Purchasing property in Bulgaria can be a great investment opportunity, as the country offers a wide range of properties at relatively low prices compared to other European countries. However, understanding the legal process and property rights in Bulgaria can be complex. In this article, we will discuss how to buy property in Bulgaria and the property rights that come with owning a property in the country.
The first step in how to buy property in Bulgaria is to find the right property. This can be done by working with a real estate agent, who can assist you in finding properties that meet your specific needs and budget. Once you have found the property you want to purchase, you will need to make an offer to the seller. If the offer is accepted, you will then need to sign a preliminary contract, which is a legally binding document that outlines the terms and conditions of the sale.
The next step in how to buy property in Bulgaria is to complete the due diligence process. This involves reviewing the property’s title deeds and other documents to ensure that the property is free of any legal encumbrances or disputes. It is also important to check for any outstanding debts or taxes that may be associated with the property. If any issues are found during the due diligence process, they will need to be resolved before the sale can proceed.
Useful webs:
- Property registry. United portal for request for electronic administrative services;
Once the due diligence process is complete, you will need to pay a deposit, typically 10% of the purchase price, to secure the property. The final payment is usually made at the time of the property transfer, which takes place at the notary’s office. The notary will verify that all legal requirements have been met and will issue a new title deed in the buyer’s name.
It is important to note that property rights in Bulgaria are different from other countries. In Bulgaria, the property rights are divided into two categories: ownership rights and user rights. Ownership rights grant the owner the right to dispose of the property as they see fit, while user rights grant the right to use the property. As a property owner in Bulgaria, you have the right to rent, sell, or transfer your property to others.
property in bulgaria
See too: property market in Bulgaria
In conclusion, buying property in Bulgaria can be a great investment opportunity, but it is important to understand the legal process and property rights in the country. By working with a real estate agent, finding the right property, completing the due diligence process, and understanding the property rights, you can ensure a smooth and successful property purchase in Bulgaria.
if you need contact us. Lawyer Vari Belov +359 (0) 887 093 003, Sofia Center 1000, 19 Lavele Street, 3rd floor
See too: Bulgarian law. lawyer in Bulgaria. Bulgarian legal system.