Once you have found a property you wishe to buy, you need to pay a reservation deposit. This is in order to the seller to stop the marketing of the relevant real estate, thus avoiding double sales of one and the same property. The reservation deposit is refunded when you complete your purchase.

If the vendor pulls out of the deal the reservation deposit can be transferred to another property we sell, or if you decide not to buy then (only if the vendor pulls out the deal !!!) we will make a full refund of the money you have paid so far.

Unfortunately if you decide not to buy the reserved by you property, the reservation deposit paid already will be NON REFUNDABLE, as it will be paid to the vendor to secure the property!

Next step after the reservation deposit is to make legal checks on the properties:

1. The seller is the owner of the property, chosen by you;
2. There are no registered liens and/ or encumbrances on the property;
3. There are no other registered rights in favor of third parties;
4. There are no court or restitution claims;
5. The property has all necessary construction permits if buying off-plan.

This could be done by independent lawyer chosen by you.

 
PRELIMINARY CONTRACT

Once the checks on the property are done, and after guaranteeing that the legal situation of the property allows the sale to take place, the buyer can sign the Preliminary Contract.
The Preliminary Contact describes the buyer and the seller, the property, the sale’s price, the terms of payment, the date when the notary deed shall be signed, the date the buyer shall take possession of the property, rights and obligations of the parties, penalties in the event of default, etc.

SETTING UP A COMPANY

If you are buying land in Bulgaria, you must to establish a Bulgarian company. The best company form for foreigners is the limited liability company. The limited liability company is founded or owned by one (SPLLC or ЕООД in Bulgarian) or more persons (LLC or ООД in Bulgarian), including foreign natural or legal persons. The minimum subscribed capital is BGN 5,000. It is registered with the district court located in the region of the seat of the company. The time frame for the setting up is less then one month.

COMPLETION (SIGNING THE TITTLE DEED)

The notary deed is a type of contract which form and content are prescribed by law. It is executed by a notary public within whose region the real estate is located. As the notary is under obligation to check the identity of the parties, their capacity, the authority of the representatives and the good title of the transferor, the process of execution of the notary deed offers considerable security. After the deed is executed it is registered by a registry judge upon request of the notary. Immediately after the deeds have been signed, the buyer is handed the property keys, and can take possession of the latter.
Upon execution of the notary deed certain taxes, charges and fees are due as local tax, notary fee, legal fee, registration fee, etc.

For further information, please contact us at info@bgholidayhome.com.