Buying Process of Bulgarian Property.

The buying process of Bulgarian property usually takes between 1 and 2 months.

1. Viewing Fee: We charge 20 eurocent per km refundable in case of eventual completion of a deal within 6 months. For more than five consecutive days of property viewing, a volume discount will apply, to the viewing fee.

2. Company Registration Fee: EUR 200 (not necessary for citizens of EU/EEA). Foreign citizens cannot purchase land in Bulgaria. Instead, they are supposed to register a company that can possess the property. This is the most common legal method to enable foreign citizens to purchase land. The fee includes all court and notary taxes, lawyer taxes, translations, etc . Company registration is NOT required for properties without adjoining land and for EU/EEA citizens!

Important notice: From 01/01/2012 EU physical and legal entities are allowed to buy houses with gardens and regulated plots of land in Bulgaria in their own names .The Treaty of Accession of Bulgaria to the EU allowed Bulgaria to keep the prohibition for EU physical and legal entities to buy land in Bulgaria for up to 5 years for regulated land and up to 7 years for forests and agricultural land after its accession to the EU. The 5-year term has now finished and since 1.01.2012 all EU persons are allowed to buy land in Bulgaria. This applies to houses with gardens, all plots that are within the zoning of the settlements, apartments coming with ideal parts of the land, offices and other commercial properties. For buying agricultural land and forests physical and legal entities have to prove that they resided or were established in Republic of Bulgaria for more than 5 years. The same regulation applies for citizens of countries from the EU and the European Economic Area (EEA). In case you decide to purchase agricultural land or forests in Bulgaria, we can assist you in completing the entire process of purchase and help you overcome the legal obstacles.

For all other foreign persons, who are not citizens of EU or EEA countries, the overall restriction to buy land in Bulgaria is still valid, which means that they need to register a Bulgarian company.

3. Property Transfer under the Company's Name: Additional small charges depending on the type of property and the price written on the notary deed (they are around 4% of it), such as notary fees, purchasing property tax, stamp duties, etc. (For example, for an old, normal size rural house they are between EUR 200 and EUR 500.) They should be paid separately by the purchaser.
Agency Commission: 2% of purchase price with minimum fee of EUR 500.

Total Fees: 2 % of the purchase price, plus ownership change tax, plus additional EUR 200 for company registration in case there is a land with the property (not necessary for citizens of EU/EEA). If a third party solicitor or attorney is used, the fee is 2% of the purchase price for the brokerage service only. The commission of 2% do not apply to properties that are marked with a NO COMMISSION sign.

4. Additional Expenses:

Checking of legibility of all documentation involved in the purchase done by a qualified lawyer: 100 EUR

To act as your legal representative in the country: 100 EUR

5. Expenses after the purchase:

If you are using our company the following applies:

a) If you are not using our Property Management Service:

Registration of the property in the local municipality for tax reasons: 50 EUR (you are obligated to register your property not later then two months after the purchase, otherwise you will be penalized by the municipality.)

Change of electricity bill holder including all expenses involved: 30 EUR

Change of water bill holder including all expenses involved: 40 EUR

Preparation and submission of the year tax form, done by a qualified accountant, if your company has no other activity, apart from the one, involving the property 180 EUR (with all expenses involved)

b) If you are using our Property Management Service: (cost 200 EUR)

In this case you will only pay for the actual expenses realized in connection with each issue (you will pay between 20% and 50 % less for each service).For example preparation and submission of the year tax form with all expenses involved will be 130 EUR. All invoices will be presented. Mainly your choice depends on how often you will use our services each year. All prices will be agreed with you in advance.

If you prefer, you can use another agent for your property and company management,

The process could be seen more clearly on the following diagram.

Please note that it is not necessary for the client to come to Bulgaria to purchase a property. We can set up a limited ownership company, on behalf of the client(not necessary for citizens of EU/EEA) and buy the property in his companys name. We will need a copy of client's passport, full address, power of attorney notary sealed, a 10% property deposit, agency commission of 2 %(min EUR 500), EUR 200 for registration of limited ownership company(not necessary for citizens of EU/EEA), and property transfer taxes of about 4% of the price written on the dead (incl. notary taxes, notary fees, municipal tax, and stamp duty), 100 EUR for checking of legibility of all documentation and 100 EUR to act as your representative in the country. When the company formation process is completed, before the actual deal in front of the notary, the rest of the purchase price should be paid.

Please note that these taxes vary with time and the client will be notified accordingly. Before the notary act we will need the rest of the purchase price.

Our lawyer with long experience in Bulgarian Law and solid reputation will be happy to give you a free legal advice and assist if any difficulties arise.

Buying Process of Bulgarian Property - A Detailed Explanation

1. Select a property. Initially you can use our website and eventually you can come to Bulgaria to see the property. We can arrange individual trips to the sites, your accommodation and transport.

2. Sign an agency (brokerage, intermediation) contract.
As soon as you make your choice, you need to sign an agency contract with us, put a deposit and authorize us to organize and finalize the deal. Our total fee in the contract is 2% of the purchase price plus all property transfer taxes (usually 4% of the price written on the deed and they are for the notary public). Often tax estimation price is lower then the purchasing price, depending on the type of the property.
The deposit (at least 10%, which is negotiable with the seller) is necessary to take the Bulgarian property out of the market for about 30 days (also negotiable with the seller). By the end of this period you should start the purchasing process and pay the rest of the price. The deposit and the agency commission (2% with minimum fee of 500 EUR) are not refundable in any case of failed purchase because of the buyer's fault. The deposit and our agency commission must be paid together when we sign the contract. You can pay total price without deposit as we will treat it like reservation deposit.
All deposits and fees can be paid cash or into our bank account in pounds, euros or BG levs. We will negotiate the payment method with you to match your requirements.
If you wish to use third party solicitor or attorney chosen by you to do the remaining job our commission in the agency contract is 2% from the purchase price, for the brokerage service only.

Steps	Costs	Beginning of the process and Estimation time
1. Agency contract with us (contract to support you through the whole process of buying a property in Bulgaria)	Taxes for transferring the property+200 euro for registration of LTD (not necessary for citizens of EU/EEA) , plus 2% of the purchase price, plus 100 euro for checking documentation and 100 euro to act as your representative or only 2% of the purchase price if you want to use other solicitor	After you choose a property or properties
2. At least 10 % deposit to take the property out of the market	The deposit is subtracted from the final price	Together with previous
3. Company foundation capital, deposited in your company's bank account and can be withdrawn in full, as soon as the registration is completed (company formation and company account are not necessary for citizens of EU/EEA).	10 lv. (5 EUR)	During the process of the registration of the company and takes maximum 4 weeks
4. Completion of the deal and signing the title deed (notary act).	The rest of the property price	Maximum 1 week after the registration of the company or whatever is the deal with the owner
SUMMARY	taxes for transferring the property + 200 euro for registering a LTD (not necessary for citizens of EU/EEA), plus 100 euro for checking documentation and 100 euro to act as your representative 2% agency fee The price of the property paid to the owner OR Only 2% of the purchase price if you wish to use other solicitor chosen by you	Maximum 5 weeks after you choose a property or properties or whatever is the deal with the owner

4. Signing of title deed (notary act) before a notary. At this moment the price of the property is paid to the owner. After the signing, you will receive the ownership documents. The Buying Process of Bulgarian property is completed. You will become an owner of Bulgarian property.

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