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Bulgarian Property Facts

Quest Bulgaria gives a rundown of essential information on the property buying process in Bulgaria. Estate Agents: Real estate agents in Bulgaria are not regulated, so buyer beware. They usually do not give much information about an individual property and you will find it difficult to get the exact address. You are accompanied by them when viewing property. Fees are usually 3% from both vendor and buyer but as the industry is unregulated fees can be any amount, so check first.

Preliminary Contract
This initial contract is signed by both vendor and purchaser. You must understand everything which is written in this contract as it forms the basis of the property sale/purchase. Get a registered translator and your own lawyer before signing this contract. At this stage a 10% deposit is usually paid. Do not pay this direct to the vendor. Pay the deposit to your own lawyer who will hold it in a client account and will give you a receipt.

Conveyancing
Property conveyancing is handled by notaries in Bulgaria. The notary is in essence a civil servant whose responsibility is to verify facts and signatures. Do not rely on the notary for your conveyancing, they are not there to act on your behalf, only your own lawyer will act in your interests. Conveyancing in Bulgaria can be very speedy and you can find the time from signing the preliminary contract to completion is less than a month.

Completion
Completion must be done in the presence of the notary corresponding to the municipality in which your property is located. You can either attend yourself - recommended - or give Power of Attorney to your lawyer. Final payment is made at this moment, also agency fees have to be paid.

Money
When transferring money to Bulgaria it is worth contacting currency exchange specialists. They offer good rates and often with a lump sum, there are no transfer charges.

Surveys and Insurance
Surveys are not usual in Bulgaria but they are possible to organise - do this before you sign the initial contract. Get your house (and contents) insured from the moment you sign the final deeds.

Inheritance
Inheritance laws in Bulgaria differ wildly from those you are used to in the UK. Take professional advice.

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