A property for sale in Bulgaria is much easier now to purchase than ever before. We have gathered useful advice on how you should make your buying decision. We have taken care to compile many aspects such as conducting research, seeking legal advice, and the completion process.
As with any purchase of property, real estate or otherwise, it is a must that you do your homework. Research the condition of the property, various prices of similar properties in the area, the developers and their craftsmanship, estate agents and their reputation, and, finally, any lawyers you may deal with.
Knowing the credibility of developers, estate agents, attorneys, and promoters may help steer you away from suspicious and/or fraudulent activity. For example, if any of the aforementioned wants you to skip or bypass any legal procedures, this should raise a red flag and you should be wary. It would behoove you to make sure that the individual you are conducting business with is a qualified and reliable professional that has experience working in Bulgaria. Search online for information pertaining to what to expect when purchasing property in Bulgaria. Visit forums to ask questions and read other’s experience doing the same.
Elect to Use Your Own Attorney
Electing to use your own attorney presents you with having someone that has your best interest at heart involved in the proceedings. Some buyers have been placed in a compromising situation when using attorneys appointed by the estate agency or developer. Clearly, they are working for the agency or developer and will protect their bottom line. Avoid being trapped in a contractual agreement by hiring your own attorney, who is completely uninvolved, to look over documents.
If your attorney works in Bulgaria they should have a Bulgarian Bar Association registration number. They should be listed on the Bulgarian Bar Registers or the Bar Association’s website. Postpone all transactions until you have gain legal counsel, this includes signing any documents and paying anything.
In addition, it may also benefit you to hire your own translator, if you are not fluent in Bulgarian. Have them translate contracts and other legal documents. When it comes to Bulgarian courts, only the Bulgarian version of documents are valid.
Completing Your Purchase of Bulgarian Property
Key documents to note before completing your purchase of Bulgarian property are:
- Title Deed: check the accuracy of the description on this deed
- Property Survey: It is an excellent idea to have a surveyor survey the property
- Preliminary Contract: this document is signed by the seller and buyer before the granting of the public deed. Remember to understand everything completely before you sign anything
- Receipt showing property taxes have been paid and are in current good standings
- Cadastral certificate: this certificate will display the boundaries and dimensions of your property
- Land Registry: this basically explains the exact purpose for the land and describes the regulations and structures associated with it