HOW TO BUY PROPERTY WITH LAND IN BULGARIA

How to Buy Property in Bulgaria


The real estate buying process in Bulgaria is different from the process in many other countries.
Many people don't realise that a Bulgarian limited company has to be set up if you intend to buy a house with land.

Steps

1. Make an offer – Once an offer is made and a deposit paid to your lawyer (usually 10% of the agreed price), the property is then taken off the market.
   
2. Open a company bank account to deposit the 5,000 Levs to show that you have the funds required to set up a company in Bulgaria.
   
3. Set up a Bulgarian registered company for buying property in Bulgaria. (The cost is around £400- £700.)
   
4. Open a personal bank account for future payments of tax and utility bills.
   
5. Enlist the help of a Bulgarian lawyer to perform searches to the Land Registry -once all documents have been checked and approved, a completion date will be agreed upon.
   
6. Completion shall be effected upon transfer of funds and signing of the Notary Act, which is the transfer of Title Deeds. Legal fees & costs on purchase price totals around 5%.
   
7. Time scale for the entire process is around 30/40 days.
   
   Remember to use a good local solicitor and research for property comparables from other agents before making an offer.
   
   SOURCE : WIKIHOW; authors : surrinder ahitan, Josh Hannah, Anonymous, Brett, Versageek, Sondra C, Tom Viren