Our services » Buying Process Step By Step
there are several steps to the buying process and we will guide you through them:
1. You find the property you want to buy on our website or by directly visiting the country and looking at properties that meet your requirements with us.
2. Place a deposit to reserve it or arrange a viewing.
3. Sign a preliminary contract.
4. Set up a company (necessary only when buying real estate with land).
5. Checks are carried out on: Title Documents, Licenses and Permissions, Debts on the Title, Terms of Contract.
6. Sign the Notary Act.
7. You are the new owner of the property!
so now to go over the steps in more detail:
1. Begin your search on our website
Our service begins here on this website by our selection of interesting properties in Bulgaria. Alternatively, our clients can call us directly or can request that we contact them by phone at a convenient for them time or can complete the enquiry form on this website. We will then find property to match our client's specific requirements or will answer questions on a property that you found on our website and you are interested in. This website is designed to provide information and daily updated ads of properties for sale and in Bulgaria. Our aim is to offer a comprehensive, easily searchable database of many properties available in our country.
2. Reserve your property
If you come upon a property that suits your requirements and decide to purchase it then you would need to place a deposit to reserve the property. Normally this is 10% of the selling price + our fee (which is 3% of the selling price or 500 Euro - whichever is greater).This deposit is being paid to the vendor and the property is taken off the market upon receipt of cleared funds. Our practice shows that most of the properties are being sold very quickly due to the booming market in Bulgaria. If you find a property on our website that you really want to own, we recommend that you reserve that property by placing a deposit to secure it and arrange viewing later in order to avoid disappointment.
Or if you have not decided yet, you can visit Bulgaria and can see many properties with us (depends on how much time you have to spend in Bulgaria) in different regions of Bulgaria.
3. Travel Arrangements
Balkan Realty endeavor to ensure that the purchasing process is simple, fully explained and as cost efficient as possible.
We are delighted to assist with viewing trips but shun away from pressuring you. To this end we will assist with flights/hotels/rental cars etc. but leave most of the choices up to the client. We can obtain accommodation for you in a good hotel or if you prefer in a local traditional house in the area that you like.
We will pick you up at whichever airport you land at in Bulgaria. All we need to know in advance of your trip are the date of your arrival, planned length of your stay and the region(s) in which you would like us to show you properties that meet your criteria. We will plan with you an itinerary around your timeframe and preferences.
Although we are not a tourist agency we would be happy to show you not only properties but also as much as possible of the area that you are interested in so that you can get a better feel of the lifestyle, scenery and all the other important aspects that one considers when looking to buy a home. We believe that the best way to decide on a property is to experience Bulgaria first hand. Our goal is to make your trip as enjoyable, stress-free and productive as possible.
4. Legal Details
According to the Bulgarian act on foreign investment foreigners can buy buildings but not land. Therefore the most common method is to set up a company which then owns the property. We can organize the entire legal process from start to finish together with all aspects of conveyancing and we will guide you through the maze of Bulgarian property law. Currently there is a legislative proposal submitted for review by our Parliament that if approved would allow foreign nationals to own land in Bulgaria directly without having to establish a business. The timeframe in which that law may come into force is uncertain at this time - it may be as early as March of 2005 or over five years.
5. Signing the preliminary contract
Upon receiving cleared funds our solicitors will draft a preliminary contract containing all of the agreed details, money paid and setting out the terms and conditions of the deal. You will need to sign the contract in order to proceed with the purchase.
6. The Notary Act
After we set up a company for you and help you open a bank account and we complete all due diligence checks and searches on the property you will need to pay the remaining balance for the property.
The final step is for you to confirm before the Notary Public the agreement to buy the property. The state and Municipal taxes must be paid, the full amount paid to the vendor and the title deed will be transferred into your or your company name.
7. Real estate renovation
Very cheap properties may need a lot of renovation to be brought up to your standards. We have teams of local builders who can complete your project. At the start of a renovation project based on your needs and requests a full price estimate would be submitted to you and our construction project supervisors would adhere to it as strictly as possible. We are confident of the quality work of our builders.
Our Fees:
We charge the following fees:
We charge no viewing fee.
Real estate agents commission: For each property purchased with our help and assistance we charge 3% agents commission on the purchase price or minimum of 500 Euros (approx. 350 £ GBP). Our commission is payable when paying a deposit and signing the preliminary contract for purchasing property.
Other expenses: Depending on each property there are other expenses like: notary fees, tax when purchasing property, stamp duty, etc. These additional charges are very small. For example for a rural house these are from 150 to 200 Euros. These should be paid separately by the buyer.
Company registration fee: Our team of lawyers will fully assist you in registering your Limited Liability company in Bulgaria. For registering a company we charge a fee of 560 Euros.
Transport/taxi charges: If our company car is used for the viewing trips we charge 0.20 Euros (approx. 0.14 £ GBP) per km to cover the petrol charges and depreciation of the vehicle. This charge is equal to the price charged by the taxi companies in Bulgaria and is not refundable. If you would like to save on your transport expenses while in Bulgaria you may want to also consider renting a car. Several international car rental companies have already opened offices in Bulgaria.
Whether you are interested in a holiday, retirement, investment or commercial property then do not hesitate to get in contact with us for a friendly and professional service.