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| Property Purchase Contracts in Bulgaria | ||
Buying a house has got to be one of the most stressful things we will do in our life. With this in mind, anything that goes wrong will be hard hitting and cause more stress, so it is best to avoid any unforeseen problems, by doing your research. When buying a house in any country, contracts should and must be signed by both parties (the buyer and the seller). This will include legally binding information such as the price you will pay for the property, any items which are included in the property and so on.A very important thing to remember when buying a property in Bulgaria is that if the property comes with land, whether it’s a house with land in the form of a garden, or a plot of land for building purposes, you will need to register a limited Bulgarian company in order to make the purchase, as property with land is currently not permitted to be sold to foreign individuals. Without a doubt, this law is an annoyance; however it should not cause a time delay for purchasing the property and the whole process of setting up a limited company is relatively cheap. Unfortunately it is unlikely that this law will be removed in the near future. Your Bulgarian estate agent will be able to help you set this up, for a fee (around £600). In Bulgaria, the purchase contract will be drawn up by a notary, also called a notary deed. This contract is basically the same as a ‘sold subject to contract’ status in the UK. The notary is responsible for ensuring that the seller has the right to sell the property, that there are no financial or governmental restrictions on the property and that the buyer has the sufficient funds to complete the purchase. As well as a notary, you will have a lawyer to oversee the process. It is the lawyer’s job to carry out checks on things such as title deeds, licences, debts, and the notary’s contract. Once everything is to the satisfaction of all parties, having been checked by the lawyer, then the contract is signed by both the buyer and the seller. The signing must be done in front of the notary and they will then register the contract with the land registry of the local court. At this point the title deed of the property will be re assigned into the name of the buyer. It is at this point that the title deed of the property will be assigned into the name of the new owner. When buying Bulgarian property, there are costs to be paid by both the buyer and the seller. Both parties pay the estate agent a fee, between 3 and 6%. You can expect to pay more if a translator has been used or if a company has been set up. Stamp duty is currently at 2% of the purchase price, as is the notary tax and land tax. Source: bulgariabuyingguide.com |
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