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How to find a property? You need to settle a question what type of property you are looking for, what is your intention for the property, which location and what your budget is. Are you looking for a home, an investment property, or somewhere to retire? How much time are you planning to spend in your overseas property? The estate agents that we offering to you are reliable and honest. Visit the properties few times, check the condition of the property and always ask for independent advice. |
What you can buy in Bulgaria ? Foreigners can buy property but not land. Buyers are often asked to under-declare the purchase price on the deeds; insist that the actual price is declared. |
Get a bank guarantee If you are planning to buy a new property, insist that the developer or agent offers you a guarantee that the construction work will be completed as agreed. If the company is running into financial difficulties, you will be able to reclaim any money you have already handed over. |
What is next? Once you have decided which property you want to purchase and once your offer as been accepted you sign the Primary Contract (similar to "Sold Subject to Contract" in UK). This is prepared by your broker/lawyer. Ownership of your Bulgarian property only takes place once you have signed the Notary Act (Contract of Purchase).This must be signed in the attendance of a Bulgarian Notary. This can take place in Bulgaria or at the Bulgarian Embassy in London. (Please note that in the case of off-plan developments, the final Notary Act is not signed until the building is completed.) What are the costs? Bulgarian laws state the relevant taxes of purchasing property are liable for foreign investors that purchasing property in Bulgaria. Please note that no direct taxes are levied on the transfer of real estate. However, the transfer is subject to notary fee, which is paid on the higher of the market prices or the book value of the property. There is also and municipal fees applicable to the property purchased. In most cases it is 2% of the selling price. Taxes also include 0.1% of the selling price to submit the Notary Deed into the Recordation Agency (similar to the UK's Land Registry). |
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