Buying procedure
Off-plan property purchase procedure:
- Reservation fee - £ 1000
- Signing a preliminary contract after the property has been reserved
- A deposit of 30% of the purchase price is required after the preliminary contract is signed
- The balance of the rest of the purchase price will be paid on several varying percentage installments
- On completion, once the balance has been paid in full a notary deed will be signed. At that time the buyer should either travel to Bulgaria or send an authorized person to sign the deed.
Property resale procedure:
- A preliminary contract is signed.
- The buyer in normally required to pay 10% of the property purchase price immediately after the contract is signed.
- The balance of 90% of the purchase price is then due within the term shown in the contract that is normally one month of the signing.
- As soon 100% is paid, a notary deed will be signed and issued. At that time the buyer should either travel to Bulgaria or send an authorised person to sign the deed.
The above is merely a summary designed to give a broad overview of what is involved and what purchasers can expect. The above information must not be used as a comprehensive legal and/or tax advice and professional advice should be obtained by solicitors and/or accountants. The Bulgarian Property Shop cannot be held responsible for the exhaustiveness and accuracy of the above information.
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