What to ask when buying a Bulgarian Home
We believe clarity is the best policy when it comes to buying homes so If you have any queries with a purchase you’re currently involved and are after any extra information, we’ll be happy to answer any questions that you may have.
If you have your eyes on a house, here are the important questions to ask the real estate agency….
- Is there multiple ownership?
- Has the ownership been passed to an underage heir?
- Are there any mortgages and/or bank loans related to the property?
- Are there any outstanding taxes linked to the property?
- Is there a sketch of the property, does it correspond to the actual size of the plot of land & house?
- Are there any institutional seizures, legal disputes or divorce claims ?
- Am I entitled to cover all of the expenses such as notary and state charges and how is the rate calculated?
- How do I register my new ownership with the Bulgarian instituitons as a foreign citizen or on a Bulgarian LLC under my name?
Selohomes conducts detailed record checks concerning the above listed questions on all properties prior to purchase so that our clients interests are well looked after.
Our pratcices ensure low notary and solicitor rates based on the official valuation of a property which rarely reaches 50% of the actual cost of a house.
Why all the above is important we shall galdly explain in detail. Simply Contact us for more information.
Guidance from the UK government on how to buy property in Bulgaria can be found here.
Most property agencies will require a preliminary contract placing the buyer into a legal responsibility to conclude the deal within a certain timeframe and demand upfront payments. Those pre-payments towards the agency are the actual interests/commissions the buyer pays. This practise can place the buyer under risks as it secures a commission regardless if a deal is concluded or not.
Avoid giving general entitlement to 3rd parties to sign documentation from your behalf and demand a certified translation of anything you are about to place your signature on. If a POA is to be issued make sure that the actions are described in detail and that the representation expires once the actions have been complete or after a certain time-frame required for the completion.
Certified translators have ID numbers which are visible from their Stamps which should be present on the translated document and accompanied by a declaration of fidelity. Never sign just the end page of a contract, agreement etc. Every page is to be signed by the participating parties unless the deal is closed in the presence of a notary.