Terms of sale
Procedure of acquisition/legal transfer with Notary Deed in the name in the new owner/ is similar to procedure of acquisition elsewhere in the world.
The right of ownership of real estate is transferred in the form of a Notary Deed. It is executed by a Notary Public within whose region the real estate is located. All required documents are in full order (already checked by the Notary) and ready for transfer.
Payment is required within 3 days after an invoice has been provided via direct bank transfer. As payment is received the property remains reserved for 2 years (on buyer's request the period can be prolonged) which gives plenty of time to choose the most suitable time and way to complete the formalities.
Two ways to complete the formalities:
1.) Remotely, without visiting Bulgaria. If you are not able to visit Bulgaria the documents can be signed at Bulgarian Embassy or at a local Notary. This will enable us to represent you and sign the documents on your behalf at the relevant Notary office here in Bulgaria. All required documents will be prepared and sent to you.
OR
2.) In person. Arrange a visit to Bulgaria and sign the documents in person. You will be required to be present in Bulgaria for a few hours in a working day.
"Highest bid / Buy it now / Best offer" not include expenses related with the transfer of the property with Notary Deed.
Buyer shall pay transfer costs which are £ 370 ( Notary and legal fees) and purchase tax( 5% of the purchase price)
Failure to pay within the above time limits will entitle seller to offer it to the next highest offer or re-advertise.
Any foreign natural or legal person can become the owner of an apartment in Bulgaria. When buying a house one must know that land cannot be sold to foreign natural persons but can only be let long term, without a maximum term. In order to buy land in Bulgaria foreigners must register a company.
When you want to buy a real estate in Bulgaria you have to consider one specific thing and it is that according to the Bulgarian Constitution and legislation foreign persons currently are not permitted to own land in Bulgaria.They can acquire only buildings but not land on which the buildings are built.
So you can own only buildings, the land should be acquired into company's name.
The most preferred form of business is a Limited Liability Company /OOD/. One or more persons, including foreign nationals can found a private limited liability company in Bulgaria for buying a property with land. This is a commercial company with share capital owned by its members whose liability is limited to the amount of the capital subscribed. The minimum required capital is 2 Bulgarian leva /1 Euro/. You need to open a bank account and to deposit the initial company capital. This money can be withdrawn once the company has been formed. It usually takes up to 1 or 2 weeks for a company registration.
If you have no time to stay in Bulgaria to register your company in person then our solicitors will do this for you. All you have to do is to sign all relevant documents officialy translated in English. You are required to visit our office for a few hours for signing the documents.
We will explain all details and documents that you will be signing. Charge for setting up a Bulgarian Limited Company is 500 Euros which includes all state’s, legal and solicitor’s fees.
Once you have registered a Bulgarian company you can use it in the future for any business activities or for other purchases of real estate in Bulgaria. You will be the owner of the company and will own the acquired into the company land.
Additional Expenses:
Land/Property tax
All notary fees
All court taxes
We can give you an estimate of these costs - just e-mail us with the reference number of the Real Estate.
Company's commission:
Our commission is 2 % of the real estate purchase price, but not less than 500 € and is payable with the deposit for booking the property.Our agency commission covers many important services which we provide for the buyers during the purchase real estate : organizing of viewings, search for the right properties, legal assistance, full checks on the title deeds and the ownership,preparation of all necessary contracts, paperwork, negotiations with the sellers,communication costs. If you buy more than 2 properties through our company, we shell make a discount on the commission.
Our obligations:
A full check on property title deeds, land survey plans, securing proper title deeds.
Booking the real estate and organising the preliminary agreement.
Representing your Company before the Notary Public and signing the Notary Deed on the purchase on behalf of your Company.
We will declare on behalf of your Company the acquired property in the local office of the National Revenue Agency.
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