Do I have to set up a limited company in order to purchase a property in Bulgaria?
If you are buying a house with the land, or land only, you will need to set up a limited company, which will be the owner of the property and you will have 100% ownership of the company, e.g. the property. If you are not buying the land (holiday apartment) then you do not have to set up a limited company, since you will not be the owner of the land over which the property has been build. For further information regarding setting up a limited company, please check buying in Bulgaria.
How do I set up a limited company?
Normally, we will organise everything for you. Obviously, you can do it by contracting a third party. The process is fairly straightforward and takes between 3-5 weeks. For further information please check legal issues.
Do you charge for showing properties and what is your commission?
We do not charge clients for showing them our properties, which unfortunately is the practice in Bulgaria. Please, however contact us first, to let us know your are arriving, in order to make sure, there is someone available to take you to the properties of your choice. We charge commission only the seller and not the buyer.
What happens if the purchase falls through?
If the seller pulls out from the transaction or the property’s ownership or documentation are not allowing the purchase to go through you will have a full refund of your 10% deposit. If you decide, you do not want to proceed with the purchase you will not be refunded the 10% deposit you have paid to secure the property. This is the standard practice in Bulgaria.
How do I know what am I signing, I do not understand anything?
When setting up your limited company and at the completion you (or the persons you have appointed) will have to see the solicitor, where we are providing a certified translator, so you will be completely aware what is going on and what documents are you signing. After the completion you will receive both the original Bulgarian property documentation, as well as an English translation.
How do I make sure if the property has all mains connected?
We always specify if a property has electricity and water supplied. Most houses even in remote villages will have electricity and running water. Most country houses would not have a sewage system, but you can expect a septic tank. In some cases there will be running water in the garden but not in the house which can be connected easily. Most country houses will not have a bathroom and the idea of a kitchen could be surprising to you.