These terms and conditions apply to Bulgarian Property only. Please ask us for T's&C's for all other listings. Thanks
Charges and Important Things
Dont be alarmed by the strangeness of the process here - thats all it is - strange - especially to British people who buy and sell houses as a hobby! We are so familiar with our own system, that sometimes a different one can seem daunting. Its not. The process here is actually very straight forward. Its a bit scary, of course when everything is in a different language but we will try to ensure that every aspect of the process is translated and made clear to you at all times. So here’s what you have to do and how much it will cost:
Charges and Costs.
Our fee for connecting you with the right house and guiding you through the whole process of acquiring it is 500euros. This includes a solicitor’s check on the deeds and ownership, preparing and translating all necessary paperwork and negotiatng on your behalf with the seller including establishing an inventory of what is being left in the house. This is payable when you sign the preliminary contract and pay the deposit.
If you do not already have a company, our solicitor will register a company for you. The fee for this will be 350 euros.
Other costs will be small things like notary fees, bank taxes, stamp duty and purchase tax - this last varies in relation to the property.
You should allow around 1000euros for all of the additonal expenses and charges.
You see the perfect house in Voditsa - you make an offer and its accepted.
Both parties sign a preliminary contract and a deposit is paid - a negotiable amount, usually around 10%.
Our solicitor does the necessary checks and you begin the process of setting up a company. Foreigners are not allowed to own land in Bulgaria but a company, ie a legal entitiy, can. This is not really admired under EU free trade ideas and the BG have until 2013 to get rid of the system but until then, you have to set up a company.
You decide on the name -dont make it too long and complicated as it has to fit onto a stamp! The required documents are signed with the solicitor and you must open a company bank account. At this stage you must deposit 5000leva(2500euros) into this bank account to demonstrate that you are investing a company but dont worry - you can withdraw this money as soon as the company is registered.The process at the moment takes about a month.
While this is happening, you ensure that all the funds necessary have been transfered to your Bulgarian bank account. Dont underestimate the time involved in this part of the process if you’re transfering from non-EU countries.
When the company is registered, the company then buys the property. You exchange contracts with the seller and pay the outstanding amount- and the house is yours.
As a registered company, you are obliged to present accounts to the Revenue department at the end of every tax year. We can pass you on to our accountant in Popovo who will do this for you for around 150leva. (80euros)
The Time Scale.
The whole process should take 5-6 weeks. If you have plenty of time to hang around getting a feel for the place, then there’s no problem, but, if like many people, you cannot actually be in Bulgaria for the whole of the process, you can sign a document giving us, or someone else of your choosing, power of attorny. We will then complete the sale on your behalf when the company is registered.
We will then either hold the documents for you until your next visit, or hopefully until you move in, or we can post them to you by DHL.
We want you to come and live in this village so we’ll try to make this as easy and comfortable as possible.