FAQ
What documents are required from the seller at the sale of a real estate?
At the sale of property, the seller must have the following documents:
- Document
for ownership (notary deed or another ownership certificate);
- Document
for identity (identity card, passport);
- Tax
assessment of the property (done by the taxation authorities);
- Plan
of the property (if the object of the deal is a yard);
- Partition
report (if the property has been divided);
- A
certificate that the property hasn’t been declared municipal (only for
deals with yards; this certificate is issued by department “Municipal
ownership”);
- A
certificate that the building has been constructed according to an
approved architectural plan (necessary only if there has been
construction in the property, which has not been stated in the notary
deed);
- A
certificate for inheritors (required if the owner is dead);
- Power
of attorney (required if the seller cannot be present during the
organization and conclusion of the deal, and has authorized another person);
Other
documents according to the characteristics
of the property, for example a death certificate, a birth certificate, a
divorce certificate, a marriage certificate, etc.
Why is a preliminary contract
necessary?
The preliminary contract for sale of a real
estate is an agreement between the seller and the buyer. It contains the basic
elements of the final contract (information about the seller and the buyer,
about the property, price, terms, etc.). The preliminary contract for sale of a
real estate does not transfer the ownership right over the property. Through
the preliminary contract the seller and the buyer only take responsibility to
conclude a final contract in the future, with which to transfer the ownership
right over the property.
The preliminary contract must be in written form. When it is signed, the Buyer
pays to the Seller a deposit, usually 10% of the property price.
Check for legal burdens of the
real estate
Before the deal is concluded at the notary’s office, a check must be done at
the registering service for legal burdens of the property. If the property has
any burdens, after the sale they are transferred to the new owner, and he/she
takes responsibility for them.
- Is it possible to buy without coming to
Bulgaria?
Yes, this is possible, but not always so straight forward. You will have to get documents signed and stamped in the UK. It is often easier and quicker to come to Bulgaria for a couple of days and sort everything out here. Plus, you will be able to see the property. - Will
we get ownership documents for the property?
Yes, you will have title deeds in your name, or if you are buying through a company, your company name.
Do we need a visa?
At the moment EU citizens can stay in Bulgaria for 90 days in any 6 months. Any
more than that and you can easily apply for a Residence Certificate once you
are in Bulgaria. This is valid for up to five years.
What about the cost of living
there?
Compared with UK prices, this is extremely cheap. A loaf of bread should be
about 30 pence, a pint of lager about 60
pence, a packet of cigarettes about 80 pence. A litre of
petrol is about 75 pence.
It's not possible to compare living costs in Bulgaria and Western Europe.
A few examples: House insurance is around 100-200 Ђ Euros per year for
buildings and contents (depending on the type of house). For a 30,000 Ђ Euros
property, insurance against theft, flood and fire costs about 125 Ђ Euros per
year with a decent insurance company like Allianz. For heating, there are
central heating systems in the big cities: monthly costs for a 2-bedroom
apartment around 100 Ђ Euros. In the towns and villages, people use charcoal
and wood, which is a cheaper way to heat a house. For electricity, when used
for cooking, lighting or heating water, one pays about 30 Ђ Euros monthly.
Local and national taxes for
owning a property vary greatly depending on the location, but for the capital
(and most expensive area) expect to pay around 150 Euros for a 2 bed apartment.
Driving a car in Bulgaria.
There are few annual fees that must be paid every year to drive a car in our
country:
Third party insurance, 30 Euros per year. Road tax (depending on the engine
power): around 50 Euros per year for a 2.0 litre engine and MOT, 12 Euros per
year. Many cars in Bulgaria are equipped with LPG systems, which is cheaper and
more environmentally friendly than petrol. Bulgaria has the cheapest brand new
cars in Europe. For example the new Renault Clio costs only 6,500 Ђ EURO.
Second hand vehicles of any type and brand are also widely available.