Which are the main steps of buying a property in Sarafovo South?
According to the current Bulgarian legislation and bank’s requirements, Bulgarians, who live abroad and want to buy real estate in Sarafovo South, should be aware of a few things.
They are related to the procedures and the necessary documents for approval to get a fast and hassle-free loan from a particular bank, at which the conditions are satisfactory.
Actually, after choosing a property, comes the actual purchase process and its documentary layout. It consists of several basic steps that we will look at in the following lines.
Before signing a contract (preliminary and final), it is advisable to make some legal references, about:
- Report on the status of selected property, as well as its purpose in order to confirm its compatibility with your intentions and desires as a buyer;
- Checking the documents, that are required for the transfer of ownership;
- Information about the seller;
- Verification of possible previous mortgages or other taxes on the property.
After successful conclusion of the legal consultation (which is not a mandatory component of the property purchase process, it’s only by buyer's wish and judgment), the next step is Preliminary Contract.
It mentions and specifies all the terms. By its nature, it represents a kind of a "promise" between both sides of the deal about the subsequent conclusion of a final contract.
Preliminary Contract provides detailed and comprehensive information about the property. It also sets a deadline / date for both sides to sign the notarial deed.
Usually at this stage, it’s a practice, for buyer to pay the seller a deposit of 10% of the sale price of the whole property. There is an opportunity for agreement on other terms.
Accordingly, if conditions, described in the Preliminary Contract are not respected are provided strict sanctions and the injured side has the right to bring an action for recognition of the final contract.
All transactions, concerning transfers of ownership of immovable property are obligatory carried out by a notary deed.
The notarial proceedings start with a written request of the interested persons towards a notary in the adjacent territorial area.
In the situation that somebody does not know Bulgarian, an translator should be appointed.
Every person certifies their identity through an identification document before the notary public.
Upon issuance of a notarial deed, the notary public duly checks whether the "claimant" is the real owner of the immovable property and monitors the observance of all legal requirements for the realization of the deal.
On the very day of the signing of the notary deed, it must be submitted in writing on the date "Certificate for lack of previous weights on the property".
The notary deed is officially entered in the Property Register. This makes it " unbreakable" to any optional requests or claims by third parties.
Payment of the sale price
In case that total selling price exceeds the amount of 10 thousand BGN, the payment should be made by a bank transfer.
Payment is made at in advance at bank account, mentioned by the seller or in a special account of the notary, which is a subject to an agreement between the both sides of the deal.
Transfer of the property
In general, possession over the property is handed over on the day of sighing the final contract in a notary form. The 2 sides of the deal have the right to make agreement by other terms.
Regardless of whether the possession of the property was or was not handed over to the buyer, by signing of the notary deed, he has already acquired the right to own it.
By the time of the physical delivery of the property, should be signed a hand-over protocol. It reflects the actual state of the property at the present moment and describes any optional deficiencies or defects in it.
At this stage, the keys for the property are also handed over. In case, that there is no protocol, it is automatically assumed that the property has been delivered without any remarks and it’s in perfect condition.
If you have any questions, regarding the procedure of buying a property in modern, secured complex - Atlantis Atmosphere, Sarafovo South, we are at your disposal to give you more information.
Contact us on phone: +359 876 112 222; 0700 11 222
Project Atlantis Atmosphere: sity of Burgas, area Sarafovo South - Where Dreams Come True!