How to buy property in Bulgaria

Buyers of а real estate are the final consumers no matter if they buy property for personal use, or for investment , when concluding deals for profit or renting the purchased property for profitability and return the investment.Potential buyers are most often faced with number of questions regarding the location of the apartment, the size, the furnishing, which option is more beneficial - to buy or hire a property, what are house prices in Sofia and the country? These and many other questions require time and money. The best when you decide to buy, rent or sell property, is to turn to professional real estate agent to perform all the marketing researches, to check the documentation of the property, to find the optimal option that meets the set requirements and your individual capabilities.

For example the price of the apartments in Sofia is determined by several criteria. Usually the most important is the location, the proximity of the property to a convenient transport (mainly the metro) ,whether the building is old or new (whether it is brick,concrete panel and etc.), whether it is furnished or not and if it is - how new is the furniture, are there any repairs made, etc. It is essential, of course, in which region it is located.

For example, in neighborhoods such as Ovcha Kupel, Lyulin, Obelia 2 , Dry River and so on ,the offers are average starting from 25 000 -35 000 euro. The most expensive districts to purchase property are Zona B-5, Ivan Vazov, Iztok, Lozenets, Simeonovo and others. Here the average prices start from 40,000 euro and reach 50,000 euro and up.

It is extremely important to be careful when choosing a property, whether it is for rent or purchase. The most important condition is the good neighborhood, reasonable price, etc., but we should not underestimate the importance of proper documentation of the dwelling. If the customer chooses to negotiate with the owner it is possible to be harmed or deceived with the documents and the money.

Whether you choose apartment, office or other property to satisfy personal needs, you should always assume that in the future you may need to sell or replace the property, so the assessment of the broker for its market liquidity is essential. It must be ponited that even in conditions of severe economic crisis, money invested in real estate are fully invested well.

Extremely important is the choice of an agency and a broker who is familiar with all details regarding the real estate market. The broker follows the economic, organizational, technical, legal, psychological and other conditions of the bargain. Along with the broker`s help you need also a legal advice, which is usually offered from most of the agencies. All this is needed for more effective results, for precise preparation of all documents and good organization of the bargain. The customer is fully informed about the transaction - fees, taxes, additional costs. Brokers may indicate effective ideas for the transaction from a financial point of view regarding saving part of the expenses.The first steps to buy property are the following:

The conclusion of a contract safeguarding the interests of the client, which accurately regulates the obligations of the company.With the the conclusion of this contract the customer can discuss all his questions and can consult a lawyer.After signing the intermediation contract the customer have to pay a deposit for the chosen property. This confirms his intention to buy.

With the provision of such deposit the property is reserved for a limited period until the signing of the preliminary or final contract for sale.

The next step when the buyer, the seller and the agency have cleared their requirements and have reached to consensus, is organizing and signing the preliminary contract. The contract is based on Art. 19, paragraph 2 of the Obligations and Contracts Act. It is prepared by a lawyer and signed in the presence of the broker.

After expiration of the preliminary contract and paying the entire amount the final contract is signed.It confirms and shows the transfer of the ownership.