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Before you buy a property in Bulgaria, you need to clarify what the buying procedure is, whether there are mandatory payments and any restrictions. This will help you avoid unnecessary costs and problems. The process of registration of the apartment will go smoothly and quickly.
Before you buy a home in Bulgaria, answer the following questions for yourself:
The home can be purchased for permanent living, vacation or rental.
Housing can be chosen in the capital, in a large city, a small town, in a resort village on the sea or in the mountains, in a village in the heart of the country.
In Bulgaria, active construction of studios, one- and two-bedroom apartments, houses, townhouses continues. Quite often people combine several apartments to have one bigger one with many rooms.
This question is very important because the owner's costs over the next few years depend on the answer.
One can answer all these questions by sitting at home and reading forums. However, it is better to come to Bulgaria, visit different cities, get acquainted with the way of life in complexes and usual apartment buildings. This will give you the opportunity to communicate with local people, to assess resources and analyse your wishes. All this will help you make a wise choice and buy the apartment or house where it will be convenient for you.
The process of searching, choosing a home takes a lot of time and resources. Once you choose the best option and weigh all the advantages and disadvantages, you can buy it.
The purchase process includes:
The buyer must provide personal documents. In case he/she cannot participate in the transaction personally, his/her interests shall be represented by people with notarial power of attorney. The seller in turn provides documents confirming ownership, cadastral chart, tax assessment certificate and certificate of no encumbrances.
The parties confirm their desire to sell and purchase the apartment, fulfilling payment obligations. The notary verifies the legality of the transaction and the documents presented. At this stage, the parties fill out declarations of employment in state agencies, citizenship, marital status. The seller also completes a declaration confirming the absence of tax liabilities. A deed is issued on the basis of the submitted documents. The deed is analogous to the contract of sale and guarantees the transfer of ownership.
The deed is not valid if the transaction is not registered. Registration is done by the notary as soon as the seller confirms that the buyer has paid 100% of the sale price of the property.
These are the basic steps. However, once you have done them, it is too early to rest. The property you buy must be registered with the following agencies:
Property acquired by a foreigner without a permanent residence permit in Bulgaria must be registered compulsorily. Documents to be submitted within 7 days.
The home must be declared within 30 days.
New owner to be registered within 30 days.
Information about the new owner must be provided within 30 days.
Registration can only be done if the owner presents a deed.
The registration of transactions occupies a special place in the process of buying homes in Bulgaria. Improperly prepared documents lead to cancellation of the transaction, fines and loss of money.
Stages of real estate registration:
The amount is from 1000 to 5000 euros. After receiving the deposit, the seller stops the sale of the property, begins preparing documents necessary for the transaction. The amount is included in the price of the apartment. It is important for the buyer to know that the deposit will be returned only if the seller refuses the transaction.
Sometimes at this stage the buyer has to make a prepayment, which can be 30%. Most often this requirement arises when purchasing a new build home from a builder. By agreement of the parties, this stage is skipped if the subject of the transaction is an apartment or a second-hand house.
In accordance with common practice, all taxes and fees for the purchase of a home in Bulgaria are borne by the buyer.
The costs of acquisition of real estate are as follows:
The amount shall be determined by the municipality of the locality in which the transaction is registered. Usually it is 1.5-3.5% of the price of the apartment specified in the deed.
The amount is no more than 1% of the price.
It is 0.1% of the value of the dwelling.
In some localities, the participation of a lawyer in the transaction is mandatory. He is responsible for preparing the deed, resolving legal issues, checking documents, registering the apartment or house with the Registry Agency. In other cases, the lawyer can be hired at will with the purpose of checking the legal purity of the property to avoid problems with its purchase, registration, future use. The lawyer also draws up a contract of sale. The average fee is 75-150 euros.
In accordance with the law, if one of the parties is a foreigner without knowledge of the Bulgarian language, a licensed translator must be involved in the transaction. The fee is 50-150 BGN. Many notaries agree to accept a real estate broker with good knowledge of Bulgarian and a foreign language as a translator. Coordinating this depends on the notary's practice.
In accordance with Bulgarian law, citizens of any country can buy housing in Bulgaria.
At the same time, foreigners are not allowed to buy land. The legislation prohibits the purchase of land in which a residential building with an acquired apartment is located. Purchasing land on which a private family house has been built is also not allowed.
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