|
Here you have many options, there
are internet sites specialising in Bulgarian property and any search
engine will find you plenty. Check out these sites for example :
Property sites
http://www.bulgarianproperties.com
http://www.imot.bg
http://www.imotibg.com/en/index.php
http://www.bg-properties.co.uk/
And estate agents
http://www.orvitex.com
- Orvitex
http://www.address.bg/ - Address
http://www.adis.bg/en/ - Adis
There are also many
indigenous estate agents such as Orvitex, Address and Adis which are
happy to deal with foreigners and take you through the steps. However,
one peculiarity is that once a property is listed with one estate agent,
they pass on the information to the others so that you really only need
to go to one. They split the profits. They will arrange notaries (of
which more later), transfer of money, hotels, transport etc.
These are the steps recommended for buying a property
Reserve a property by paying a deposit
normally about 10-15% of the purchase price which you can do in person
or even online or by post.
Determine
whether the sale is with land.
If
the sale is with land a company needs to be incorporated to hold the
land.
If
sale is without land no company is needed.
Your
receive an initial contract of sale (similar to 'Sold subject to
contract' in the UK).
If
already built, do the standard checks on the property using a reputable
Bulgarian solicitor.
Sign
the Notary Act (Contract of purchase) in front of a Bulgarian Notary
either in Bulgaria or at the Bulgarian embassy in London.
Please note that the final Notary Act is not signed until the building
is completed in the case off plan developments.
Facts to
consider when buying property in Bulgaria
The usual term for the old owners of the
property to move out of it after completion of the sale is one month.
This could be negotiated if the buyers require a shorter term. People
should not expect the property to be empty right after signing of the
final contarct.
All foreign buyers purchasing real estate
property must be aware that in Bulgaria there are such terms as "tax
estimation price" and "purchase price". The "tax estimation price" or
municipality valuation is for the purposes of real estate taxation and
is much lower than the actual selling (purchase) price.
Most of the Bulgarian property owners (vendors) wish that the "tax
estimation price" is written in the title deed, and not the selling
(asking) price which the buyers are paying, so due to this practice
there might be discrepancies between the price you are paying and the
price written in the title deed. This is because of various reasons. If
the property buyer wishes that the purchasing price is written in the
property title deed they must notify the estate agent in advance and
they will usually negotiate on this with the vendor of the property.
But be wary that if you insist on the full price as the municipality
valuation of the property you could be asked for more or the owner could
decide not to sell to you, both of which have happened to the author.
|