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14th February 2017 7:07 PM

The procedure to buy Bulgarian property

Law

   Tue, Feb 14th, 2017 @ 7:07:13 PM 

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This post to bring you in touch about the steps you have to take when you buy Bulgarian property. First, you have to realise that you save a lot of money by making use of all info media about the properties as description, photos, video, and especially skype. Then you can make a viewing trip in Bulgaria for which you will have to pay a fee per km and for accommodation. Both are fully refundable if you buy property with the same company. And prepare yourself that as an owner you will have to pay taxes, charges as water and other for a property within a development gate. But you can also rent your property out and this way get compensation for these charges.

General information about who can buy Bulgarian property

This paragraph is about the restrictions for foreigners to buy property when it involves land, how to solve this issue and about how there came an end to the restrictions for people living in the EU. Find more about this subject here.

More about buying agricultural land in Bulgaria

Go here for this paragraph.

The procedure to buy Bulgarian property

Before you buy Bulgarian property

If you found a property on our site that you like you can fill in the form on the same page and ask for more information or how you can view the property. You don’t need to come all the way to Bulgaria as long as you’re not certain if you will really buy the property. There are other and cheaper possibilities to view properties. Many have a video or you can view them through skype. But all have a series of photos and a description. You can also start your search here where you find the biggest choice of all kind of properties, from cheap to expensive, new or old, residential or business. Next to the detail page for each property, you find the coördinates of the local agent who occupies with the property. You can reach him by e-mail or phone. Moreover, you find an answer on all your questions via the website chat. There is always someone online during the work hours.

How to get your charges refunded when making a real viewing trip?

When you made your choice and decided to go to Bulgaria you can book a viewing trip. As you see you don’t need to know precisely which property you are going to buy. This kind of trips is more meant to view a series of properties you like and you first want to see before deciding to buy one of them. During the viewing trip, local agents will be guided you all the way. They will charge you per km and for the accommodation, they booked for you. But when you purchase property through them you will get all this money back!

When you made your decision about to buy Bulgarian property

– You will need to pay a non-refundable deposit of € 2000 to reserve the property. It will be taken off the market and is no longer for sale. Only YOU can purchase it.
– Within 30 days after the payment of the deposit, you have to sign a preliminary agreement with the owner. This agreement arranges the basic conditions that will later be copied to the Notary Deed. They consist of a description of the property, the price, conditions and terms of payment, and for off-plan properties – the term for finishing the property.
– The Notary Deed (= Title Deed in the UK) is conceived. This is the legal document that certifies the ownership of the property. The local notary will draw it up publicly in the presence of the buyer and the seller.
– The notary publicly certifies the deed. He also registers it with the Registry Agency. Find this also in the notary deed.
– Only for legal persons: a week after receiving the Notary Deed the lawyers of BULGARIAN PROPERTIES enter the legal person – the new owner or the buyer of the property – in the system of the Bulgarian National Statistics Institute. The property owner (legal person) will then receive a card with a unique BULSTAT number (ID number) under which all issues in relation to the property will be accounted. Within a two-week period, BULGARIAN PROPERTIES‘ lawyers will also register the property and its owner (the company) in the tax office.

When you are an owner …

As owner you will have to pay annual tax on the property and other charges

The property taxes are binary: there is property tax and there is garbage collection. You must pay both to the local municipality. Also, the owners have to pay their water, electricity and heat bills monthly. Probably for properties in a gated development, there will be also fees for security, maintenance, management, etc.

But you can rent your property out

Rental returns usually an amount to 2-5% annually. For apartments in a new developments BULGARIAN PROPERTIES‘ partners from Property Management BG can help you renting out your property.
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Further reading: How to buy property in Bulgaria – Guidance by gov.uk.

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