RESERVING YOUR PROPERTY

The first step is to formalise your offer on the property and remove it from the market, thus protecting your interest to purchase. Once the terms of the purchase have been discussed and the seller accepts the offer, a binding agreement is born which is sealed by signing a reservation contract and includes a deposit of between 1,500 € and 3,000€ to reserve the property prior to the exchange of private purchase contract.

The searching process      

Whilst the property is 'reserved' in your name, our local lawyer will carry out all the necessary searches and investigations of the property with the relevant authorities to ensure that the property you are purchasing is legal and free from any charges, debts or encumbrances. We will also ensure that the property has the necessary Title Deeds and that the vendors are the rightful owners. In the case of a new property, we will ensure that the constructors are reputable and solvent and will obtain guarantees that the property will be constructed and delivered according to the agreed terms and conditions. In the case of the purchase of a plot of land, a survey of the land will be carried out in order to obtain its exact measurements and to identify its perimeters. This study will include details on whether the land can be built on legally, and whether it has the appropriate access points and surface.

If you are buying the property and the allocated land or solely, it would be necessary to set up a limited liability company LLC (with the suffix OOD in Bulgaria). This is not necessary in case of buying only properties, apartments or ‘off plan’ properties without land.

In the case of setting up the LLC (OOD), we would take care of the whole process and any requirements related to the registration. We would also carry out a survey of the land, informing on whether the land has been classified as regulated and including a detailed plan that will be included in your final title deed.

We will guarantee in writing from our Law Firm that the searching process has been satisfactorily concluded. You will have a very accurate description and explanation about every single aspect of the property.

PRIVATE CONTRACT

Once the searches are complete, and we are absolutely certain the property is legally declared in the best conditions to purchase, a Private Contract is drafted and signed by both parties. This private contract sets out all the details of the agreement, payment terms and completion date.

During this stage the buyer puts down a non-returnable deposit which will be a percentage of the purchase price, less the holding deposit paid at the reservation.

COMPLETION

The property sale process is finalised before a Notary, with the buyer and seller signing the Deed of Sale (Title Deeds). The Notary is a public official whose role it is to identify the buyer and the seller, and ensure that all legal requirements have been met, and that the amount due to be paid has been settled.

If you are unable to be present in the signing of the deeds, we can carry out all necessary procedures in your name by means of Power of Attorney. In fact, it is common practice of our firm to have a valid power of attorney from the beginning of all buying and/or selling operations.    

TAKING POSSESSION AND HANDING OVER OF KEYS

Immediately after the deeds have been signed, the buyer will receive the keys to the property, and can take possession of the property.

The property registration procedure entails the payment of all the taxes applicable to the property and the obtaining of the final register stamp for the Title Deeds, which guarantees the transfer of the property. This procedure is an important step, and takes place once the Title Deeds have been signed and you have taken possession of your property. The title deeds usually take around two to three days to be returned by the Land Registry office. The Notary will give us notice that the deeds are available for collection.

Once the sale has been finalised, we will ensure that all the utility contracts for the property (electricity, water, rubbish collection, etc.) are in the name of the buyer. We will also arrange all bills to be paid by direct debit from your account if you wish.