Excel Property Bulgaria is a renowned Bulgarian real estate agency that specializes in the sale, rental and management of vacation and residential properties in Sofia and Sunny Beach. Over the years, we have won the trust of clients by guaranteeing high quality and offering all real estate related services "under one roof". For this reason, we at Excel Property Bulgaria make maximum efforts to protect their interests, as one of the main rules in our work is "customers to be satisfied", because this is the real attestation for us. In practice, the purchase of real estate is one of the most important decisions that the average person has to make in their lifetime, and for this reason we will pay special attention to this process. We know the real estate market in detail and will try to answer some of the most frequently asked questions from our clients in advance for your convenience!
Take a detailed look at the offers on our website: www.ExcelProperty.bg. For this purpose, use the site's search engine, which through its filters provides you with many opportunities to specify your search by determining the geographic location of the property or selecting the settlement, selecting the type of property, the area of the property, the number of bedrooms, the price, etc. n. Each property has a detailed description of its characteristics, the amenities that are nearby, a rich gallery with photos, video, architectural drawings and a street view for which the capabilities of the interactive map are used. Also automatically on our site you have the opportunity to view "Nearby properties you will like" with similar characteristics to those you have set as your preferences!
Make a list of properties you like. Use the opportunity to create your own profile on the site, where you can save the list of selected properties and notes on each of them. Send an inquiry with a specific question you are interested in using the forms on the property page. As an additional option with a specific purpose, you can use the forms in the "Next steps?" section, one of which is the option to share the property with a friend to get valuable advice or approval from them. On the page of each property you will see a business card with a photo and all the possibilities of contacting the leading broker of the specific offer. Do not hesitate to contact the broker of the offer, he is a professional who will be happy to answer all your questions, give useful guidelines and advice that will help you in choosing a property!
Use the form "Request a viewing of the property" on the page of the specific property or contact us by phone. It is possible to prepare a list of several properties for inspection, you just need to specify the day and time when you want the inspection to be organized in order to fit it into our schedule and program. For overseas clients, for clients who are too busy or want to save time and money from traveling to the properties, we are ready to arrange a property inspection via Skype video link, making you part of the most innovative technology in the business with real estate. Our company Excel Property Bulgaria does not charge a fee for viewing the property!
In order to reserve the property of your choice, you must pay a deposit, which is a guarantee of your intentions as a buyer of the specific property. Based on this payment, a Deposit Agreement (Reservation Form) will be prepared for you, which you must sign. This contract guarantees you that the property will be withheld from the market, no viewings will be arranged, no other deposits will be taken, no other contracts or agreements will be signed, for the period set out in this contract for preparation and signing of the Preliminary Sales Agreement. Payment can be made by bank transfer or in cash at one of the company's offices against a receipt. In the event of a culpable refusal on your part to proceed with the signing of a Preliminary Purchase and Sale Agreement within the specified period or transaction with the property, you lose your deposit, it is not refundable.
Of course, this is a business like any other and the terms are negotiable. Very often, however, a careless attitude to this process leads to the opposite effect - an increase in the price. As a piece of advice from Excel Property Bulgaria, remember – this cannot be just a presumption or a whim, the price reduction negotiations must be based on principle and factually reasoned in order to achieve the desired result. Trust your broker, he is a professional who perfectly knows all the mechanisms of the real estate market and is always ready to conduct these negotiations in order to achieve the best price for you in the transaction. If you feel it is necessary, don't be afraid to ask for advice from different professionals, such as a licensed real estate appraiser for example or a building engineer to analyze all the architectural features of the property, etc.
The preliminary contract for the purchase and sale of real estate is drawn up in writing to formalize and guarantee the good will and intentions of the parties, as its main purpose is to prepare and specify all the conditions and obligations of the parties under which the transaction will be carried out and the Final Contract (Notarial Deed) is signed. There are several main details in a Preliminary Purchase and Sale Agreement – first of all are the parties (contracting parties) to the agreement, the subject of the agreement (the real estate), the price of the property and the method of its payment on time, the penalties for the parties in case of culpable refusal and failure to fulfill obligations under this contract. It is important to know that the price entered in the Preliminary Agreement is final and is not subject to change under any circumstances or reasons. When selling a property together with movable property (furniture, etc.) as an integral part of this contract, a Acceptance-handover protocol is drawn up, in which the property is described in detail. The parties to the contract, in person or through persons duly authorized by them, necessarily sign the Preliminary Purchase and Sale Agreement without any pressure, bearing in mind that there is no legal requirement in Bulgaria for this type of contract to be notarized. Pursuant to Art. 19, para. 3 of the Civil Code, each of the parties to the contract may request that it be declared final by court order.
The final contract objectified in the form of a Notarial Deed is a contract with a material legal nature, which in practice certifies the transfer of the ownership of the specific real estate, and in fact, after its signing, you are already the owner of the property. The signing of the Notarial Deed takes place after a pre-arranged day and time, in front of a competent Notary with an area of activity, the area where the property is located. On the day of the confession of the transaction, the Notary presents the Notarial Deed to the Registry Office at the location of the real estate, after which the Registration Judge of the relevant regional court orders the entry of the deed in the Property Register at the Registry Agency. It is important to know that, in addition to mediation, Excel Property Bulgaria is committed to assisting in the preparation of documents and all subsequent stages until the final completion of the transaction.
In transactions involving the purchase and sale of real estate, the main obligations for the preparation of the documents are the responsibility of the Seller. First of all, the Seller must present the original documents for the property, from which his right of ownership derives, and an identity document. Certificate of encumbrances of the property, certificate of tax assessment issued by the relevant tax office at the location of the property, scheme or sketch of the property issued by a technical office, certificate of the marital status of the owner. In individual cases, other documents are required depending on the specifics of the transaction. Given the variety of possible options, it is recommended that the documents of the parties to the transaction be properly checked by a lawyer and that a preliminary consultation be made with the Notary who will confess the transaction.
According to the Bulgarian legislation, there are three mandatory state taxes and fees that must be paid when buying and selling real estate - a tax for transferring the right of ownership, a fee for entering the transaction in the property register, a notary fee. The sum of these legal fees represents an amount of 3.5-4% of the value of the specific real estate, depending on its location. For the services provided in the transaction by Excel Property Bulgaria, a commission is paid, the amount of which is agreed in advance and is most often a percentage of the sale price of the real estate. It is recommended to use a lawyer and pay his fee, which is the subject of an individual contract between you and him, depending on the services you want to receive - verification of property ownership documents, preparation of a Preliminary Purchase and Sale Agreement, preparation of a draft for a Notarial Act, etc. It is important to know that the ban on the purchase of land by foreign nationals is still in force and under this condition they are obliged to register a commercial company (firm) according to the provisions of the Commercial Law of the Republic of Bulgaria in order to have the opportunity to become owners on land.
There is no legal obligation as to when and how the sale price of the real estate must be paid. All this is subject to contractual relations between the parties - the entire price can be paid in advance or on the day of signing the Notarial Act, in installments or in future terms. All payments made are certified by bank statements for amounts paid and receipts for amounts received under the transaction. It is important to know that from 01.07.2011 there is a limit in real estate transactions for making a cash payment of up to BGN 10,000.
Very often clients, in their desire to save money, refuse to use the services of a lawyer in real estate transactions. Bearing in mind the importance of the property purchase and sale process, Excel Property Bulgaria recommends always using a practicing Lawyer who specializes in the field of real estate. This will greatly reduce your risks of concluding an unfavorable contract or transaction, considering the variety of possible cases in real estate transactions. The lawyer's fee is subject to individual contractual relations between you and the lawyer, but regardless of its amount, remember that it is an investment in your security.
The notary is a guarantor, a person to whom the state entrusts the performance of the notarial acts provided for in the laws. All active Notaries are registered in the register of the Chamber of Notaries of the Republic of Bulgaria. In real estate transactions, the Notary verifies the identity, legal capacity and representative authority of the persons appearing before him. After receiving all the original documents for the property from which the right of ownership derives, he checks whether there are no legal obstacles to the transfer of the property. The Notary read the contents of the draft Notarial Deed to the parties and the parties confirm before the Notary their declarations of will reflected in the draft Notarial Deed. The notarial deed is signed by the parties and the Notary, after which the Notary is obliged to enter the Notary deed in the Property Register at the Registration Agency of the relevant district court at the location of the property. The notary provides the parties with a copy of the Notarial Deed after its registration and entry in the Property Register.
Due to the variety of opportunities that exist as case studies in the real estate business, it is difficult to specify a specific time frame. In general, the process of acquiring a property in Bulgaria is a period of 2 to 4 weeks. The reason for this is that all documents that are required by law in real estate transactions have a statute of limitations, and for this reason, their preparation begins only after the signing of the Preliminary Purchase and Sale Agreement. At Excel Property Bulgaria, we have a practice of working with foreign citizens who need to prepare their documents according to their place of residence, then send them to Bulgaria - this also requires technological time. When working with Bulgarian Commercial Banks on lending for real estate purchases, the standard period that banks require for their service is 45 working days - this accordingly extends the period for finalizing the transaction to about 2 (two) months.
The new Notarial Deed of Ownership is entered in the state registers of the Registration Agency of the Ministry of Justice and you will receive it within 7-14 days from the date of the notarial transaction at the office of the Notary who has acknowledged the transaction. The notarial deed is the document that certifies your ownership of the property. After the purchase of the property, all foreign citizens must register in the unified national administrative register BULSTAT within 7 (seven) days from the date of receipt of the Notarial Deed from the Registration Office. The Law on Local Taxes and Fees obliges anyone who has acquired a property, regardless of whether it is new or old construction, within 2 (two) months after the confession and entry of the relevant transaction in the Registry Agency, to submit a tax return for taxation with annual tax at the Tax Office at the location of the property.
Taxation of real estate is regulated in Art. 10-28 of the Law on Local Taxes and Fees (ZMDT) of the Republic of Bulgaria. Tax is levied on all immovable properties located on the territory of the country in settlements, settlements and land properties outside them, which according to a detailed development plan (DSP) have a purpose under Art. 8 para. 1 of the Law on Territorial Planning (ZUT). According to Art. 19 of the Law on Local Taxes and Fees (LAT), the real estate tax is calculated on the property's tax assessment as of January 1 of the year for which it is due, and is determined by an ordinance of the Municipal Council of the relevant municipality in the location of the real estate. If the tax assessment of the property changes during the year, the tax is updated. Simultaneously with the property tax, the Municipality sets an annual household waste fee.
Yes, specifically for this case, the law provides for the possibility of authorizing a third party, with the power of attorney being notarized and it explicitly describing the specific real estate and the rights that the authorizer grants to the authorized person upon representation. The dynamism and busyness of people nowadays is huge, which is why this is an increasingly common practice. In our practice, our foreign clients usually do not have the opportunity to organize their travel in order to meet the deadlines of their contracts for the purchase and sale of property, and this travel in most cases costs a lot of money. Representation in real estate transactions is one of the services that Excel Property Bulgaria offers to its clients, absolutely free of charge!
