Selling a property in Bulgaria
Selling a property in BulgariaUpdated on Tuesday 07th June 2016
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Since it became a member of the European Union, Bulgaria has turned into an important European development opportunity and significant investments in residential real estate and holiday resorts were made by both local and international investors. Real estate possessions are at great value in the current market and selling a property in Bulgaria would make a profitable transaction.
Before selling a property in Bulgaria
There are a few basic rules that you will have to follow in order to sell a property in Bulgaria and avoid frauds and possible future problems. It is strongly recommended that you consult beforehand a Bulgarian attorney who is specialized in land and real estate legislation even if you are looking to team up with a real estate agent who claims that he or she can handle the paperwork and settlement.
Before buying a property in Bulgaria you should also ask for specialized advice regarding the tax rates from your Bulgarian lawyer.
The process of selling a property
Selling a property in Bulgaria involves a lot of bureaucratic procedures that must be followed exactly. Foreign vendors are not usually present at the time of the exchange thus, they can use a lawyer or a real estate agent to represent them in Bulgaria and complete the process on their behalf. However, it is strongly recommended that a Bulgarian lawyer to be solicited for aiding throughout the entire process.
There are a few steps that you are going to go through when you decide to sell a property in Bulgaria:
- Find a buyer and agree on a price;
- Collect the deposit;
- Designate a real estate agent or a solicitor to represent you for the sale, if necessary;
- Scan and send the following documents to your agent or attorney: contract, marriage dates, divorce dates, if necessary, address, passport;
- The agent or solicitor will use the documents above to draft a set of sales documents for you to sign and send;
- You must sign the documents in front of a local public notary in your hometown or in front of a Bulgarian notary at a Bulgarian embassy;
- The buyer must make the payment in front of a Bulgarian notary that will inspect all documents;
- The notary will issue a new title deed (contract) in the new owner’s name (the buyer). This must be registered with the courts, process that takes between three to four working days;
- Upon receipt of the new deed, your agent or lawyer must present the deeds to the bank to be used as proof of the payment. After this, the funds can be released;
- The entire process takes about six weeks from receipt of deposit.
If you need more information about selling a property in Bulgaria, you may contact our law firm in Bulgaria.