Rent apartments Sofia - Purchase Progress Bulgarian real estate

Rent apartments Sofia - Purchase Progress Bulgarian real estate

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Purchase Progress Bulgarian real estate

    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 for the purchaser to form a Bulgarian limited company that can own land. The
    purchaser will need to register as a company director, which has to be done through a
    solicitor and will take around four weeks. 

  •  The preliminary contract of sale will be drawn up by the purchaser’s chosen lawyer, at
    which stage the purchaser will be expected to pay 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 is calculated on the purchase price and is similar to a stamp duty. 
  • The notary fee is calculated using the price in the title deed. The cost will be around
    €350 for a typical 2-bedroom apartment. The maximum fee is €1,550. These fees can
    be shared between the buyer and the seller, as agreed. 
  •  Land registry costs 0.1% of the value. 
  •  Legal fees are likely to amount to 1% of property value in most cases.




 

 
17.10.2007

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Rent apartments Sofia - Purchase Progress Bulgarian real estate