A guide to buying property in Bulgaria

Are you considering moving abroad? Do you want to buy this dream holiday home or are you simply looking for a work project or an investment opportunity? If Bulgaria is on your list, then read no further than this article. This article will provide a brief guide on real estate in Bulgaria.

Bulgaria - Facts

Bulgarian homes
Whether you want to buy, rent or invest in property in Bulgaria, you need to be aware of the buying procedure as well as the terms and the legalities. Bulgarian property is filled with so much variety. The climate is always at its best, the beaches are endless and the scenery is spectacular. There is so much on offer, you can search for houses and apartments to buy and also search for land which is cheap. Buying or selling houses in Bulgaria requires a lot of research. Following Bulgaria joining the European Union, it has become quite easy and straightforward for the EU citizens to buy and sell property in Bulgaria.

Property guide

Your buying guide
The buying procedure is quite straightforward in Bulgaria. There are two types as described: Off-plan 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 instalments.
- On completion, once the balance has been paid in full, a notary deed will be signed. At this time, the buyer should either travel to Bulgaria or send an authorised person to sign the deed. Property resale procedure - A preliminary contract is signed
- The buyer is 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, which is normally one month of the signing.
- As soon 100% is paid, a notary deed will be signed and issued. At this time, the buyer should either travel to Bulgaria or send an authorised person to sign the deed. Conclusion
You should always do your research and seek professional help from a real estate agency either in Bulgaria or a representative in the United Kingdom. Moreover, always seek professional advice from a solicitor. Furthermore, remember to check their professional credentials.