Obtaining A Property For Sale In Bulgaria

2007-03-08 10:33:40

( Real Estate )



These days, the only straightforward way to purchase a property for sale in Bulgaria is to buy a building or an apartment, and not have ownership of the building’s land. However, this may change in the coming years when Bulgaria becomes more recognized as an investment country, and property and constitutional laws will then need to be revised.

Foreign investors interested in buying homes for sale in Bulgaria can only do so by setting up a Bulgarian limited company. The property in Bulgaria that is then purchased will be legally owned by the limited company.

The steps to purchasing a property for sale in Bulgaria will be as follows:

The purchase of a property for sale in Bulgaria can start once the limited company’s existence has been approved and added to the commercial register of country’s district court.

The investor begins the search for a property for sale by placing an oral offer with the seller. If the seller accepts the agreed selling price, a preliminary contract is drafted and signed. A certain amount for initial deposit for the payment of the property for sale in Bulgaria will need to be made at this stage. This deposit cannot be refunded to the buyer if the buyer decides to withdraw from purchasing the property in Bulgaria. It is therefore recommended that prior to paying your initial deposit that you appoint a qualified real estate agent to assist you in ensuring that the legal and survey information of the property are accurately stated, or that the property has a clean title.

After ensuring a clean title and the inspections have been completed, a final contract signing must take place in the office of a notary public. During this time, the foreign investor will need to pay for a number of taxes that are due. This would include state, municipal, capital gains, value added taxes and local taxes, as well as notary fees to name a few. Any remaining amounts that are due on the piece of property will also need to be settled at this point in time. To complete the sale, the property’s deed will need to be transferred to the name of the limited company located in Bulgaria.


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