What do we need to know when purchasing a new property?

property purchase tips Bulgaria

Buying and selling a real estate is a complex process through which everyone passes. This activity involves a very complex set of actions that must be done precisely to avoid any errors or misunderstandings in concluding real estate transactions. Now we are going to take you though the most important and basic steps. You need to follow to ensure a safe process when buying a new home. Here are some property purchase tips Bulgaria:

Consult a lawyer

It is important to always consult an experienced lawyer before signing any documents related to the property. Only a specialist in the field can determine whether the seller has all the necessary documents. That he needs for the final transaction of the property (The Notary). Once the seller has signed the preliminary contract, he has a short deadline to obtain the missing documents, and if do not complete with the terms, the buyer may impose a double penalty on the deposit.

Always ask for documents

You should not blindly trust the Certificate of Encumbrance. And should always ask for copies of the registered acts. This way you prevent the possibility of being deceived in any way. You should always demand as much as possible documents from your seller before you sign the preliminary contract and pay the deposit. As mentioned above, consult a lawyer before performing any payments.

Everything must be described

Insist that all commitments the seller has made, to be described as negotiations in the preliminary contract. Clauses that are not described or are not negotiated in the notarial deed, remain in force until their final performance. For example, there are also multiple problems you could have when buying a mortgaged property. The main reason could be, because not everything has been described to you, for example when one property is registered more than one mortgage or foreclosure, you must consult a lawyer before taking any action.

What documents do I need to buy or sell property?

In our Bulgarian legislation, the purchase and sale of real estate is performed by signing a notary deed. However, before reaching the final document for the acquisition of property

(Notary Deed), you have to go through a long process of preparation of the deal. This process involves collecting and preparing the necessary documentation.

Among the most important and necessary documents are:

  • Document for ownership of the property.
  • Current plan of the property.
  • Tax assessment of the property for the current year.
  • Preliminary contract for purchase and sale of the property.

In some cases, the Notary will need also additional documents, such as certificate for identity of the address, certificate of inheritance, etc.

The basis on which this process is built, following the negotiations, is the Preliminary Contract for Purchase and sale of the Real Estate. Once the all is clarified, for the execution of the legal transaction, the buyer and the seller sign the preliminary contract.

The preliminary contract describes in detail all the terms of the transaction to be fulfilled as follows: the contract obliges the seller to transfer the ownership of the property to the buyer, for the determined agreed amount, which the buyer undertakes to pay the seller.

The contract contains the provisions regarding the subject of negotiation, the price of the property, the term of its acquisition and the conditions, the term of payment, the amount of the deposit, the rights and obligations of both parties, etc.

We hope that these property purchase tips Bulgaria helped you during this tough time… Good luck!