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Bulgaria Property: A Timely Reminder

With 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.

 

Deeds

The deeds to your property should be in your own hands or those of your own lawyer. If your agent is holding your deeds, get them back or get them sent to your own lawyer

Power of Attorney

If the agent has a PoA, get back the original and any copies. A PoA can only be cancelled by the person who empowers it - you. You must contact the notary who notarised the original PoA that you wish to rescind it, who will then produce an official notification

Electricity and other bills

If you are at all concerned, make sure these are not sent to the agent any more. Contact the electricity board, the water board, etc and get these bills sent to an address where there is someone who can pay them for you, your accountants address or organise payment yourself online if possible

Other paperwork

A great number of buyers who needed to establish a Bulgarian company to buy houses and land, used their estate agent's address as the registered office of their company. You should get this changed as any correspondence from the tax or other Bulgarian authorities will go to the agent's address. If the agent is no longer in business, this could leave you in a very difficult position as usually you only have a very short time to respond to this type of correspondence.

Whether you have bought Bulgarian property already or are considering doing so, it is wise to make sure your paperwork and any necessary Power of Attorney in the right hands.