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Useful information Print E-mail

Geotrend Ltd assists you during the preparation and obtaining all the necessary purchase documents For exact information, please contact us.

Preliminary contract for purchase

The preliminary contract is concluded by and between the Seller and the Buyer. It comprises the general characteristics of the final contract (information about the Buyer and the Seller, description of the property, purchase price, terms and conditions, etc.). The preliminary contract for purchase does not transfer the ownership of the property. There is stipulated the obligation for conclusion of a final contract, when the ownership rights will be transferred to the Buyer.
The preliminary contract should be concluded in writing. Upon its signing the Buyer is usually obliged to pay 10 % deposit.


Check for real burdens

Before the final contract in the presence of a Notary Public, the property should be checked for any real burdens at the Registry Agency.

Acquiring a property in Bulgaria by a foreign citizen

According to the Ownership Act, foreign residents and foreign judicial persons can acquire ownership over buildings and restricted real property rights in Bulgaria. They cannot buy land. Thus, a Bulgarian legal entity should be set up, usually limited liability company which can acquire each and any real estate in Bulgaria. Foreign citizens and judicial persons of EU- member states or states that have signed EEA Agreement (The Agreement creating the European Economic Area) can acquire ownership over land in compliance with the legal requirements (such law does not exist in Bulgaria yet), according to the terms and conditions of Bulgaria's EU accessio
n treaty.

Purchase documents The Seller needs:

1. Document for ownership (Title deed or other);
2. Document for personal identity (personal ID card, passport);
3. Government tax evaluation of the property (executed by the respective regional Tax authorities);
4. Layout of the property (yard, agricultural land, orchard, forest, built-up land, etc.);
5. Protocol of partition (if any partition has taken place);
6. Certificate that the building is built according to an approved architectural plan (if any building has taken place within the boundaries of the property);
7. Certificate for inheritors / devisee (if the owner by documents is deceased);
8. Certificate for real estate burdens over the property (issued by the respective Registry Agency)
9. Power of attorney (in case the Seller could not be present during the organization and finalizing the purchase and has authorized a third person);
10. Other relevant documents in compliance with the characteristics of the property (usually in view of the established practice for the respective judicial district).

 
 
 

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