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Bulgarian Property & Real Estate News

Steps to Buy a Bulgaria Property

The Eastern and Southern Europe has always been an interesting location for foreign investors due to the continuously growing economy. It is obvious these countries are still far from the Western Europe, but they are in a state of continuous growth. At the same time, the financial crisis has not touched them as bad as it touched “higher” countries. Bulgaria is one of these places. It is located in a great area, with a proper climate that is warm, but also with snowy winters. It is at the junction between Europe and Asia, and borders the Black Sea. Its economy is also stable and the restrictions for foreign investors are not that severe, especially when it comes to Bulgarian properties. Once you decide you want to invest in the Bulgarian real estate system, you need an assistant to guide you throughout the laws and regulations of the country. When the decision is made, all you need is to find the right place and deal with the buying process for property transfer.

First of all, you must pick the Bulgaria property you want and “reserve” it. You can do it with a small deposit that ranges from one buyer to another. It is about 5% to 20% of the total value. The deposit must be paid and then the Bulgarian property is taken off sale and removed from the ads. It is then associated to the customer. This down payment is made within the first month and comes with a contract that describes all the conditions and terms and doesn’t really require a notarial legalization. A notary is mandatory in Bulgaria to conclude the final property transfer, but at the preliminary contract and deposit stage this is not necessary. The preliminary contract covers the detailed description of the property, the price, the payment terms and the final day for the property transfer to take place. Although you don’t need a notary now, you will need one when the final contract is signed. It requires the presence of both the seller and the buyer.

Once the contract is sent to a judge for approval and inclusion in the state registries, you can congratulate yourself for being the new owner of a Bulgaria property. The new owner should register for the local institute of statistics within a week. You will get an account number to deal with any upcoming transaction regarding your new Bulgarian property. Besides, you got two months to register for a local tax office too.

Now, what papers do you need to actually invest in the real estate in Bulgaria? First of all, as a physical person, you only need a valid passport. If you are European and you don’t need one to travel to Bulgaria, you will still need it to get a property. If you plan to start a business and you founded a Bulgarian company, you will need all the papers. If you are new to this industry, you will definitely need an experienced agent to guide you throughout the process and make sure you understand what the contract is about, especially if you cannot understand Bulgarian.

As a final conclusion, the Bulgarian real estate system is open to everyone these days. The current laws and regulations are now less severe for the foreign individuals, especially after the country was accepted in the European Union a few years ago. The new system allows everyone to invest in the local Bulgarian properties and soon European citizens will also be allowed to own Bulgarian land.

If you are looking for Bulgarian real estate or off plan property in Borovets look no further than Concept Bulgaria.
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