When you buy with Coral Estates you can either come to view properties with us in Bulgaria or, in the case of off plan developments, you need not to.
Here is a guideline summary of what to expect
- Total purchase costs should not exceed 5% (including lawyers fees) however this could end up being more (in percentage terms) for an older and cheaper property in Bulgaria.
- Under Bulgarian law a foreigner cannot own land. If you wish to buy land or a house with a plot then you can circumvent this law by opening a Bulgarian company. The land (and house) can be owned by this company and a foreigner can have outright ownership of the company. The cost for setting up a company is relatively low (under 1000 Euros) and we can help you set it up. With new, off-plan developments it is not necessary to own part of the land or set up a company as buildings can be owned by foreigners.
- We source the best and most efficient lawyers and mortgage brokers to help make your purchase as smooth and risk free as possible.
- We advise to always use a lawyer when purchasing a re-sale property.
The purchase process is as follows:
- A reservation deposit is paid to hold the property. (Usually 500 - 1000 Euros)
- If the property is a re-sale or land then a Bulgarian company must be formed to own the land.
- An initial private purchase contract is then signed (checked first by your lawyer) and an initial payment is due (usually 10% - 30%, depending upon whether a re-sale or off plan).
- The Notary Act is then signed in front of a Bulgarian Notary, either in Bulgaria or in the Bulgarian Embassy. In the case of an off-plan development the Notary Act is signed once the building is complete.
The time each stage takes place depends upon the type of sale. In the case of an off plan development, private contract is usually signed within weeks of reservation.
Read a summary of our Bulgarian tax guide.
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