The complex consist of 9 detached houses (villas), 12 semi detached, 5 terraced houses and 6 blocks of flats. All individual properties will be completely finished.
» general view of the area
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» general architectural plans
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Legal Advice
Foreigners can buy buildings, the right to build and other land related rights such as the right of use and passage but they cannot buy land. Acquiring property (except land) is made easier by the new Foreign Investment Act (1997) which lifted the requirement to seek prior approval of the Ministry of Finance to conclude such purchases.
Foreign companies and physical persons can however purchase land via a Bulgarian registered company. This is a straight forward process of setting (most often) a limited company in UK) which takes approximately 2-3 weeks. After registration you are the sole owner of the company– respectively of the land.
Our trustworthy legal advisors will guide you through this process at low cost.
The buying process
Once you have decided on a property, whether it be a resale or a plot the first step is normally to pay a ‘Reservation Deposit'. For a resale property this is usually 10% whereas for a plot and build this can vary. If at this stage you change your mind the deposits are usually non- refundable, in the case of a resale if the vendor changes their mind then your 10% deposit is returned to you in full. Following the payment of deposits a Purchase Contract is drawn up, in Bulgarian (and English if required), with details of the purchaser and vendor, the completion date and the terms of payment.
For a new build, within 1 or 2 months of reserving, you will usually be expected to make a stage payment with a further stage payment at roof level and finally the balance upon completion of the property.
You need to be aware of the various fees and expenses that you will incur on the purchase of your property in Bulgaria. Firstly there are your lawyers fees, then there are Notary and Land Registry fees – both based on a sliding scale of charges according to the purchase price. The Notary is a public official acting independently of either the purchaser or vendor, their role is to witness the signing of the new title deed and ensure that certain legal requirements have been met. The signed title deed is then forwarded to the Land Registry for recording in the purchaser's name, a copy of which is subsequently made available to the purchaser. At this point you are now the proud owner of a piece of real estate in Bulgaria.
Should you at any stage of the buying process be unavailable in person to sign any of the documentation then it is possible for you to arrange a Power of Attorney. This gives your lawyer authorisation to act on your behalf in certain specified matters.
Hopefully this section has touched on most areas of the buying process, however should you have any further questions we will endeavour to answer them.
