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Law and Taxes » Bulgaria » Buying Procedure

Buying Procedure for Off-Plan Properties


I.  Initial Costs:

 
The initial costs you have to consider when purchasing an off-plan property in Bulgaria are usually: 
  1. Reservation Fee of £ 750/ € 1, 000 (in most cases) followed by
  2. First installment of usually 30% of the price less the reservation fee within 28 calendar days of the date of reservation (this figure is different for the every development).
  3. € 1,000 for initial solicitor’s fees.

 

 II.  Buying Steps:

 
To buy a property in an off-plan development please follows the steps below: 
  1. Choose an apartment.
  2. Sign a Reservation Agreement and fax it or email it to us. Our contact details can be found on the contact us page.
  3. Pay a reservation fee of £ 750/€ 1,000 to Rockarch Estates. The reservation fee is non-refundable and we accept the follwing methods of payment: bank transfer, cash, credit card or cheque payable to Rockarch Estates Ltd.
  4. Fax or e-mail us a copy of your passport and utility bill as proof of address. Our contact details can be found on the contact us page.
  5. Appoint a solicitor to obtain all necessary documents from the seller, check the contracts and the related documentation and preparing a full legal opinion. 
  6. Sign and return to the seller two signed and dated copies of your Preliminary Contract, Maintenance Contract and/or any Preliminary Contract for Rent.
  7. Pay your first installment less your reservation fee within 28 calendar days after reserving your property.
  8. Follow to pay your next installments in the bank account as stated in your Preliminary Contract.
  9. Pay your last installment at transfer of ownership.
  10. Pay the following transfer taxes at completion (budget to pay 4–5 per cent of the purchase price):
    • Transfer fees: 2–2.5 per cent
    • Notary fees: 0.5–1 per cent
    • Legal fees for representation at completion: approx. € 900 (should you decide to appoint a solicitor)
    • Surveyor’s fee (optional)
    • Mortgage fees (if applicable)
    • Foreign exchange costs (if applicable)
  11. Get your Title Deeds and Enjoy your Investment!

Testimonials

“…The level of professionalism and friendly approach really impressed me. I had many ideas which I was able to discuss and as a result my plan was revised in order to maximise revenue and obtain a better investment. The local knowledge of Silvy and Rockarch is a key factor in my decision to employ their services. As well as the fact that they had UK offices in central London and were Bilingual. I liked the informal approach and customer care…”

Mr. Manwinder G.

 
 
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