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INFORMATION > How to buy >> How To Buy apartment in Bulgaria
Buying an apartment
In general, holiday apartments in Bulgaria are sold freehold. The most essential points of this purchase are listed below.
1. Choose Your apartment
Select from our website the property that you would like to view and send us the reference numbers.
2. Reserve by paying a reservation fee
Once you have chosen an apartment, in order to reserve it and take it off from the market you have to pay are reservation fee, which normally varies between 1000 to 3000 Euros depending on the specific development. Please bear in mind, that in most cases this fee is non-refundable. However it is deducted from one of the next installments due.
The buyer the needs to organize quick payment of the reservation fee with one of the following options:
· Bank transfer – takes minimum of 3 working days
· Credit card payment to our UK office
· Cash payment in our Head office in Balchik
Once the reservation fee has been paid there is a period of 7-10 days during which the terms of the Preliminary contract are to be agreed on. Usually the preliminary contract has to be signed in this 7-10 day period. Within this period the buyers has also time to organize funds in order to make the first payment on time.
3. Sign a preliminary contract
The preliminary contract is very important, because it settles all important issues, such as the obligations, payment terms, specifications of the property, delivery date, penalties and etc. In order for the preliminary contract to be properly prepared, the following details have to be provided:
· Scanned copy of passports
· Permanent address
· Address for correspondence (when applicable)
· Telephone, e-mail
Most of the developers include in the preliminary contracts a clause for the obligation of the buyer to conclude after the delivery date a maintenance contract for the common parts of the building. This contract can be signed in person by the buyer, or by a proxy of the buyer.
Blacksevillas® agency commission is 0%.
4. Arrange payments on time as per preliminary contract
Usually the first installment is due within 2 weeks time from signing the preliminary contract. The remaining payments are scheduled as per the agreed terms.
5. Final installment and transfer of ownership
When all payments are done and all government permits for use are present, the vendor will invite the buyer to make the transfer of the ownership to the buyer. For this purpose all buyers have to be present in person in Bulgaria, or represented by their lawful proxy. If the buyer is not able to be present in Bulgaria at the planned time for transfer of ownership, it is recommendable a third person to be appointed as a proxy in advance.
Upon transfer of ownership the buyer has to pay the required government and notary fees. The exact amount can be defined in according to the municipality regulations and property price specified in the title deeds.
Charges involved with the final installment:
- Land tax and notary fees - up to 5% of price stated in the title deeds
- Bulstat registration - 50 Euros per owner
- Maintenance fee - developers are requiring paying of the annual charge for maintenance of the complex
Must-dos after the transfer of ownership:
1. Bulstat registration
Every foreign buyer has to register a Bulstat number. It is like a Bulgarian ID of the new property for this particular buyer. The term, in which this registration has to take place, is within 7 days from transfer of ownership. If this is not done on time penalties apply.
2. Register of the new property owner in the Electricity and Water supply companies. We are happy to give you utility account numbers for a property, if known, and details of utility companies. But responsibility for registering is yours, unless you ave taken a property care package from us.
Our property management department could assist you in all after sale matters.
Annual costs:
1. Maintenance fee
2. Council and garbage collection tax
Please note: you don't have to visit Bulgaria to complete a purchase.
Please note that the conveyance fee you pay us only covers the actual legal and physical cost of transferring and registering the property. There is NO profit to us. These costs are:
5% Stamp Duty
Fee to the office of the Notary to write the deeds
Notary officer fee
Some note on property deeds.
Before a house is sold a new skitsa and tax valuation has to be issued for a property. These are given to the notary officer and after the sale is completed this original paperwork is kept by the notary.
Property deeds in Bulgaria often do not have an address on them. As street names can change, it's considered an unreliable legal reference for a property. Instead a land survey number is on the deeds as a legal requirement