How to Buy Property in Bulgaria

The real estate buying process in Bulgaria is different from the process in many other countries. Many people don't realise that a Bulgarian limited company has to be set up if you intend to buy a house with land.

[edit] Steps

  1. Make an offer – Once an offer is made and a deposit paid to your lawyer (usually 10% of the agreed price), the property is then taken off the market.
  2. Open a company bank account to deposit the 5,000 Levs to show that you have the funds required to set up a company in Bulgaria.
  3. Set up a Bulgarian registered company for buying property in Bulgaria. (The cost is around £400- £700.)
  4. Open a personal bank account for future payments of tax and utility bills.
  5. Enlist the help of a Bulgarian lawyer to perform searches to the Land Registry -once all documents have been checked and approved, a completion date will be agreed upon.
  6. Completion shall be effected upon transfer of funds and signing of the Notary Act, which is the transfer of Title Deeds. Legal fees & costs on purchase price totals around 5%
  7. – Time scale for the entire process is around 30/40 days.


[edit] Tips

  • Remember to use a good local solicitor and research for property comparables from other agents before making an offer.


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Categories:Buying Property

Authors

surrinder ahitan, Josh Hannah, Anonymous, Brett, Versageek, Sondra C, Tom Viren
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