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Questions and answersWhat documents are required from the seller at the sale of a real estate?
At the sale of property, the seller must have the following documents:
Why is a preliminary contract necessary?
The preliminary contract for sale of a real estate is an agreement between the seller and the buyer. It contains the basic elements of the final contract (information about the seller and the buyer, about the property, price, terms, etc.). The preliminary contract for sale of a real estate does not transfer the ownership right over the property. Through the preliminary contract the seller and the buyer only take responsibility to conclude a final contract in the future, with which to transfer the ownership right over the property.
The preliminary contract must be in written form. When it is signed, the Buyer pays to the Seller a deposit, usually 10% of the property price.
Check for legal burdens of the real estate
Before the deal is concluded at the notary’s office, a check must be done at the registering service for legal burdens of the property. If the property has any burdens, after the sale they are transferred to the new owner, and he/she takes responsibility for them.
Can foreign citizens buy property in Bulgaria?
According to the Law for ownership, foreign citizens can acquire real estates in Bulgaria with the permission of the Minister of Finance. There is another opportunity: the foreign citizen can register a company in Bulgaria. Then he/she can acquire any real estate except agricultural land.