Our clients choose us because they know we understand their objectives and offer them legal support by getting the documents transfer of property.
We regularly handle transactions for the world’s leading investment banks, private equity funds, hedge funds, pension funds, REITs and sovereign wealth funds.
Increasingly they are cross border, highly structured and involve sophisticated financing arrangements.
We support our clients in their most important real estate projects on an international basis.
1. Property title documents transfer of 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.
2. Property Tax Evaluation Certificate – issued by the local tax office at the property domicile.
The Property Tax Evaluation Certificate has to contain an address identical to the address of the property as per the title deed.
Property co-owners may not have any outstanding debts concerning the property, which shall be indicated in the Property Tax Evaluation Certificate.
3. Certificate of Marital Status of the seller(s), indicating the marital status of all owners as of the date of acquisition of the property.
4. Marriage Certificate of the seller, if applicable.
5. This property is not acquired as marital property, it shall not be considered matrimonial property community;
6. 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.
The waiver has to be signed in the presence of a Notary Public and shall be registered with the Notary Public’s file.
7. In case the property is subject to partition – the document in question (contract, ruling), registered with the Registry Agency.
8. Plan of the plot, in case of transfer of land (land plot, yard or part of yard, where the property/apartment is built).
9. In case the property has been received as inheritance
10. If the seller is divorced, the court ruling dissolving the marriage in divorce shall be presented.
11. Specific cases require different documents, which follow the property history and proves the title of ownership.
12. Certificate of Burdens for the property – to be issued by the Registry Agency
13. In case the seller is unable to perform the transaction personally, he needs to appoint another person 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.
14.A declaration under article 25, paragraph 7 of the Notaries and Notary Practices Acts and a declaration under article 264, paragraph 1 Tax Code
15. An identity document, which confirms the identity of both the buyer and the seller
16. In case the transaction refers to transferring developed buildings – the respective documents issued by the builder/investor
17. 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.
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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.
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
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:
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
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.
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The new legal regulation is mainly provided within Chapter 13 of the Bulgarian Commercial Act (Art.113-157) and particularly in Art. 129 and Art. 130 of the Commercial Act. Art. 129 regulates the principle possibility that a certain proportion of the shares could be transferred and inherited.
The changes in commericial legislation provides new requirements, depending on whether the shares are transferred to an individual who is already a shareholder at the company or to a third party. Therefore, both options shall be treated individually.
These are two declarations relating to transactions in enterprises and the transfer of shares.
One is under Art. 16, para. 2 of the Act, which reads: “Entry shall be effected upon presentation by the alienator of a declaration according to a model that there are no required and unpaid obligations under Art. 15, para. 4. The Registry Agency shall immediately notify the Executive Agency “General Labor Inspectorate” of the submitted declaration. The order for the notification shall be determined jointly by the Executive Director of the Executive Labor Inspectorate and the Executive Director of the Registry Agency.
The second declaration is under Art. 129, para. 2 of the Commerce Act. The text reads as follows: “The transfer of the shareholding shall be effected by a contract concluded with a notary certification of the signatures and the contents carried out at the same time, and shall be entered in the commercial register after presentation by the manager of the company and by the claimant, and outstanding obligations under para.1., Article 16, para. 2-4 shall apply accordingly “
The registration procedure in BUlgaria has been regulated by the Bulgarian Commercial Register, which entered into force as of 01.01.2018, in compliance with Ordinance № 1/2007 on the management, safekeeping and access to the commercial register and to the register of non-profit legal entities. The registration is being executed through an application to the Commercial Register, which provides distant access for filing of the applications.
The share transfer of a limited liability company in Bulgaria constitutes a change of circumstances concerning this company, whereby the necessary documents for the registration of similar changes within the Commercial Register are expressly regulated by Art. 21 of the Ordinance.
If you need more information, just send us your legal inquiry at info@lawyer-bulgaria.bgor call us now on + 359 897 90 43 91. Out law office will support you legally by your company transfer shares !
According to the legislation the Bulgarian courts will freeze bank accounts of debtors and abroad after issue an European preservation Order.
Lenders will be able to require the freezing of assets of debtors and abroad,This was made possible by amendments to the Civil Code.
The amendments to Bulgaria accepted procedure called. European order for attachment of bank accounts.
It’s about an EU legal instrument whose purpose is to facilitate cross-border debt recovery in civil and commercial matters.
Cross-border debt recovery
The regulation, which establishes the procedure began to apply from January 18, 2017.
Cross-border work is in two hypotheses.European Account Preservation Order.
The first is where the creditor lives in the country – an EU member and the court imposing garnishment, bank account and subject to freezing, located in another Member State.
The second court in one country and bank account – in another.
The authority entitled to issue a European arrest is the first instance court if the request for a lien to be done before examining the merits of the case.
There is however an opportunity for the applicant to request an order at any stage of the case by the court sees it.
If this happens in those proceedings, the order is issued by the appellate court.
Obtaining European preservation Order is available as an option in all phases of the litigation process
The creditor would be interested to secure prospective proceedings, as well during a pending lawsuit, and also in cases where court decision (or similar) has already been obtained and the judgment creditor needs to secure its enforcement.
If the court refuses to issue an order, the creditor may appeal an interlocutory appeal.
If the failure is ordained of appellate jurisdiction, the appeal before the Supreme Court.
Cross-border work is in two hypotheses.
The first is where the creditor lives in the country – an EU member and the court imposing garnishment, bank account
The subject of the EPO to freezing, located in another member State.
The authority entitled to issue a European arrest is the first instance court if the request for a lien to be done before examining the merits of the case.
There is an opportunity for the applicant to request an order at any stage of the case by the court sees it.
If this happens in those proceedings, the order is issued by the appellate court.
If the court refuses to issue an order, the creditor may appeal an interlocutory appeal.
If the failure is ordained of appellate jurisdiction, the appeal before the Supreme Court.
The debtor will be able to seek annulment of the order in the same order.
The European accounts Preservation Order will be a good option for the local creditors, whose debtors reside on the territory of the European Union.
Contact us for more information on + 359 897 90 43 91 or send us email office@lawyer-bulgaria.bg
lawyerhttps://lawyer-bulgaria.co.uk/wp-content/uploads/2016/03/ilodplogo-300x96.pnglawyer2018-02-10 13:21:332023-01-29 13:01:59European preservation Order
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.
lawyerhttps://lawyer-bulgaria.co.uk/wp-content/uploads/2016/03/ilodplogo-300x96.pnglawyer2017-12-11 11:48:542017-12-11 11:48:54Documents checklist property sale in Bugaria
Selling your house, land or apartment is a very important action, particularly if it is owned by a domestic registered limited liability company in your name.
Our legal department has prepared this article in order to lead you through this procedure which may look like a labyrinth , but in fact is quite easy and straight forward when you know what exactly you need and which step follows next.
Real property agents may try to conceal the tax complications which may arise from selling a real property at a price higher than the price of initial purchase under the Title Deed.
Should the occasion arise, the owner of the property, i.e. the domestic limited liability company owes capital gains tax.
Please take into consideration that the legal aspect of the transaction is the one which will ensure the positive financial outcome of it, by ensuring you are not liable for damages due to making misleading statements in the new Title Deed (drafting a Title Deed is one of the services we offer).
Please also note that you will need to do the following before you initiate the sale:
– ensure the property or the company that owns the property is in good standing (cadastre registration, no outstanding payments for taxes, no encumbrances on the property, et al.)
– getting up to speed on the current real property market situation and any possible Capital Gains tax complications after the sale – get information on fair market values of similar properties in the area in order to correctly determine the going price of your property.
If you own the real property through a company, selling a property entails some accounting costs as well.
– marketing the property – make sure any real estate brokers or agents are marketing the property at the asking price; ensure also that you will only pay the requisite fees after the actual signing of a Title Deed.
Please note that in case you are selling a property through a company, you should require a VAT invoice for any and all fees payable.
The full price for the sale should be listed on the Title deed before signing.
Make sure any and all reservation deposits are transferred to your account and not to the real estate agent account, as there is a risk of the real estate agents acting unfairly and keeping the deposit.
We are happy to prepare the relevant documents and act/negotiate on your behalf to protect your legal and financial interests before real property agents and to guarantee you will receive all amounts payable to you and to ensure you get the full benefit from your sale. Consider hiring us to act on your behalf a good move.
How to find the right buyer for your property is easily the hardest part of the process.
We can help you by examining your documents and help you in listing your property for sale.
After having successfully found a buyer, we will collect information from the buyer about their selected method of funding the transaction (by way of example – a mortgage loan).
A crucial element of our job is to ensure a smooth sale process.
We will act in good faith on your behalf and ensure that you received the deposit and mediate in paying the legal fees for obtaining the requisite documents.
– Obtaining the requisite documents for the sale of your property in Bulgaria. Please be aware that this is a lengthy process – application for documents are filed to the Land Registering Agency, to the Cadastral Agency, the National Revenue Agency, et al. Please also be aware that your prospective buyer (or their lawyer) may require examining the documents before agreeing to go through with the purchase.
– Please be advised of the Cadastral Plan particulars as regards to properties. Your property needs to be registered with the Cadastre Agency and prior to selling your property, you need to obtain a Cadastral Plan and present it to a Notary Public.
This is particularly important for properties you own in Sunny Beach, Bansko, Pamporovo, Kavarna, Sozopol, et al., since it is there that a Cadastral Plan is existing already.
For further details on the Cadastral Plan, please visit our section “Cadastral registration”.
– Effectuating the sale: You have two options at your disposal.
You can go for direct signing of the Title Deed for the sale of a property, or you can do a preliminary contract first, against the receipt of a deposit payment.
Naturally this is the key point of the sale process and we will be happy to assist you in creating both the preliminary agreement and/or the Title Deed for sale, based on your existing documents.
We will have those translated and approved by you prior to signing.
It will also be our responsibility to set an appointment with a local notary public acting in for the area of location of your property. You can also authorize us to appear before the Notary Public on your behalf and save yourself a trip to Bulgaria.
– Post-sale: After you complete the sale and sign the Title Deed, we can provide you with a copy and we can help you deregister it from your file with the Bulgarian Revenue Agency to make sure you are no longer paying local property taxes for that property.
We also offer the service of exchanging the public utility company batch registrations.
List of legal documents, needed for the sale of properties in Bulgaria
The main document proving your ownership is the Notary Deed.
You should have received it when you first bought the property. If you by any chance have lost it it doesn’t mean you have lost your ownership. Contact your agent for assistance to have a notarized copy issued from the notary who has initially signed the deal.
You need additionally the sketch for the property – the sketch is issued by the local technical department in the Municipality where your property is located.
The sketch could be ready in 24 hours. In order to put a request for a sketch you will need a copy of the notary deed.
Once a sketch is issued it is valid for 6 months. After that the whole procedure should be done again!
The next documents, which is nessesery for the sale of property in Bulgaria is a valid Tax Evaluation Document, issued by the Local Tax services Office in the Municipality where your property is located.
If you are selling the property as a phisycal person, you will need to have a document stating your Marital Status.
This document you should supply from your own country and get it translated and legalized in Bulgaria.
If the property has been bought during your marriage you will need a letter of attorney by your spouse for the deal. So for this it is important what was your marital status by the time when you have purchased the property.
One of the documents, which will be needed is a legal certificate of lack of encumbrances– this document states that there are not established real rights in favor of third persons for the property you are selling.
This document is issued by the Registry Service in your Municipality.
When submitting a request you have to provide the notary deed for the property. If the property has land you have to supply a sketch as well.
This document is valid only 24 hours. Some notaries do not request this paper as they are checking it automatically at the day of the deal.
Legal declaration for citizenship and marital status as per article 25. 7 from the Notary Law act.
This document should be filled before the Notary public on the day of the transfering of the ownership over the property.
Legal declaration stating that you don’t owe any taxes to the Republic of Bulgaria.
In case you as an owner will not be present at the deal , make sure that you have an accurate letter of attorney signed and notarized ( apostilled) by you with which you empower a lawyer or someone you trust to sign on your behalf and on your account !
Property is owned by a company
……you need to provide a company decision for the purchase / sale of property If you own the property as a company you will need a written decision of the share holders in the company that you have decided to sell this property which is an asset of the company.
It should be signed by all shareholders and stamped.
By law when providing this paper there is no need all the shareholders to be present at the deal as far as the manager is present but many Notaries will require it!
Please note that in some cases you may need additional papers due to some complicated form of ownership. In each case we advise you to use us for your own security!
We would like to advices you not to forget you passport !
Our law office will represent you and provide guidance in each of the steps listed.
Please contact us if you have any questions or if you need any assistance on the matters detailed herein.
https://lawyer-bulgaria.co.uk/wp-content/uploads/2016/06/debt-recovery.jpg417626lawyerhttps://lawyer-bulgaria.co.uk/wp-content/uploads/2016/03/ilodplogo-300x96.pnglawyer2017-12-08 11:30:482022-04-20 12:17:00Selling your Bulgarian property
Registration of travel agency / tour operator license
The Bulgarian legislation have several requirement for register a travel agency in Bulgaria. In order to act as tour operator or travel agency (travel agent) in Bulgaria, the agency is necessary to cover certain conditions which are expressly and exhaustively listed in the new Tourism Act of 2013. First person must be a trader within the meaning of the Commerce Act or a legal person under another law have the right to carry on business. Secondly, these persons must be registered in a special public register of tour operators and travel agents, which is supported by the Ministry of Economy, Energy and Tourism.
Tour operator or travel agency activities could be registered under the Tourism Act and may perform the following :
Persons entitled to carry out such activity on the Bulgarian legislation;
Persons who are entitled to carry out such an activity under the law of another Member State of the European Union;
The top category of persons, but only electronically.
To be able to function as tur operator or travel agency, persons entitled to carry out under Bulgarian law must implement a number of documents to its application for registration. Submit the following documents: a declaration form for registration in the Commercial Register, indicating the UIC or copy of a document certifying that the applicant has the right to conduct business under a special law, a declaration that the sole proprietor is not under guardianship reference a model number, location, suitability and equipment room for tour operator and / or tourist agency, a copy of the deed to the room for the activity or copy of a Contracting Second lease or other document from which derives the applicant’s right to use the premises for the activity, reference form for education, language skills and experience of staff who will be engaged in the implementation of tourism, a copy of the documents certifying their education, experience and language skills of person performing management functions of the tour operator and / or travel agents, a copy of the preliminary insurance contract, a statement by the applicant that is not associated with a merchant whose Registration for tour operator and / or tourist agent activity has been deleted or that was not a merchant declared bankrupt or has been denied registration, power of attorney in original, when the application is submitted by an attorney and a document for paid application fee documents.
Registration of travel agency
Persons who are entitled under EU law to perform in Bulgaria business as a tour operator or travel agency must submit a few documents compared to the first category of persons. The documents that are required to provide when submitting their application for registration, are connected with the right to develop this activity in the foreign country of domicile and address their management, and document representing insurance or any financial security that document guarantees the responsibility of the applicant for damages caused as a result of not paying its contractors, including insolvency and bankruptcy. Persons registered as tour operators or travel agents in an EU country
In the event that persons wishing to carry out a tour or tourist agency only electronically, then the application, which was submitted for the registration in the register of the Ministry, except those documents / except those related to room / should submit and a specific declaration declare that they will operate only electronically, and document certifying the ownership of Internet addresses in that domain.
A key requirement for companies who wish to be entered in the register of tour operators and travel agents is properly staffed – in terms of education, language skills and experience. The same goes for the person who will manage and represent the company.
Another essential requirement is the provision of suitable premises for the implementation of the action must be borne in mind that the law contains very specific requirements in terms of location, type of equipment and the workplace. Last but not least is required and signing the preliminary contract of insurance with a licensed insurer. Negative assumptions, which may not be available to implement the public register are the following: the person should not be in liquidation or bankruptcy in the 12 months
The entry in the register shall submit a written application to the Ministry, enclosing a number of documents certifying compliance with the requirements of the law – statements, reports and other documents. The deadline for a ruling for registration is two months from receipt of the application and if allowed registration of the person, the Minister shall issue a certificate of registration, which should be placed prominently on the premises of a tour company.
Control bodies, which ensure compliance with the above requirements are the Ministry of Economy, Energy and Tourism, the Commission for Consumer Protection. For offenses such as making a tour operator or travel agency activity without holding a registration certificate to contract with a registered tour operator or travel agent, a person carrying out tourist activity in categorized tourist site with an unlicensed carrier with personnel who do not have adequate professional qualifications and experience; non-issuance of travel voucher tourists under defined in the Law on Tourism, as well as a number of other offenses listed in the law, financial penalties, whose sizes range from 500 to 20,000 lev, depending on the type of offense committed. Registration of travel agency
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