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.
These transactions are increasingly cross-border, highly structured, and involve sophisticated financing arrangements.
We support our clients in their most critical real estate projects on an international basis, ensuring compliance with local regulations and seamless execution.
List of Documents for Transfer of Property in Bulgaria:
1. Property Title Deed (Notary Deed): This essential document proves ownership and must be signed before a notary and registered in the Registry Agency.
2. Land Registry Extract: Provides detailed information about the property, including boundaries, area, and any encumbrances.
3. Municipal Tax Assessment Certificate: Confirms that all property taxes and fees are up to date according to local municipality records.
Other Specific Documents: Depending on the property type (e.g., agricultural land, historical buildings), additional documents may be required.
Navigating the property transfer process in Bulgaria requires meticulous attention to these documents to ensure compliance with local laws and regulations, facilitating a smooth and legally secure transaction.
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.
https://lawyer-bulgaria.co.uk/wp-content/uploads/2016/09/42250012_l.jpg16722508lawyerhttps://lawyer-bulgaria.co.uk/wp-content/uploads/2016/03/ilodplogo-300x96.pnglawyer2018-06-24 13:09:342024-06-27 14:07:42Documents transfer of property
In Bulgaria, property ownership can take various forms, each with its own legal implications.
The two primary types of property ownership are freehold and leasehold.
Freehold ownership grants the owner full rights over the property, including the land it sits on, while leasehold ownership involves the right to use the property for a specific period.
Legal Framework and Regulations:
The legal framework governing property division in Bulgaria is primarily based on the Civil Code and the Ownership Act.
These laws define the rights and obligations of property owners, ensuring a transparent and secure real estate environment.
It’s essential for property owners to familiarize themselves with these regulations to navigate the division process smoothly.
In Bulgaria, property transactions are typically executed in the presence of a notary public, who ensures the legality and authenticity of the documents involved.
Notarization is a critical step in the property division process and provides a legal foundation for ownership changes.
Property Division Process:
The legal division of property in Bulgaria involves several key steps:
1. **Due Diligence:**
Before initiating the division process, it is crucial to conduct thorough due diligence on the property.
This includes verifying ownership, checking for any encumbrances or debts associated with the property, and ensuring compliance with zoning and building regulations.
2. **Agreement of Intent:**
Parties involved in the division must draft and sign an Agreement of Intent.
This document outlines the terms and conditions of the division, including the share each party will receive and any financial arrangements.
3. **Notarial Deed:**
The next step involves the preparation and signing of a notarial deed before a notary public.
This document officially transfers ownership and must include details such as the property description, purchase price, and the parties involved.
Once the notarial deed is signed, it needs to be registered with the local Property Registry.
Registration ensures that the ownership change is officially recognized and provides legal protection for the new owners.
Tax Implications:
Property division in Bulgaria may have tax implications, and it’s essential to be aware of these considerations.
Capital gains tax, transfer tax, and other fees may apply, depending on the specific circumstances of the division.
Seeking advice from a tax professional is recommended to navigate the tax aspects successfully.
Understanding the legal division of property in Bulgaria is paramount for both local and international investors.
By following the proper legal procedures, conducting due diligence, and seeking professional advice when needed, individuals and businesses can ensure a smooth and legally sound property division process.
With its transparent legal framework and scenic landscapes, Bulgaria continues to be an attractive destination for those looking to invest in real estate.
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 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.
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.
What are the primary types of property ownership in Bulgaria?
In Bulgaria, the two main types of property ownership are freehold and leasehold. Freehold ownership grants full rights over the property and its land, while leasehold ownership provides the right to use the property for a specified period.
What legal framework governs property division in Bulgaria?
The legal framework for property division in Bulgaria is primarily based on the Civil Code and the Ownership Act. These laws outline the rights and obligations of property owners, ensuring a transparent and secure real estate environment.
What rights does freehold ownership confer in Bulgaria?
Freehold ownership in Bulgaria grants the owner comprehensive rights over the property, including both the structures and the land. Owners have the freedom to use, lease, sell, or transfer the property, subject to legal limitations.
How is leasehold ownership defined in Bulgarian property law?
Leasehold ownership in Bulgaria involves the right to use a property for a specified period. While the lessee has certain rights during the lease term, the ownership of the land and structures remains with the lessor. The specific terms and conditions of the lease are crucial in determining the extent of the lessee's rights.
What role does notarization play in property transactions in Bulgaria?
Notarization is a critical step in property transactions in Bulgaria. A notary public is involved in the process, ensuring the legality and authenticity of the documents related to the transaction. This provides a legal foundation for ownership changes and adds an extra layer of security to the real estate dealings.
How do property owners navigate the division process in Bulgaria?
To navigate the division process smoothly, property owners in Bulgaria should familiarize themselves with the regulations outlined in the Civil Code and the Ownership Act. Understanding their rights and obligations is crucial, and seeking legal advice can help ensure compliance with the established legal framework.
Can ownership changes be enforced without notarization in Bulgaria?
No, ownership changes in Bulgaria typically require notarization. The involvement of a notary public is essential to validate the legality and authenticity of the documents involved in property transactions. Notarization provides a formal and legally recognized basis for ownership changes.
What are the key considerations during property division to ensure a transparent process?
Key considerations for a transparent property division process in Bulgaria include a thorough understanding of the legal framework, adherence to the Civil Code and Ownership Act, and engagement with a qualified notary public. Clear communication, proper documentation, and compliance with legal requirements contribute to a transparent and secure property division process.
A huge part of our job is preparation and assistance for Legal documents apostiles
Our team is here to help you navigate through the complex legal landscape and documents, related to your case.
Notary Services in Bulgaria
When it comes to real estate transactions in Bulgaria, a notary is essential.
Notaries play a critical role in these transactions, ensuring that all legal requirements are met and that the transaction is conducted smoothly and lawfully.
They are responsible for verifying the authenticity of signatures on various documents such as contracts and Powers of Attorney, making them a crucial component in maintaining the integrity of legal processes.
Additional Notarial Services
In addition to real estate matters, Bulgarian notaries offer a range of services:
– Will Deposits: Notaries can securely deposit wills, ensuring they are preserved and legally recognized upon execution. – Vehicle Transfers: They oversee the legal transfer of vehicle ownership, ensuring all necessary documentation is correctly completed and filed. – Certifying Signatures: Notaries certify signatures on documents, providing an added layer of verification and trustworthiness.
The Role of Notaries Versus Solicitors
In Bulgaria, notaries and solicitors (known as Bulgarian advocates) have distinct roles.
Notaries are public officers appointed to act as impartial witnesses to the signing of documents and to ensure that the parties involved understand the contents of the documents they are signing.
Unlike solicitors, notaries cannot provide legal advice or prepare documents on behalf of their clients.
However, they serve as trusted authorities in formal business dealings, ensuring the legality and authenticity of documents.
Bridging the Gap: Our Services
While notaries in Bulgaria are limited to their specific functions, our team is here to bridge the gap between needing notarization and understanding the full scope of your legal needs.
We provide comprehensive assistance to help you navigate through the legal processes, ensuring that your documents meet all necessary requirements, including obtaining apostilles.
Apostilles for International Use
An apostille is a certification that authenticates the origin of a public document, such as a birth certificate, court order, or any other document issued by a government agency.
Our team can assist you with:
– Obtaining Apostilles:
We guide you through the process of obtaining an apostille, ensuring your documents are recognized internationally. – Document Preparation:
Ensuring that your documents are correctly prepared and formatted for apostille certification. – Streamlining the Process:
Helping you navigate the bureaucratic steps involved in securing an apostille, saving you time and effort.
Comprehensive Legal Support
Beyond notary and apostille services, we offer a range of legal support to meet your needs:
– Document Preparation:
Drafting and preparing legal documents to ensure they meet all legal standards. – Legal Advice:
Providing expert legal advice tailored to your specific situation and requirements. – Representation:
Representing you in legal matters to ensure your interests are fully protected.
Our dedicated team is committed to providing you with the highest level of service, ensuring that all your legal documents are handled with the utmost care and professionalism.
Whether you are dealing with real estate transactions, vehicle transfers, or international document certifications
We are here to assist you every step of the way. Contact us today to learn more about how we can help you with your legal document needs.
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 , concerning the Legal documents apostiles, 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 Legal documents apostiles.
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.
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
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.
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.
In the wake of the global financial crisis, the rise in unemployment and the drop in consumption in Bulgaria, crime levels are on the rise, property related fraud in particular.
The bad actors range from educated professionals to poorly educated individuals.
The National Police Directorate General has classified different types of crime into the following main sub-types:
Acts or failures to act by legal entities /investors and contractors for residential building developments/ and public administration officials responsible for the approval of architectural designs, development plans, et al. This exists due to the information gap about local laws and mediators’ malpractices. These types of fraud most often involve violations of the zoning and spatial planning legislation and/or civil law.
The second group involves individuals who, acting unlawfully, acquire or dispose of properties of third parties, who are bona fide owners. This type of fraud is perpetrated through embezzlement of proceeds from time share, misuse of personal data and its use to “acquire” the property. The fraud relies on misleading foreign buyers, using the fact that buyers are not familiarized with the domestic legislation. Fake brokers are set up and involved in a “negotiation” and document exchange process.
Buyers often rely on the brokers and fail to investigate the developer of the building. Another sub-type of this fraud involves properties of foreign nationals, who have acquired properties through companies and said properties have been listed on the balance sheet of their company.
Since the information in the Commercial Register is public, fraudsters have access to the identity documents, UCN/PNF, address and other data, in particular – the signatures of the partners/managers of the company. This data is then used to produce false documents in the name of fictitious persons.
Such documents may include:
Last Will and Testament or Donation – widely used for acquisition of property of deceased or mentally incapacitated individuals.
Certificate of Death/Certificate of Inheritance – in most cases used to acquire the complete documentation for further transaction with property of deceased persons.
Abuse of mentally incapacitated persons, who are not placed under guardianship and are in a mental institution.
Often the documents have the authentic signature of the owner, who has been mislead/taken advantage of by the fraudsters, who have created a relationship with them.
Two types of real estate fraud that are on the rise in the past 12 months:
Fraudsters impersonate individual homeowners and use stolen IDs to sell or mortgage properties. The mortgage or sale happens quickly and the fraudulent proceeds are dissipated outside the jurisdiction almost immediately.
The CBC recently reported that a handful of organized crime syndicates are behind these real-estate frauds, in which 30+ homes in the GTA have either been sold or mortgaged without the owners’ knowledge.
Fraudsters dupe unsuspecting homeowners into registering one or more mortgages on their properties at “cut rates.”
The unsuspecting homeowners end up with one or more mortgages registered on title to their properties on terms they never agreed to while failing to receive some or all of the mortgage proceeds advanced by the lender.
Minutes of Meetings with decisions to change the manager of a limited liability company, substituting the real manager with a person involved in the fraud.
Changing Partners in a limited liability company by selling shares and a transaction for disposal with the company property by the “new” partner.
Promissory note /frequently falsified document/, used to initiate enforcement proceedings at private bailiffs and enforcement of injunctions on the property of the debtor.
Failure of the debtor to secure the claim means the property is subject to a public auction, and in some cases the property is acquired by a fictitious person at prices several times lower than the market prices.
The National Automated Information Fund for Bulgarian identity documents connection system has the goal of preventing attempts of fraudulent real property transactions using false identification documents.
Furthermore, Notary Publics have access to the Property Register of the Registry Agency and to the National Database “Population” (for data on legal successors of deceased persons).
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
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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.
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