includes not only the preparation of straightforward sales, purchases and leases but also the preparation of most complex deals

Legal advice on the structuring and financing of such deals.

Our real estate lawyers work in close cooperation with our tax law experts in order to provide you with a working solution that is to meet all your requirements and to cover all aspects of your deal.

In particular, our work in this area includes:

Preparation of due diligence reports related to prospective purchases or leases of real estates;
Preparation of sale agreements;
Preparation of short or long term lease agreements;
Advice on the organization of the design and construction processes;
Preparation of construction agreements;
Preparation of design agreements;
Review and preparation of agreements with supervision companies;
Organization and preparation of deals that require an escrow payment;
Provision of tax advice on all aspects of the real estate deals.

December 10, 2017/by lawyer

Legal advices

Management of Condominium Buildings

Public relations regarding the management of common parts of buildings under condominium ownership arrangements and rights and obligations of owners, tenants and occupants of individual units or parts thereof, are regulated under the Condominium Ownership Management Act (COMA), (effective as of May 1st, 2009, published in the State Gazette, issue 6, dated January 23rd, 2009, amended in SG, issue 15 dated February 23rd, 2010, amended in SG, issue 8 dated January 25th, 2011, amended in SG, issue 57 of July 26th, 2011).

The special regime of management of the common parts of buildings under condominium ownership arrangements is introduced for buildings in closed residential complexes shall be arranged with a written contract, with notarized signatures, with the investor and the owners of individual units, which are parties thereto. The agreement has to be registered with the Registry Agency on the lot of each individual unit by the investor, and shall be referenced to subsequent purchasers.

Exceptions to the management of the common parts of buildings under condominium ownership arrangements are introduced for buildings, which contain up to three independent units, which are property to more than one owner. In these cases, the provisions of article 30, paragraph 3, article 31, paragraph 1 and article 32 of the Property Act shall apply.

Condominium Management shall cover procedures and shall supervise the use and maintenance of the common areas and compliance with the building internal regulations under condominium ownership arrangement, and the supervision over the fulfilment of the obligations of the owners, users and residents.

Forms of Condominium Management are the General Meeting and/or the Association of Owners.

The management bodies are: the General Meeting and the Managing Board (Manager).

The General Meeting of the Association shall be authorized to make a decision, adopted by a majority of more than 50 percent of the represented shares in the association, to assign the powers of the Management Board (Manager) to non-owner individuals. The contract for authorization shall be executed by a person, authorized by the General Meeting of the Association.

Expenses for the management and maintenance of the common parts under the condominium ownership arrangement will be equally shared by owners, users and residents.

Repair, renovation, reconstruction and rehabilitation of common parts or replacement of common facilities and equipment shall be carried out under the decision of the General Meeting of owners. The General Meeting of the owners or the Association establish and maintain a Repairs and Renovations Fund. Expenses for repairs, renovation, reconstruction and rehabilitation of the common areas, referred to in the respective decision of the General Meeting of owners, shall be distributed among the owners of the individual units, proportionate to the notional shares of the common parts of the building, held by them.

For any issues, not covered by the COMA, the provisions of the Ownership Act will apply.

The list of main obligations to be complied with includes, but shall not be limited to: to not prevent all other owners, operators and occupants from using all common areas of the building; to not cause damage to common areas; to not rent them; to not participate in activities, which cause excessive disturbance and inconvenience to other occupants; to fulfil the decisions of the General Meeting; to make payments for the expenses required; to comply with the sanitary and hygiene standards, et al. A Condominium Log has to be organized, kept and maintained in each building which should contain the relevant information on the property, owners, users, et al. The decisions of the governing bodies, adopted in accordance with the condominium ownership arrangements, shall be absolutely mandatory for all building owners.

Often, property owners who are foreign nationals employ management and maintenance companies to perform all internal organization works for the building, pay bills, collect payments from owners, rent apartments on their behalf, et al. Services of such companies can be easily found through the internet. It is strongly recommended to sign a contract with such a company and follow the advice of your legal counsel.

December 9, 2017/by lawyer

Legal advices

Termination of shareholder

Termination of participation Ltd and leaving partner – rules and consequences.

The limited liability company (LLC) is one of the most common forms of organization of business. This is due, among other reasons, and has long recognized its dualistichnost – although Ltd. is a capital company it shows some deviations that correspond to the essence of unincorporated enterprises. Examples include the regulation of rights and freedom in which they occur, exercise and termination resemble those partnerships.

Therefore reveal peculiarities and possibilities of termination of membership relations of the partner as the latter is more difficult to be freed of adjacent its involvement than a typical capital company, since the law provides for additional requirements for the sale of its units.

Leaving partner

The departure of a partner is regulated in art. 125, para. 2 of the Commerce ActWhich provides potestativno subjective right partner to terminate its participation in the company. Regardless of the reasons for leaving, his right is transformative, regardless of whether it violated his duties as a partner. Leaving has its practical applicability as a way out of the company’s inability to sell a share. It is exercised by a written statement, the legislature uses the term “notice” that statement needs a receipt, written form of reality. There is time – the partner must notify the company of their intention three months before the termination of his membership. The length of time is governed dispositive and articles of association may provide for another term.

Moment that occurs termination of membership relationship is not explicitly defined in law, but the case law assumes that termination should be considered as occurring ipso facto at the time of expiry of the period as for the adoption of a further resolution of the General Meeting of the company does not exist (so in Decision № 46 of 22.04.2010 of the SCC under item. e., the № 500/2009, II t. o., TC ). This solution meets the potestativniya nature of the right to associate. The entry of termination of membership relationship is warning, but not constitutive effect. Next – the settlement of property relations on the occasion of the termination is a result, but in no case provided for its occurrence. consequences

Termination of shareholder

Termination of membership relationship entails the multiple effects as in practical terms the outgoing partner should first be noted pecuniary consequences that each sadrzhunik leaving (exit) aims to achieve. Exit, in this sense, an opportunity for a partner who could not sell its stake in the company for any reason, however, to indemnify the same while terminate its relationship with the company.

Termination is the former partner transformative effect on the occasion of his relationship with the company – the same one occurs monetary claims he is entitled to receive a cash equivalent, a feature of interest in the company. Art. 125, para. 3 defines how to govern the property consequences – namely, based on the balance sheet at the end of the month in which the termination occurred. Basis for making money is an interest to a partner, the amount of which is determined according to its share capital (Art. 127 CC). It is possible the partner to get something else, but this is a consequence of an addendum instead of giving performance between the shareholder and the company. As a rule, chargeability making departed partner comes to the moment of his departure (the deadline).

A major interest for each partner who wishes to have information about their legal options for monetary satisfaction by participating in an LTD is a provision of Art. 125, para. 3, which determines the timing of the balance sheet that will calculate its claim. Jurisprudence ( Decision № 224 of 10.09.2010 of the SCC under item. E., The № 765/2008, II t. O., TC) Assumes that this statutory provision is mandatory in nature and the partners can not overcome it with any agreement to the contrary, neither provision in the articles companies. Personal companies. Company limited liability). Such an agreement would be void pursuant to Art. 26, para. 1 of CPA. In this sense it appears and void proviso that outgoing partner will be satisfied, as the basis for calculations adopt the annual financial statements of the company.

The balance sheet will determine which assets and liabilities should be taken into account when calculating the monetary value of a share. Pursuant to Art. 125, para. 3 Commerical law raises the question of how exactly to calculate the value of the property, in particular that of tangible assets (FTA). According to the obligatory practice of the SCC value of fixed assets in the form of a share according to art. 125, para.3 Commercial law should be determined by experts in compliance with the provisions of the repealed Law on Accounting, Art. 13 in conjunction. With § 1, p. 3 dopaltnitelnite provisions and any applicable accounting standards (Decision № 87 of 6.06.2012, the SCC under item. E., The № 468/2011, II t. O., TC).

Termination of shareholder

The decision should be considered obsolete, because References to the provisions did not alter its meaning essentially. The cost of fixed assets will be formed by the historical cost of acquisition or such other price which corresponds to the accounting standards – namely fair price. The definition of fair value has remained the same and the adoption of the new Law on Accounting, “the amount for which an asset could be exchanged, or a liability can be redeemed at arm’s length transaction between knowledgeable, willing transaction buyer and seller.

She’s selling price, stock exchange price or market price. “The annual financial statements should not serve as a basis for calculation. The ultimate goal, the fair amount that outgoing partner should receive is achieved with an inventory and evaluation of assets (and liabilities) of the Company accounted for and valued the time stipulated by law. It should be pointed out that the balance sheet has no binding court material probative and challenge the underlying accounting entries regularity them subject to an express check, while failure of such interim balance sheet of the debtor, on conclusion of the admitted and heard in the course of proceedings specialized legal and economic expertise . Termination of shareholder

With respect to the same are used for general rules of art. 195 et seq. CCP, according to which the conclusion of the experts is not absolute proof in the case, regardless of the action taken or not challenge his party. With respect to the same are used for general rules of art. 195 et seq. CCP, according to which the conclusion of the experts is not absolute proof in the case, regardless of the action taken or not challenge his party. With respect to the same are used for general rules of art. 195 et seq. CCP, according to which the conclusion of the experts is not absolute proof in the case, regardless of the action taken or not challenge his party.

As a conclusion, it should be pointed out that although the shareholding which serves to determine the making of outgoing partner to resemble a liquidation share, it differs from it in the operative event and, therefore, should not be treated equivalent. Their value may substantially differ. Termination of shareholder

October 17, 2017/by lawyer

Uncategorized

Registration of tour operator and travel agent

Tour operator or travel agency activity in the Republic of Bulgaria only be performed by registered under tourism entities (merchants). The procedure is regulated in detail in Art. 17 et seq. Of Chapter IV, Section I of the PA. Registration is done by the Minister of Economy, Energy and Tourism (MEET) in the register of tour operators and travel agents (RTTA), which is public.

Legal requirements

Documents for Selling Real Estate

For tour operator or travel agency activity in the register fits a person who meets the following requirements: a trader within the meaning of the Commerce Act or legal person is entitled under another law to implement economic activity; have staff with appropriate education, language skills and experience; person performing management functions tour operator or tourist agency has appropriate education, language skills and experience; It has secured suitable premises for tour operator or travel agency activities; It has signed a preliminary contract for insurance under Art. 42, para. 1 of PAs; It is not in liquidation or bankruptcy; It has made no tour operator or travel agency activity without license / registration in the last 12 months;

Nessesery documents for registered persons shall submit an application form stating: type of tourism, for which registration is sought, the name and address of the registered office, address and identification code, if any, and at the tourist site.

Documents (applications)

The application for registration shall be: copies of documents certifying that the entity has the right under another law to implement economic activity; declaration that the person is not in bankruptcy or liquidation; Information for education, language skills and experience of staff who will be engaged in the realization of tourist activity;copy of the documents certifying their education, experience and language skills of the person performing management functions tour operator or travel agency activities; reference location, suitability and equipment of rooms for the exercise of tour operator or travel agency activities; a copy of the title deed or lease, as well as another document from which derives the right to use the premises, valid for at least one year from the date of application; a copy of the preliminary contract for insurance under Art. 42, para. 1 of PAs; a declaration that in the last 12 months prior to submitting the application, the applicant has not performed the tour operator or tourist agent activity without license / registration and has not revoked license / registration canceled for tour operator or travel agency activities; document for paid fee for handling documents according to the tariff of MS. that in the last 12 months preceding the application, the applicant has not performed a tour or tourist agent activity without license / registration and has not revoked license / registration canceled for tour operator or travel agency activities; document for paid fee for handling documents according to the tariff of MS. that in the last 12 months preceding the application, the applicant has not performed a tour or tourist agent activity without license / registration and has not revoked license / registration canceled for tour operator or travel agency activities; document for paid fee for handling documents according to the tariff of MS.

Consideration of application for registration

The application for registration of a travel agent / tour operator together with the documents attached thereto shall be submitted to the Ministry of Economy, Energy and Tourism. Expert Commission for registration of tour operators and travel agents consider the applications within two months from the date of their submission and rule on them with a reasoned proposal to the Ministry of Economy of the registration or refusal of the registration. If the deficiencies or irregularities in the documents submitted by the trader ECRTTA 30 days to correct them. Minister of Economy, Energy and Tourism based on the proposal of ECRTTA within two months of receipt of the application to the ministry with registration and issue a registration certificate or motivated refuse the registration.

Other conditions

refusal of registration may be appealed under the Administrative Procedure Code (APC). The registration and the registration certificate is valid indefinitely. Rights registration can not be transferred or ceded. Registered persons shall issue a certificate of registration, which is placed prominently on the tourist site.

For the examination of documents and entry in the register of tour operators and travel agents collect fees tariff approved by the Council of Ministers. Currently, state registration fees for travel agent amounted to 2,500 lev, while tour operator – 5000 lev registration requirements are specified in an ordinance adopted by the Council of Ministers (see. The Ordinance on the staff of tour operators or travel agents to face performing management functions of the tour operator or travel agency activities, and to spaces for tour operator or travel agency activity). It is expected that the adoption of the new Law on Tourism, which regulates cases of sale of travel services over the Internet.

October 16, 2017/by lawyer

Posts

Legal division of property

First stage of the legal division of property

– Second phase of the judicial split of property

Legal documents & apostiles

Scope of Notary Related Services

Verification of documents with an apostilles

Drafting of Notarial Deeds

Certification OF LEGAL DOCUMENTS

Service process

Purchase property in Bulgaria

Property legal check-up

Preliminary Contract

Signing the Notary Act

Find independent legal advice for purchase property in Bulgaria

Bulgarian construction lawyer

Issue of Certificate for rough construction, roof level, (Act 14)

During the construction process the authorities issue an acceptance of the completed works by the investor and the supervisor

The executor of the construction works hands over the building to the investor.

OUR LEGAL PRACTICE – CONSTRUCTION PROCEDURES

We can assist you on a wide range of construction matters including:

Changes in the construction law

Document checklist for property sale in Bugaria

Real estates lawyer Bulgaria

Before it was believed that the real estate agent was enough to assist you.

We can represent you as a client in property issue throughout the whole process

Our legal services include legal activities in following activities like:

Legal representation during court proceedings for property aqusition.

Legal advice on the structuring and financing of such deals.

In particular, our work in this area includes:

Leaving partner

Termination of shareholder

Registration of tour operator and travel agent

Legal requirements

Documents (applications)

Any more questions? Call us on + 359 897 90 43 91 !

Cookie and Privacy Settings