Bulgarian property guide for purchases

Things to know before purchasing properties in Bulgaria

Purchasing property anywhere can be a hassle, especially if you are a foreigner trying to purchase real estate in a foreign country, such as Bulgaria. There are a lot of different things you will need to do or consider before you try and purchase any type of property in Bulgaria. This purchase guide for Bulgarian real estate should by no means take the place of any legal advice you may receive and is a stated a guide only.

First things first, if you are considered a foreigner to Bulgaria, you should know that you can not directly purchase land. You will need to first set up a Bulgarian Company to own the title of your land if you plan to build a home. Setting up a company includes certain fees, but it is a fairly simple process and the real estate agent you are working with will be able to help you do this. You do not have to worry about setting up a company unless you are buying land.

Next you will need to find the real estate you wish to purchase, or at least something that you would be highly interested in. To do this you can search the internet for real estate that is on the market or work through a Bulgarian property agent. It is still a good idea to know what you are looking for so you can discuss this with your agent. If you are able, you can go to Bulgaria and search the market there and personally talk to an agent. Either way you do this, you will need to check with several different Bulgarian real estate agents to make sure that you are getting the best price and quality in work.

Now, you might want to hire a lawyer if you can not be present in Bulgaria for the purchase of your real estate. A lawyer will be able to handle the signing of the preliminary or final contract. The lawyer will need your personal details (i.e. your passport), a letter of attorney that is notarized, and if you notarize it outside of Bulgaria, an apostil as well. All of this will legally allow your lawyer to sign for your real estate in Bulgaria. After the final contract has been signed it will be registered in court and you will receive a BULSTAT number signifying you as the owner of the real estate in Bulgaria.

After you find the real estate and hire a lawyer, you will need to actually purchase the property. At first, ten percent of the entire cost of the real estate is due as a down payment, and then you will be able to transfer money to your lawyer to handle the final payments or directly to the real estate agent. You may want to transfer that money about two weeks before the final contract is to be signed so that the money has ample time to get to its destination in Bulgaria. Mortgages may be available through some real estate agencies and banks, but not all of the banks will allow a mortgage to be given to a foreigner.

This purchase guide for Bulgarian real estate is only something to be considered or at leas have a little knowledge on when buying real estate. This knowledge will help you to make a better informed decision on your purchases in the Bulgarian real estate market.