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| Home » Why Bulgaria » Buying Process |
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1. Choosing your desired property
Select a property from our list and contact us to discuss the details.
2. Making Reservation
If we assume that you want to reserve an apartment today, we will request a
reservation fee of £750 to be paid to us immediately. Upon receipt of
cleared fund we will take the property off the market and we will request
some information from you as full name, address details, passport number,
payment plan etc. Than you have 15-30 days period of time to start the
purchase (differ depend on developer) - to make an inspection trip (optional), to consult with solicitor, tax advisor and/or IFA on certain issues related to buying in Bulgaria.
Within a few days of receiving the reservation fee we will submit a
preliminary contract that you can pass it to solicitor for standard checks
on the property and land. ( FIY => According to Bulgarian law if buying a
property with land a company needs to be incorporated to hold the land. Furthermore, most of our off-plan developments do not require company
incorporation).
3. Signing the preliminary contract of sale
15-30 days from reservation fee paid, at latest, you have to sign the
preliminary contract and pay your first instalment.
4. Payment schedules
In off-plan purchase there are stage payments that vary between different developments. Here is an example of typical stage payment schedule:
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Payment schedule A (no discount)
without VAT |
Payment schedule B (3% discount)
without VAT |
Payment schedule C (5% discount)
without VAT |
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| Today – reservation fee: |
06-Aug-05 |
€ 1'000.00 |
€ 1'000.00 |
€ 1'000.00 |
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| Preliminary Contract : |
06-Sep-05 |
€ 3'743.30 |
€ 8'202.00 |
€ 14'020.4 |
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| Foundation: |
Nov-05 |
€ 4'743.30 |
€ 6'134.67 |
€ 0.00 |
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| Roofing: |
Sep-06 |
€ 6'324.40 |
€ 6'134.67 |
€ 3'004.09 |
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| Completion: |
Sep-07 |
€ 15'811.00 |
€ 9'202.00 |
€ 12'016.36 |
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| Total Price: |
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€ 31' 622.00 |
€ 30'673.34 |
€ 30'040.90 |
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5. Transfer of deed
At completion you have to sign a Notary Act (this is your purchase contract)
in front of Bulgarian Notary Public and the final legal contract. That
process makes you the official owner of the property.
6. Further Cost
As far it concerns any further fee that may occur they are as follows:
* solicitor ( British specialist in Bulgarian law and legal issues) about £1'200
* municipal tax - 2% of the cost of property paid by buyer
* notary tax - 1.5% of the cost of property
* transfer related fees -translation of documents etc. - 0.5%
* inspection trip ( 3-4 days) - OPTIONAL - about £450 whereas we can
arrange a partial refund at signing the preliminary contract. Flight ticket
is paid by yourself.
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