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Where next for Bulgarian off plan property?

off plan property in bulgaria pros and consSeveral years ago, Bulgaria quickly became an appealing destination for many foreign property investors, most of whom were attracted by the sea and mountain resorts. In fact, the purchase of a property in Sunny Beach, Pamporovo, Borovets and Bansko became a ‘must have’ amongst many British and Irish buyers.

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European Small Claims Court

protect yourself with eu cross border small claims courtIf you wish to make a claim against a Bulgarian company but are resident in another EU country, then the European small claims court can assist you in achieving a rapid and easy solution. European Council Regulation 861/2007 of 11 July 2007, and implemented January 2009, establishes a 'European Small Claims Procedure'. This straightforward procedure was set up to improve and simplify civil and commercial matters where the value of a claim does not exceed 2000 €. Except for Denmark, the legislation applies across all Member States of the European Union.

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When to Walk Away from Buying a Property

pitfalls when buying bulgarian propertyBefore you sign anything for your Bulgarian property purchase, do your own homework for pitfalls. Even if you think you've found the perfect property, at the right price and everything looks good, just take a bit of time out before making an offer to see if there are any potential problems which may affect the property and the sale. These are the kind of things which your lawyer may not concern themselves with but you should investigate for yourself, such as 'horrors' near the property, for example a high polluting factory, which could significantly affect both the value and resale.

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Don't Leave your Brain on the Plane

 

buying guide to bulgarian propertyA buying guide for Bulgarian property. Many buyers seeking Bulgarian property understandably get caught out by the sun and blue skies; and thoughts of mundane things such as contracts fly out of the window. Consequently, the purchase, which should be quite straightforward, can become tangled. Prevention is better than cure and most of the buying process for Bulgarian property is common sense but sometimes purchaser are so taken with sunny Bulgaria and the excitement of their new home, it's as if they leave their brain on the plane.

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New Laws: Bulgarian Apartments Part Two

important legal changes for Bulgarian apartment ownersOwners of Bulgarian apartment property are informed further on the changes in law regarding condominium ownership and management in part two of our article. In part one on Bulgarian apartment and condominium law changes, which was hopefully interesting, informative and useful to all readers, we introduced the main differences between the new Act on the Management of the Condominium Ownership (the “Act”), applicable as of 1 May 2009, and the old Regulations, where a comparison between the new and the old provisions, regulating the same matters, was made. The article also dealt with some omissions and significant disadvantages of the new regulations, which could be noticed at first glance, without it even being necessary to experience their application before knowing whether they are good changes or not.

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Defaulting on Your Mortgage

the responsibilities of a mortgageIn legal terms, a mortgage is interest in land given to a creditor by the owners of a property as a guarantee for a loan.  Generally a mortgage is registered over land, any buildings on it or over the right to build and can even be registered on a building you own on somebody else’s land. Once registered, the mortgage can only be redeemed when the full amount of the loan is repaid and once this happens, an entry is placed on the mortgage deed stating that the mortgage has been redeemed. The mortgage is registered with an entry at the local land registry after a Notary Deed for a Mortgage is presented. It is always registered over a specified piece of land or building or the right to build and for a specified amount of money and only by the owner of the property.

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New Laws: Bulgarian Apartments

legal update for apartment owners in bulgariaImportant New Laws: Bulgarian Apartments and news for property owners (apartment blocks, residential complexes and gated communities). In a couple of days time, on 1 May 2009, the overdue new Act on the Management of the Condominium Ownership (the “Act”), adopted on 13 January 2009 by the Bulgarian Parliament will enter into force. At the same time, the relevant section in the existing Ownership Act 1951, regulating the main principles and provisions in respect of the condominium ownership went through significant amendments, which will also enter into force on the same day.

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Foreign Investments in Bulgaria

legal aspects of the investment promotion actBulgaria is a great place to invest for both small investors and large corporate institutions. It has one of the most liberal foreign investment laws in the European Union. Most foreign investment occurs in the form of a joint venture with existing companies either state-owned or private or by purchasing a company through privatisation or setting up a new venture or making a portfolio investment. Law firm NYD Law explains the definition of foreign investment contained in paragraph 1, article 6 of the Investment Promotion Act.

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Bulgaria Property: A Timely Reminder

sort out bulgaria property paperworkWith recent reports of estate agents facing bankruptcy in Bulgaria during the coming year, it is time to remind all Bulgarian property buyers about potential dangers. Many who have bought property in Bulgaria have left all their paperwork and Power of Attorney with their estate agent. This may be the time to change this situation and put your paperwork where it should be.

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Rescinding a Contract: Three Important Steps

getting out of preliminary contractAn overview of the steps that one has to take when things have gone wrong in a contractual relation under Bulgarian law, i.e. when the opposite party is in breach of the signed contract or has failed to fulfil its obligations and you want to rescind the agreement and seek remedy. In the current property market situation in Bulgaria, in most cases of rescission of a contract, buyers are trying to get out of signed Preliminary Contracts for purchase of real estate such as apartments in a holiday complex, where the developer is in substantial delay to complete the construction or has failed to complete with the promised quality.

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