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Purchasing Your Propery In Bulgaria

Once you have found your property the buying process, with the right help, can be an easy process. There are certain procedures to go through but these can be made simple by using local professional help.

In order for a foreigner to purchase land in Bulgaria they must set up and own a Bulgarian registered company. Foreigners may purchase and own a house but the company must own any land that belongs to the property. If you are purchasing an apartment, the company isn’t necessary. These rules are currently still in force despite Bulgaria becoming part of the European Union.

A lawyer must be consulted to have the necessary documentation drawn up for the forming the company. Once this is done it a Bulgarian bank account must be opened with an opening balance of 5000lv. Once the company is operating this deposit may then be withdrawn from the bank or used to pay towards your purchase. Once all the paperwork is signed and all the requirements for the setting up the company are in place the application for registering the company must go through the courts. This procedure may take anything up to 4 weeks. It is therefore recommended that once you have found your property you secure the deal by placing a deposit of not less than 10% of the purchase price with the owner. This will be documented in a preliminary contract that will be signed in front of a notary. If at any time you wish to withdraw from negotiation this deposit is non refundable.

Once the company has been registered and all the necessary documentation had been issued the balance for the property must then be paid. Another trip to the notary with the owners to sign the final contract and the deeds to the property together with all relevant paperwork will be given over to you.

It is not necessary to be in Bulgaria for the whole of this procedure, only the initial setting up of the company and opening the bank account. Common practice is to allow an individual to sign documentation on your behalf. A declaration of Power of Attorney must be made through a notary allowing this individual to sign on your behalf in certain aspects pertaining to the purchase of the house.

We have, through our experience of selling property in the Gabrovo area, got a selection of Lawyers and Notaries that we use frequently and are familiar with the buying process. With their help we can make your purchase a smooth and trouble free experience.