Buying a Property Print
Bulgaria real estate market is one of the most attractive and fast growing in Europe, offering excellent investment opportunities to foreigners. The economic, political and social stability of the country through the last few years, along with the far lower property prices than other destinations in Europe make the country preferable place for investors.
In addition Bulgaria has one of the most liberal legislation, regarding the foreign property investment in the country. Bulgarian laws allow foreign persons and companies to invest in any type of real estate on the territory of Bulgaria. Physical persons can acquire any type of buildings – apartments, houses, garages, shops, cottages, but can not acquire the ownership of the land belonging. If foreigners want to buy land on the territory of the country they need to register a company in Bulgaria, considered according to law as Bulgarian legal entity, for which there is no restriction in acquiring ownership of land.
No matter if you are a physical person or a legally registered company the process of buying a property in Bulgaria goes through the following steps:
1. Finding out the appropriate property for investment in Bulgaria. You should have in mind that prices may vary a lot depending on the region and condition of the property. If the land of the property has to be also purchased, a legal company should be registered. Registering a company may take a few weeks, as the registration fee is about 500 Euro.
2. Having in place all the documentation of the property – title deed, construction permissions, certificate for the lack of property burdens as mortgages, property plans, etc. After having specified the final parameters and the purchasing price of the property a preliminary contact is signed. At this stage a deposit from 10% to 30% of the purchase price is paid to the seller. Foreign buyers must be aware that in Bulgaria two terms, related to price are in use. The “tax estimation price” is set for the purposes of real estate taxation and the “purchase price”, which is the actual market price, paid by the buyer.
3. Certifying the deal in the presence of a notary for the transfer of the ownership of the property from the seller to the buyer. In the day of the deal completion, the outstanding amount of money should be paid.
Additional charges you will have in the process of property buying are the solicitor`s and interpreter`s fees, the notary tax – 1.75% of the property cost, stamp duty fee – 2% of the property cost.
If you need some more information about property buying and selling in Bulgaria do not hesitate to contact us. Our team of professionals is ready to answer all your questions and to assist you in the process of purchasing a real estate in Bulgaria.
