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Property Sales Process
Vendors must ensure they possess relevant property ownership documents and make sure they have paid any outstanding tax or utility bills on their property.
1. Property valuation
If you have decided to sell your property in Bulgaria the first step is to establish the current market price. That will be carried out from our professional team once visiting the property and considering the realistic price that can be offered to the potential buyers.
- Completed form to apply for property valuation
- Notary deed
- Recent photos from the property, complex, facilities, etc.
2. Listing your property Free of Charges – Marketing Strategy
We will prepare your property to increase its attractiveness to prospective buyers.
3. Timeframe and costs to issue the correspondent documents
Generally it will take 3-5 weeks to sell your property. This is dependent on a number of factors, not all of which are in your control. The terms and conditions of the sale can be negotiated very quickly, therefore it is important to have an accurate picture of the condition of the property, likely repairs that will be needed and its consequent value.
Usually the Tax Appraisal Certificate, Cadastral Scheme, Certificate for lack of encumbrances and Constriction documents can be issued upon request within 14days. The legal title to the property can be checked at the Land Register in a day or two. Searches with the local authority, trying to confirm the uses and building permissions associated with the property, will similarly take one week.
In case that the vendor would like to be represented by our consultant lawyers, it will be necessary to be issued Power of Attorney (PoA). The PoA as well as two declarations/Declaration for marital status and Declaration confirming that all government taxes are paid up to date/ have to be signed by the vendor physically present in front of the Bulgarian Consular Office at a Bulgarian Embassy, or alternatively signing is witnessed by a Notary Public and then sent for Apostil stamping at the Foreign Office (in accordance with the Hague Convention for international verification of documents).
The Preliminary Contract is then exchanged and a deposit paid. There is then a period of, at maximum, a few days while the money transfer is arranged and any final checks made.
The sale will take place in front of a Notary at an agreed date and time.
4. Our commission would be paid when sold your property!
Why sell through us?
- No listing fees
- No advertising fees
- Accurate Valuations
- Professional international marketing in the active markets
- Native sales teams speaking the language of your potential buyers
- Local to your property on the ground in Bulgaria
- Open every day for early and late night viewings
- Honest, free and accurate advice in your language
What are our fees?
When we find a buyer our commission comes from their payment for your property; every property is different and as such our exact fees will vary, we will be able to give you an answer over the phone after the basic credentials have been discussed.
5. Transfer taxes
Apart from corporate tax, no other direct taxes are levied on the transfer of real property.
If the seller is a company, it is required to pay a corporate tax in relation to the received purchase price when it is higher than the paid amount. If the seller is a natural person, he/she pays a personal income tax over the purchase price.
A sample list of other services for our clients
• Registration for BULSTAT number with the Bulgarian Registry Agency
• Property declaration with the respective Bulgarian Municipality
• Payment services – Bulgarian bank account opening and operations
• Management of utility bills, property taxes, garbage fees etc
• Advice on property insurance and handling incident claims
• Property management services: key‐holding, security, maintenance, inventory checks etc.
• Official representation to any statutory bodies and other third parties
• Property management and letting services
• Year end closure of company accounts and submission of tax returns
• Publishing of the company’s Financial statements in Bulgaria
• Any other accounting, payroll, business and taxation services as required to comply with legislation
Please call us if you are concerned about any of the issues above and we will put you in contact with the most suitable professional to assist you !