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Bulgaria | Purchase Process
Bulgaria: Purchase Process
Below is the standard purchase process in Bulgaria and issues that may affect that purchase:
* As a non-Bulgarian national is currently not permitted to own land in Bulgaria, it is still necessary to form a Bulgarian limited company that can own land.
* The preliminary contract of sale will be drawn up by the purchaser's chosen lawyer, at which stage the purchaser will be expected to lodge a 10% deposit.
* The purchaser's lawyer will conduct the necessary checks on title documents, licenses and permissions, debts on title, and terms of contract.
* The purchaser must pay the balance of the purchase price as well as land tax and the relevant fees, amounting to around 5% of the purchase price. On payment of these costs, the property will legally belong to the purchaser.
Costs of a standard property purchase in Bulgaria include the following:
* 2% state tax.
* The notary fee is calculated using the price in the title deed.
* Land registry costs 0.1% of the value.
* Legal fees are likely to amount to 1% of property value in most cases.
The Obelisk Advantage:
As Obelisk approaches its projects purely from an investment perspective, its priority is to deliver each real estate product with an emphasis on simplicity and transparency throughout the purchase process. Therefore, Obelisk has already identified the purchase procedure for its clients as a simple, four step process:
1. The client chooses and reserves the unit that best suits their investment requirements, and Obelisk takes the client through a compliance procedure.
2. An independent lawyer, sourced and appointed for the client by Obelisk, will have already carried out full due diligence on the real estate product. They will issue all purchase contracts and paperwork to the client. In a country such as Bulgaria, where a foreign purchaser must start a company through which to buy a property, the lawyer will deal with incorporating this new company.
3. On receipt of this contract, the client will sign and make the first payment. The lawyer will notify the client of all further payments when required.
4. The appointed lawyer will also represent the client in all aspects legally required within the country of purchase, ensuring that clients of Obelisk enjoy the benefits of simple and hassle-free real estate investment.