Buy Real Estate In Bulgaria [PORTABLE]

Technically the purchase of a real estate property can take place before the visa D application has been filed. It is possible for a foreigner to arrive in Bulgaria and buy a property with visa type C (tourist visa) if such is required and afterwards to return back to their country and apply for visa D (that is only if the buyer is planning to apply for a residence permit). In Bulgaria it is legally impossible to get an extended residency permit if visa D has not been granted before that.

buy real estate in bulgaria

The procedure for obtaining an extended residence permit through investment in real estate is regulated by the Law on Foreigners in the Republic of Bulgaria and the regulations for its implementation. The requirements are as follows:

In addition to the documents related to the investment made through the purchase of real estate, the foreigner also presents the standard package of documents necessary for issuing a residence permit:

Once you have completed your search and you have selected few properties the next step is to contact the owner of the property. Our law firm may assist you to contact the owner of the property and make initial assessment.Have a look at the most common mistakes when buying a property in Bulgaria.Our real-estate lawyers will assist with the following:

Numerous property owners are now experiencing problems with their property because they did not seek independent legal advice and instead used lawyers and translators which were recommended by the estate agent or developer and in some cases were acting for both parties. Appoint a lawyer who is experienced in property conveyance and fully independent of anyone else involved in the transaction, e.g. the estate agent, vendor or developer.

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With its competitive property prices and variety of holiday and relocation real estate, Bulgaria has become a preferred destination for buyers from the UK, Russia and Europe. The whole real estate purchase process goes through a number of phases and involves property laws specific to the country. Having a trusted advisor to help protect your rights and lead you safely throughout the legal procedures for buying property in Bulgaria is essential.

Foreigners typically need the assistance of real estate agents to choose and buy property in Bulgaria. It is highly recommended to also find a competent independent legal adviser. Prospective buyers should discuss in detail the reason for purchasing the property (for residence or as an investment) and the whole purchase process. Due diligence and paperwork are critical in any property deal.

The real estate purchase process usually starts with a search of the properties for sale (typically online). A number of Bulgarian real estate agencies offer their services in English, including websites providing accurate information - texts, video clips and 360 virtual tours.

Once the buyer has chosen a desired property, they are required to pay a deposit to reserve the real estate and it is then taken off the market. The deposit is usually a percentage of the property sale price (say 10%).

A preliminary sale contract is signed outlining all basic conditions for the property purchase. This should be drawn up by a professional well-versed in local property laws and preferably familiar with the local real estate market. Buyer and seller rights and obligations as well as the payment method and property transfer are specified here.

Note that some real estate agencies may offer buyers a preliminary contract. However these follow a generic template and are not recommended. What is more, real estate agents work on commission (percentage of property price). Therefore, they are motivated to make the sale as quickly as possible and at the highest price possible.

Opening an escrow account is recommended in any transfer of a valuable asset, especially with real estate. Essentially, an independent bank account is opened for the bank transfer of the property price. The money is kept there by a third party until all contractual terms have been met. The obligations of the buyer and the seller are set out in a special escrow agreement.

All the hassle of buying real estate in a foreign country may be minimised through granting power of attorney to your lawyer. This would facilitate representation with national agencies and signing the contract in front of the notary public.

Buyers have to realize that they are the stronger party in property transactions. You have to realize that you are the market makers. Brokers will try different marketing and selling tactics to close the deal quickly, in most cases against your best interests. You should not fall for this. Quick decisions are usually wrong decisions when it comes to buying a property in Bulgaria. You should always keep the below in mind:

The preliminary contract is the most important document when purchasing a property in Bulgaria. You have to carefully read the preliminary contract, or better, appoint a Bulgarian real estate lawyer to do this for you. Preliminary contracts can be confusing and it is wise to get an experienced lawyer who ultimately understands the Bulgarian Real Estate Law.

Should you appoint us to be your property lawyer in Bulgaria, we will do much more than the above. We are not real-estate brokers and we have no interest to make you buy a property in Bulgaria if there are legal irregularities or if we are putting your investment at risk.

The fastest and easiest way to get a clear idea of the cost whenlooking to buy a property is to look at its price. Unfortunatelythis is not the final price you will have to pay for the realestate. If you are looking to buy a property in Bulgaria it is bestto add around 10% of the announced price, and thus you may get abetter idea what will be the cost. This is due to the fact thatthere are numerous taxes and fees that usually pursue the realestate deals.

The first expenses come even before you choose the property. Ifyou decide to work with a real estate agent, and that is usuallythe case if you don't know anybody selling what you are lookingfor, you will have to pay a commission. Its amount varies but inmost of the cases it is 3% of the property market value. It is notonly the buyer who uses the services of the real estate agents inBulgaria, in most of the cases the sellers also do and also paytheir commission. Since the amount of the commission varies, it isimportant to negotiate it with the agent before you start lookingfor properties. Be careful, sometimes the agents charge a fee forevery single property they show you even if you don't buy it,make sure this is not the case with your agent.

If the buyer doesn't have experience with the Bulgarian realestate market deals and especially if the buyer is a foreigner, itis advisable to use the services of a local lawyer. The lawyer willhave all the documents for the purchase ready and this includes thedocuments for forming a Bulgarian company which will buy theproperty on the foreigner's behalf. The lawyers' feesdepend very much on their skills and the amount of work you expectfrom the lawyer. It is good to calculate at least 500 euro forthat.

We do not recommend buying property in Bulgaria without a real estate agent. Purchasing an apartment or a house in Bulgaria without knowing the language and all the legal issues is an unjustified risk. To avoid potential risks, 97.8% of all sales and purchases involving foreigners in Bulgaria are carried out with the assistance of real estate agents.

If you choose to work with a British estate agent, promoter or lawyer, check that they are qualified, reliable and have experience operating in Bulgaria. Check that they are registered with the Law Society in the UK and specialise in International Transactions

Make sure you obtain a copy of the Cadastral certificate giving the exact boundaries and square metres of your land. (Cadastre - an official public register showing details of ownership of the real property in a district, including boundaries and tax assessments)

Expat forums and talking to local residents including other British nationals who have already made the move can really give you a feel for an area and give you the inside track on any local problems.

Once you have established a Bulgarian company, you have to do an annual company tax reports and declaration. Everybody who set up a company for the purpose to buy real estate in Bulgaria ( house, land, apartments, etc) have to declare...

Post Brexit the process for buying a home in Bulgaria may at first seem like a lot of hassle, but it is not as daunting as it would at first appear and most real estate agents will do everything for you anyway.

In total expect to pay 3% to 8.5% of the selling price in buying costs. Of course these are average figures and will depend upon the region you are buying in and the services that your estate agent offer.

Finally, a good real estate agent are worth their weight in gold. There are many really good agents in Bulgaria but you should still be cautious. Seek recommendations from other expats via social media or expat forums before choosing who to partner with.

If you are seriously considering buying real estate for permanent residence or further recreation of your family, then the only correct decision is to come and get acquainted with the objects offered on the Internet - on the spot. But we want to note that today the number of buyers who are ready to buy real estate without leaving Bulgaria has increased. This is explained by the fact that very many know the country well, since they have been vacationing in Bulgaria for several years, have studied many resorts and know exactly what they want. 041b061a72