The process of buying a property:
Reservation of a property:
After the selection of the property, a reservation fee of 2000 euros is paid. This fee afterwards is deducted from your first payment. The payment of the reservation fee is the reason for withdrawing the selected property from market and fixing the selling price for a period of 14 days. During this period, a preliminary contract with the client is prepared and agreed upon. The reservation fee is not refundable if the client refuses to purchase the property.
Preparation and signing of the preliminary contract:
During the 14-day reservation period between the buyer and the seller, a preliminary contract for the purchase and sale of real estate is agreed upon and signed. The Preliminary Contract is a legal document which contains the most important terms and conditions related to the purchase of a real estate, namely: a detailed description of the object, its value, terms, deadlines and schedule of payment, description and responsibility of the parties to the contract, guarantees and sanctions. For a property under construction the term for putting into exploitation is specified.
If the parties desire, they may not conclude a preliminary contract but immediately sign the Main Contract (Notary Deed) when the buyer is ready to pay immediately the full value of the property.
Transfer of the notary deed for the property:
After 100% payment under the contract and the fulfillment of the conditions by the parties, the notary act - the title of ownership is prepared. The notary deed is signed by the parties and is certified by the notary public in the area in which the property is located. For the transfer of the ownership of the property in Bulgaria, the buyer - as a foreign physical person must provide a foreign passport, as a legal entity - all company documents. After the signing of the document by the seller and the buyer and the certification of their signatures, the notary provides the Notary deed in the district court. The judge registers the change regarding the property in the state real estate register. The notifying act in Bulgaria is the main document of ownership.
Registration and arrangement of property rights:
Once the notary deed has been received, the buyer is obliged within a period of 2 months to submit a declaration for the acquisition of the property at the tax office on whose territory the property is located.
Also the foreigner – buyer is obliged to register in the municipality and within 7 days to register the property in his/her name in the Bulstat register in order to receive his/her individual code. After the registration, you will be issued a BULSTAT certificate with a Unique Identification Number.