HOW TO OBTAIN PROPERTY IN BULGARIA
There are no obstacles for foreigners to get title for buildings, as well as limited
real rights (right of use, right of constructions). Up to now there is just one restriction:
it’s forbidden by the law for foreigners to become owners of the land under the buildings
they had bought. They are not allowed to buy agricultural lands as well. This is true for
physical persons. All restrictions become irrelevant if foreigners set up a company (Ltd.)
in the meaning of the Commercial Law with headquarter in the country. At the beginning at
2005 Bulgaria has to sign a contract for joining the European Union that is going to operate
on 2007. That’s why our legislature makes some amendments in the Constitution according to
which a title for land would be given to foreigners. It is considered that in Bulgaria a real
free market for land will be established for foreigners seven years after we become part of EU. And then the foreigners will be permitted to buy land for housing or administrative buildings.
1. First Steps
You have decided to obtain property in Bulgaria. Carefully follow the picture information in our
website Real-Estate.1001Line.com. To get a better idea of what you desire, contact us at the
e-mail or through our office phone. You will be answered immediately, it will be the beginning
of our future dialog. After you have chosen one or two properties we negotiate the condition to
your trip to Bulgaria and the inspections of the properties. Immediately after your arrival,
viewing of the properties you had chosen is taking place.
2. Setting up a company with a headquarter in Bulgaria.
3. A Preliminary Contract
is drawn between you as a Buyer and the owner of the property as a Seller.
Through our mediation and in the presence of a lawyer you are explained about the clauses
of the contract and its signing.
Obligatory, in the Preliminary Contract is included:
At signing the preliminary contract an earnest of approximately 10% of the sale
price is paid to the Seller. This should be written in the preliminary contract.
The commission of the Agency – estate agent, is paid at this moment as well.
It is 3% of the sale price of the property.
- the personal data of the Buyer and the Seller – from the ID card, passport
- the sale price of the property; the price can not be changed after signing the conract
- the term for performing the formalities related to the sale;
- other clauses that arrange the obligations and responsibilities of the two parties
and that are valid until signing the new holding deed for the property at the notary;
The Preliminary Contract is advisable to be concluded in case of the outgoing documentation for
the property by one reason or another is not ready in advance and technological time for its
preparation is needed, during which the Buyer rights has to be protected.
The Preliminary Contract remains valid untill the performing of the formalities relating to
the sell at the notary takes place. If everything concerning the administrative-legal aspects
of the outgoing documentation is in order, performing of the formalities relating to the sell
at the notary could take place immediately and without Preliminary Contract.
You become legal owner of the real estate after the performing of the formalities relating
to the sale at the notary and its entering in the State Rpoperty Register.
The interpretation at the notary is made by sworn translator (licensed by the Ministry of the Foreigh Affairs).
After few days you are given an ownership document – the holding deed.
The responsibility for the whole organization of the deal till that moment is ours.
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