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A Short And Easy Guide To Purchasing Property In Bulgaria
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Investing in Bulgarian real estate can be a good decision. Unfortunately, the process can be quite tricky for a foreign buyer. In fact, it is typically fraught with complications. For foreign buyers, there is the added difficulty of the language, since the official language of the country is Bulgarian. To simplify matters, it is a good idea to learn about the purchase process before actually investing the money.
Start Researching the Real Estate Market
Like any other purchase, it is vital that you thoroughly research the real estate market in Bulgaria before you buy. You need to do more than just research the area where you want to buy property. It is important to research any company and service that you will require such as real estate agencies, lawyers and property developers. Make sure that you examine a variety of properties and compare the prices being quoted by different agents. After all, you do not want to end up paying too much.
It is also vital that you make sure that all parties that you are working with are qualified professionals. They should be experienced and possess expert knowledge of the process.
Get Independent Legal Advice
It is essential for you to seek legal advice from an independent party. With their help, you will be able to overcome a lot of the confusion that often surrounds these kinds of transactions. Make sure that the lawyer is experienced in international real estate. More importantly, they should not be associated with any of the other parties involved in your real estate transactions such as the developer or the agent.
You can look for a lawyer in the UK or in Bulgaria as either one will do. However, you need to ensure that the lawyer is registered to the respective national bar association. In Bulgaria, it will be the Bulgarian Bar Association while it is the Law Society for UK. In the latter case, the lawyer should specialise in international transactions.
Find a Translator
Unless you are completely fluent in Bulgarian, you should find and work with a translator.. You will need translation services for all contracts and documents. In Bulgaria, all documents and contracts are drawn up in the official language of Bulgarian. After all, only contracts and documentation written in Bulgarian are accepted as valid in Bulgarian courts.
A List of Documents
There are a few documents that you need to have seen before you complete the purchase process. Here are some of them.
Planning Permission: When you are purchasing off-plan, it is vital to ensure that the local municipality has approved the development. You should also go through the Urban Plan. This will show you if there are any building restrictions on the plot that you wish to purchase.
The Land Registry Extract: This document provides all the details on the usage of the land, the regulations and the structure.
Receipts: You need to check the annual property tax receipt. It should have been paid up to day by the previous owner. In fact, it is a good idea to examine the tax documentation to ensure that no unpaid taxes and fees are left on the property from the previous years.
The Cadastral Certificate: This document states the exact area and boundaries of the plot.
Property Survey: This is not an essential document. However, it is a good idea to get a property survey done by a chartered surveyor before the purchase is completed.
The Title Deed: Make sure that the title deed provides a precise description of the property. This is essential.
These are just some of the basic steps that you need to take when you are purchasing a property in Bulgaria. Take your time with the process to ensure a hassle-free transaction.
Yantra Homes is a specialist real estate firm based in Veliko Tarnovo, Bulgaria. Yantra Homes helps clients find the most suitable property in Bulgaria for purchase or sell off their properties in a convenient manner. To know more about their services, you can visit https://www.yantrahomes.co.uk/ or you can send them a message at firstname.lastname@example.org.
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