Pay the developers Reservation Fee - usually 1,000 euro. This holds the property for up to 21 days in your name
Agree and sign the contract of sale
Pay first and subsequent installments to developers bank account
It is usual on Completion day for the new owner to be in attendance for the final signing of the documentation and exchange in the presence of the Notary Public
Payment of Government Stamp Duty and Notary Fees is made by you to the Notary usually about 4% of purchase price
We strongly advise you to have an "independant" lawyer - that is one not attached to the Developer, and also not involved in selling Real Estate themselves - they can carry out the process and checks as in the Buying Process for 'House/Apartment with land'.
For House / Apartment WITH land
Agree which property and negotiate an acceptable price with owner
Open personal bank account
All foreigners MUST register a Bulgarian Company - (refer to Company Set up in Buying Guide)
You then transfer a deposit of 10% of the selling price into your bank account, which reserves the property in your name for 30 days.
The lawyer makes several checks including: the owner is legally able to sell the house, is in possession of the title deeds and that there are no outstanding debts on the house.
Only when satisfied does lawyer draw up a pre-sale contract between you and the vendor, and pays the deposit to the vendor.
Prior to completion day, you will have transferred the balance plus all fees to your personal bank account
On completion day, the vendor signs the documentation and exchanges in the presence of the Notary Public. If you cannot be present then power of attorney can be given to your lawyer.
Payment of Government Stamp duty and Notary fees is made to the Notary, usually about 3%
The documents are submitted to the Land registry department.
The property is registered in your name.
N.B. - once the pre-sale contract has been signed then neither party can withdraw from the purchase without incurring financial penalties.
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