The legal side of buying a property in Bulgaria may seem very complicated to you but anyway if you need the details you’ll give us a call or send an e-mail and we will provide you with the process in details. So this is the short story:
You should already know that you can not buy land in Bulgaria still in your name. That’s why it’s not a problem to get an apartment but when it comes to land that also goes with the property, say a villa, a mansion, or just a summer house you have to register a company.
This is the easiest part of it all. All we need is a copy of your passport and we’ll prepare the set of documents necessary for setting up your company. Right after this we will send you a translation in English of all the documents that you will have to sign. So you will know all about the company formation even before you actually come to Bulgaria, and when we meet in the office you just sign the company papers and the powers of attorney (these will be translated to you orally by a licensed translator) and the solicitor will submit the documents in court. When the company is ready (maximum 14 days from the day you’ve signed) you are able to buy the property you have already chosen.
Because you are here only for a short period of time you have to trust someone with your money and dreams and hope that this guy will be honest and will buy the property in your name. So you give the guy a power of attorney to buy the property and sign the deeds on your behalf. And because you will not be able to pay direct to the owners of the property you liked, you open a bank account in your name and transfer the funds into this account. Again give the power of attorney to the guy to operate with the bank account and to make the due payments.
Well, we have added something extra for your personal protection: you will be presented to your personal English speaking solicitor who will be in charge and you will have the binding contract with the solicitor. There will also be a limit on the power of attorney that gives the solicitor access to your bank account so that he can make payments only for the property purchase and the associated expenses.
On this occasion you will meet the owner of the property that you’ve already chosen for the first time. This is the contract that you will sign with the owner of the property in Bulgaria and will pay him the agreed deposit (usually 10% of the price). The preliminary has the binding effect for you in terms that if the seller (owner) declines to sell the property at the agreed price he has to give you back 2 times the deposit. On the other hand if you refuse to finalize the deal or you don’t pay in time if the owner is ready to complete the deal – you lose the deposit.
Upon signing the preliminary the property is considered out of the market.
This is the title deed in your name as the new owner of your Bulgarian property.
It is signed when all the money is paid to the owner and is also called finalizing the deal or completing the deal. If you are not in Bulgaria the solicitor uses the Power of attorney that you’ve given and signs the deeds for you.
Setting up a limited company – single 500 Euro fee /includes all the expenses/
*paid on completion
Consulting a real estate deal /checking the paperwork and preparing the preliminary contract and the deeds/ - 2% of the value but not less than 100 Euro
*paid on job done
Visa arrangements and temp residency permits – 300 per person and 500 per family
*paid upon getting the Bulgarian ID cards and the permit being granted
Drawing up contracts
Legal representation and court cases
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