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Buying a Home in Bulgaria

Buying a home in Bulgaria has never been so straight forward since the law introduced earlier this year stating that foreign buyers from within the EU no longer need to set up a LTD company in order to purchase land unless it is for agriculture or forestry.

Here is a brief outline of the property buying process involved when buying a home in Bulgaria from the viewing trip to the completion of sale and the handover of keys.

Most deals take place during or after a viewing trip which involves your chosen estate agent(s) escorting you to the desired properties in their company vehicle. Most but not all agents charge for this service and the cost is normally calculated by a set price per kilometre.

When you have found the property that you intend to purchase, the first thing to do is to pay a deposit which can be from a few hundred Euros to 10% of the purchase price. After this has been done the property will then be taken off the market.

A preliminary contract should now be signed by both parties with each having a copy of the agreement. The preliminary contract will contain the terms agreed by both the seller and buyer i.e.; price, payment terms and a completion of sale date.

By now the Notary will have been appointed and given the relevant documents in order to draw up the new Title Deed which is known as the Notary Deed when buying a home in Bulgaria. It is then his job to have the deed certified and registered with the local registry agency.

On the date of completion it is the buyer's duty to ensure that all funds are in place for the final contract (signing of the notary deed) If the buyer will not be present in Bulgaria at this time then POA (power of attorney) can be assigned to complete the sale on their behalf.

After completion, the new owner will be responsible for 2 yearly taxes, one for the property and the other for refuse collection.

With many properties having now been reduced to as much as 50% of their initial asking price it now a fantastic opportunity for buying a home in Bulgaria.

For the very best choice in Bulgarian property, please take a look at the range of bargain properties for sale