How to buy property in Bulgaria

Buying property in BulgariaMore and more foreigners buy property in Bulgaria. Citizens of Russia, England, Germany, Norway, Israel choose this country for vacations and permanent life. It is not necessarily a sign of prosperity. It is a well thought out choice.

Bulgaria is a country where one can buy an apartment or a house at more profitable terms than at the mother country. The buying procedure is simple, the further maintenance of the property does not cost much.

Still, before to buy property in Bulgaria, one needs to take into account some nuances. This will help pass the deal smoothly and without any issues.

A piece of advice regarding the main steps, nuances in the procedure of how to buy property in Bulgaria can be received from the experienced realtors and lawyers who have already worked  in the Bulgarian real estate market for a long time. The specialists are ready to assist on any of the steps of the process of buying an apartment or a house in Bulgaria.

What property in Bulgaria the foreigner can’t buy?

One can buy property in Bulgaria based on the principles similar for any of the country. The experienced realtor will choose the best option for the atuyer, which would suit him in both – price and quality. After that the property will be legally checked, a sales contract will be signed at the notary and property documents will be transferred to the buyer.

However one should know that the ground where the house or an apartment is built can not be sold to the foreign private persons. This position is regulated with the Constitution and legislation of the Republic Bulgaria.

However the experienced specialist can find a way out. The buyer of the ground can register a company in Bulgaria, become its director or an owner. The legislation allows legal entities to buy and to own the ground.

One more way is to buy agricultural ground. From the 1st of January 2005 the Bulgarian legislation allows foreign citizens to buy agricultural ground.

Порядок покупки недвижимости в Болгарии

How to buy property in Bulgaria, main steps

  • Do determine the purpose of buying the property.
  • To choose the best and the most suitable option in the Bulgarian property catalog.
  • Per the wish one can visit Bulgaria and to see all the possible real estate objects.
  • To make a downpayment for the chosen property. This downpayment reserves the property for the buyer, it is a guarantee that it will not be sold to other buyers. AT the same time downpayment allows to take the property out of the sales and to order documents necessary for the deal. The amount is minimal and rarely exceeds  2000 Euro. The downpayment might be increased to 5000 Euro occasionally.
  • Within the next 21 days the buyer and the seller sign a Preliminary Sales Contract where the terms and the time of the deal are indicated. The downpayment is included in the sales price. If the buyer rejects to buy property in Bulgaria, the downpayment will not be returned.
  • The terms of the Preliminary Sales Contract are being implemented. A notary act is being signed. The notary act is a document confirming transfer of the title of the property from the seller to the buyer.

Creation of the company will be required if the buyer plans to buy a whole residential building or a ground.

The result of the deal is receiving a document which confirms the status of the real estate owner. The notary act is a document admitted by the government of Bulgaria.

Advantages of living in Bulgaria

The country is considered to be one of the best choices for pensioners, freelancers and people who rent the apartments. It is difficult to find a permanent job here.

At the same time if the person has a permanent income, life here is very comfortable. The cost of the food bucket here does not exceed 500 Euro per person even in the big cities. Communal payments and taxes are quite low.  The advantage for the owners of the property in Bulgaria is availability of the airports, good roads, railway and a low price of the tickets. 

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