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Tue 07 Feb 2012
The Buying Process - How to Buy Property in Bulgaria
The first step to buying property in Bulgaria is to decide if you want to buy a property with land or a garden or whether you wish to purchase an apartment or flat.

Land Titles
Under Bulgarian law foreigners are not allowed to purchase land, they can however purchase buildings in a similar way to buying leasehold property in the UK or they can bypass the law by setting up a company in Bulgaria to purchase the land that the building stands on. This is a perfectly legal and legitimate way in which to purchase land in Bulgaria as foreign individuals are allowed to set up or form a company and once formed the company is allowed to purchase land.

Buying property in Bulgaria using the company method means that effectively you own the land as well as the building and this method is widely used by foreign purchasers. Setting up a company in Bulgaria is a relatively simple process and your estate agent will assist you should you decide to do so.

Now that Bulgaria has joined the EU it is expected that the law regarding foreign property ownership will be overhauled in the next few years. Those planning to buy an apartment or flat in Bulgaria are unaffected by the law as it is usual for the property to be leasehold.

Making an Offer
After an offer has been made on the property a preliminary contract will be drawn up by a public notary (or notarioos) and you will be required to pay a 10% deposit. All property sales in Bulgaria are handled by the notary and it is wise to employ the services of an English speaking lawyer to handle the sale on your behalf.

It usually takes around four weeks for the sale to complete at which time you will be expected to pay the remaining 90% before obtaining the title deeds for the property.