It is not an uncommon practice for foreign owners to be offered a different management contract compared to Bulgarian nationals. The Chartered Surveyors Chamber has contacts for all registered chartered surveyors. You will need this document to connect to electricity and water companies, receipt to prove all utility bills have been paid by the previous owner, It is wise to require the seller of the property to provide evidence for absence of any liabilities concerning the property (taxes and other statutory costs and fees) or its use (consumable expenses) Ask the property agent for information regarding any costs the owner has not paid. +359 52 630 830 ; info@buyinbg.com; 19, Akd. If for any reason you cannot keep up the mortgage repayments, you should speak to your bank immediately (before defaulting on repayments) to discuss the options available. A complication arises if you bought from a company, because you would then probably have reclaimed the VAT your developer paid (and included in the sale price). Mehr über uns erfahren You should pay extra care and ask your legal adviser to check the property management contract carefully as sometimes there may be exorbitant costs attached to it. type of transaction. No, it's not true. Should you feel you are the victim or at risk of fraud, you should report this by registering a complaint with the Bulgarian police or Regional Prosecutor’s Office. If you believe you have been a victim of fraud and you have neither a bank guarantee nor an insurance policy from the developer, you should seek independent legal advice regarding taking criminal legal action through the courts and register a statement with the police. Property searches will be necessary, and the process needs to be entrusted to a competent Bulgarian lawyer or consultant. We’ve broken the process down into a few simple steps – follow these and you’ll soon be the proud owner of a new property in Bulgaria! Your lawyer is responsible for ensuring that this is drawn up correctly and you should not have to rely on an estate agent to do so. In practice, a usual transaction for buying off plan development has two stages: the signing of preliminary contract; and the signing of public deed before a Bulgarian Notary (Notary deed). As the purchaser, you have the right to choose which notary you use. Come up with a unique company name, and reserve it. Before you complete your property purchase you should make sure that: you have seen the Land Registry extract (кадастрална скица), available from the local Town Hall and checked the following details: For properties which are not included in the Land Register (not available for all areas) a Municipality Sketch (регулационна скица) is issued. Notary fees are around 0.10% to 1.50% of the property value. The legal owner of the property is considered to be the person registered in the Real Estate Registry.eval(ez_write_tag([[336,280],'globalpropertyguide_com-leader-1','ezslot_14',160,'0','0'])); It takes an average of 17 days to complete the procedures needed to register a property. Stara Planina Properties are British specialists providing local expertise through a network of offices servicing the special needs of foreign individuals and companies buying property in Bulgaria. Yes, but with some restrictions depending where you come from. House Cottage Studio 1 BR Apartment 2 BRS Apartment 3 BRS Apartment Multi-bedroom Maisonette Storey of a house Building plot Office Shop Restaurant & Bar SHOPPING CENTER Warehouse Workshop Hotel Building CAR SERVICE CAR WASH … Find your property. Registration of a Trade Representative Office of a foreign company in Bulgaria; 2. when you make your purchase, be aware that if it is complex, then you will have maintenance fee which starts at 6 euros per square meter per annum. Movement is less common and less affordable. Brokers will not tell you this”. The notary can even send advance notification to the Land Registry once the public deed is signed. At present, there is an alternative option when buying landed property - to form a Bulgarian registered company, with the buyer as sole owner and director (the buyer could choose to add other directors, e.g., his spouse). Taxation is a complex issue, and it is advisable to seek the advice of an accountant or professional tax adviser with comprehensive and up to date knowledge of both the UK and Bulgarian tax regulations. Cadastre is the official public register showing details of ownership of the real property in a district, including boundaries and tax assessments. Make sure you have the Use permit (Act 16) which is issued by the town hall for new buildings and certifies that the property is habitable. However, that potential is personal and you should never buy a house in Bulgaria purely for financial investment as you will more than likely lose a lot of … At Concept Bulgaria Property we have many years of experience in overseas property investment. Or alternatively if your purchase price was above BGN50,000 (€25,510), VAT is 20% of the difference between your purchase and your sale price. There are ways to get around this rule. The regulations on letting tourist apartments and holiday homes to tourists will vary depending on the region where the property is located. Investment in real-estate property – 312,000 €; You may learn more how to buy a real-estate in Bulgaria; 4. Can I buy a property in Bulgaria and are there any restrictions for foreigners? € 11,500 £ 10,445.22 $ 14,097.85 . Bulgaria. Register at the commercial register, acquire any needed permits, and then wait for publication in the State Gazette. OK this is the fun bit – with the right local real estate agency, you can find an amazing range of Bulgarian property on offer from budget apartments in Bansko to grand residences. Im attempting to purchase an apartment in sunny beach, bulgaria. Cheap Bulgarian property for sale 50 km. When the company has been setup and the title is "cleared", a "contract of purchase" (notary act) is signed by both parties, while you pay the existing balance from the purchase price and the ´keys´ handed over to you. All non-EU natural or legal persons can buy apartments in Bulgaria on their own names, provided that the apartments don’t come with ideal parts of the land on which the apartments were built. You should ensure that the property and land description contained in both records matches the Use Permit (Act 16) which is issued by the Town Hall for new buildings or restructured ones and certifies that the property is habitable. If the value of the property is less than the total debt outstanding (you are in negative equity), the bank may pursue your other assets to recover the mortgage shortfall using a European Enforcement Order. Hence, the buyer is advised to ascertain whether the vendor expects him to pay or share the fee. Login or Register to submit a comment! Get monthly informed analysis on world property markets and exclusive, early access to investment opportunities delivered right to your inbox. A range of the property world for a time by the National Revenue agency of other comparable locations real-estate –! Tax will be involved in preparing the contract of sale and issuing the public should! 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