Buying real estate is a serious process that requires compliance with the requirements of current legislation, which helps to reliably insure against fraudsters when buying a home.
!!! The owner of Bulgarian real estate can become a natural and legal person, regardless of citizenship.
!!! The territorial location of the property does not affect the procedure for registration and payment but is carried out by a notary at its location.
!!! The notary in Bulgaria is obliged to check the compliance of the documents submitted to him and if all the requirements of the law are met, to formalize the transaction.
The process of buying real estate in Bulgaria
1. Selecting a property and checking the object for cleanliness
2. the payment of a deposit of 2000 euros
3. payment of the balance of the payment
4. Notarial transfer of ownership
5. Re-registration of water and electricity meters
All stages of the transaction and execution of documents can be done in two ways:
- personally come to Bulgaria for the transaction
- to execute a power of attorney to represent your interests - this option is more often chosen by foreign buyers.
Read the detailed article on how foreigners and EU citizens can buy real estate in Bulgaria: https://bulgarianresales.com/en/bulgarian-residence-permit-status-for-eu-citizens
Selecting a property and checking the property for a clean deal
It is very important to check the property for a "clean deal" (no encumbrances) - before paying the deposit and just before the transfer of ownership.
What an encumbrance check will show
- whether the seller has title to the property,
- whether there are no third parties who also have rights to the property,
- whether the property is mortgage-free,
- whether there is no prohibition on its sale.
!!! The lawyer of "Bulgarian Resales" company checks every object and the buyers receive a statement in a mandatory manner, so for 16 years of active sales, there is not a single disputed transaction.
In order not to have problems or hiccups when buying a home in Bulgaria, we strongly recommend you trust professionals whose experience works for you.
Payment of the deposit for the selected property
After selecting the property, the buyer pays a deposit of €2000, which is formalized by a deposit agreement with the agency "Bulgarian Resales", or a preliminary contract with the developer. This amount is included in the total price of the property and guarantees to the seller the seriousness of the buyer's intentions and to the buyer - the freezing of the price and sale of the object.
If you wish to buy an apartment in Bulgaria remotely, the amount of the deposit is transferred to the current account of the company's lawyer, who will represent the interests of buyers in Bulgaria during the transfer of ownership.
Read more about distance selling: https://bulgarianresales.com/en/-how-to-buy-and-decorate-a-flat-in-bulgaria-remotelywithout-coming-to-the-deal
Payment of the balance of the payment
There are three types of possible payment:
►Payment of 100%, payment in installments and mortgage.
►In case of 100% payment, a notarial deed is signed immediately, bypassing the preliminary contract.
►When buying real estate from a developer, payment is made on the basis of a preliminary contract, where the terms and amounts of payment are specified. The entire amount must be paid at the time of the transaction.
Notarial transfer of ownership
In Bulgaria, the ownership document is called a "Notarial Akt".
The ownership of the real estate is transferred immediately after the Notary Act is signed by the Notary and the parties to the transaction, as well as its subsequent registration with the court.
The final stage of the documents is the registration of the property with the Bulgarian Statistical Office (BULSTAT) and the tax office.
The original notarial deed of ownership is usually issued within three working days.
Re-registration of water and electricity meters
The final process of re-registration of your property. You can do it yourself or use the services of our agency for re-registration of water and electricity meters for the new owner.
Term of re-registration of water meter - within a month after receiving the ownership document.
Deadline for re-registration of electricity meter - no fixed terms, no penalty.
What documents must be provided by the seller:
- cadastre extract,
- property plan,
- tax assessment document.
Finally, we would like to say that the intention to buy an apartment in Bulgaria without intermediaries requires careful study of the local legislation, for which the seller will rarely agree to give the necessary time, and which involves a real risk of meeting with fraudsters at the cost of their own savings. Despite the fact that the legislation tries to provide the maximum guarantee of the legality of transactions, there are pitfalls, which we have described in this article.
We are for peace of mind and reliability under the protection of professionals.
