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| How to buy property in Bulgaria | ||
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▪ To begin with, browse through our website and find the property/properties which you like. After that contact the estate agent responsible for the listings and they will advise you on any issue related to buying a property in Bulgaria and will tell you what you want to know about Bulgaria. All this will help you navigate through the great number of offers on the site. ▪ Then choose the date of your viewing trip to Bulgaria so that you can see the properties you chose. We are always ready to help you organize your trip to Bulgaria. ▪ In Bulgaria you will be met by one of our colleagues who will organize your around the properties you wish to view, will answer all your questions and will help you choose. After you have made your choice the purchase process starts. It consists of the following steps: 1. The chosen property needs to be reserved and taken off the market. After the unit is selected as a rule the buyer has to pay a deposit. Only after that will the property be marked as reserved on the site and will be no longer available for sale. 2. After paying the deposit a preliminary agreement with the owner is signed within 30 days. The agreement settles the basic conditions which will later be copied to the Notary Deed. The conditions include a description of the property, the price, conditions and terms of payment, and for off-plan properties – the term for finishing the property. 3. Drawing up of the Notary Deed (same as Title Deed in the UK) which is considered the legal document certifying the ownership of the property. It is drawn up by the local notary public in the presence of the buyer and the seller. 4. The notary public certifies the deed and registers it with the Registry Agency. This is also noted in the notary deed. 5. Only for legal persons: a week after receiving the Notary Deed the lawyers of BULGARIAN PROPERTIES enter the legal person - 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 related to the property will be accounted. Within a two-week period our lawyers will also register the property and its owner (the company) in the tax office. Annual tax on the property After buying a property in Bulgaria its owner must start paying annual property taxes. There are usually two property taxes to be paid: property tax and garbage collection, which are paid at the local municipality. Of course, the owners will have to pay their water, electricity and heat bills monthly. If they bought a property in a gated development they will also probably have to pay fees for security, maintenance, management, etc. Renting the property out Foreign property owners can also rent out their properties. Rental returns usually amount to 2-5% per annum. If the apartment is in a new development our partners from the leading property management company in Bulgaria Property Management BG can help you rent your property. |
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