You are interested in buying property in Bulgaria but are not sure where to start?
We can help you with all the steps to become the proud owner of a property in Bulgaria.
Steps for buying Bulgarian properties
At present under Bulgarian law a foreign national is unable to purchase land, although this legislation is expected to change once Bulgaria has become part of the European Community in 2007. However foreigners are permitted to buy houses and the land surrounding it by starting a Bulgarian Limited Company. The land and house can be owned by the company and the foreigner can have outright ownership of the company.
This procedure may sound complicated, but is in fact relatively simple and our Bulgarian Lawyer will undertake this on your behalf. The procedure can be broken down into the following simple steps:
1. You must ensure that the property you are interested in is still available. Send an inquiry to us and we will answer within 24 hours
2. A reservation fee is required. This is normally 10% of the value of the property, this will be paid to the seller who will therefore be legally bound to the sale with you. At this time a preliminary contract is signed by both parties. Should the seller back out of the sale, the reservation fee is returned and a cancellation charge levied against the seller which you will receive. Should you however decide against the purchase after the reservation fee has been paid you will forfeit this payment to the seller.
3. At this time our fee is payable fixed at 3% of the purchase price. (Therefore before offering a reservation fee the property should have been viewed and the buyer completely satisfied that the property is the one wanted).
4. The buyer is expected to complete the purchase by paying the balance within 3 months from the reservation payment date. Should the buyer fail to pay the balance by this date there is a risk of losing the property, the deposit and the arrangement fee paid to us, however we will do our best to arrange an extension with the seller on your behalf.