Excel Property Bulgaria

Dear customers, we would like to thank you for choosing EXCEL PROPERTY to be your partner in buying a property in Bulgaria. It will be our pleasure to guide you throughout the whole process of acquiring a property in Bulgaria.

Once you have selected the properties of your interest, you have to organize a Viewing Trip. You may need to stay at least 3-4 days in Bulgaria in order to complete your property viewings and decide on your purchase – a property with or without land. Then you have to start the deal of acquiring the property.

The process of acquiring a property in Bulgaria takes between two to four weeks ! ! !

With this section we would like to help everyone who has considered purchasing a property in Bulgaria, by giving detailed information about every step of the process.

STEPS TO GO:

1. Find a property

This might be the easiest and most pleasant part. You can browse our web-site by yourself and find what you are looking for. EXCEL PROPERTY offers a wide range of residential, commercial and holiday properties. You can always ask for help one of our brokers, by telling us your requirements. We will contact you right away with some offers that match your criteria.

2. Book a Viewing trip

Next you will have to think about visiting Bulgaria. You can book a viewing before you have made a reservation in case that you haven’t decided about a property. You can always ask for help one of the agents of EXCEL PROPERTY about the organization of your viewing. It will be a lot easier for you and it can be a lot cheaper.

3. Make a reservation

If there is a property you really like you can also put a deposit on it directly via internet, before booking your viewing trip and we will take it off of the market till you come. If you are in Bulgaria the reservation fee will be paid on the signing of the preliminary contract. Please bear on mind that the reservation deposit is non-refundable in case of your fault. Later the reservation fee is to be deducted from the first payment you make on your property.

4. Make sure that you know about all taxes and fees

Now is the moment when you have to be very careful, before the signing of the preliminary contract. It is your absolute right to ask about everything that you need to pay. Usually what you have to pay is solicitor’s fees (includes preparation of preliminary contract, power of attorney, new title-deed, checking of all the documents for the deal), municipality taxes and notary fees, agency commission – 3% of the purchase price, but not less than 500 Euros. Here I would like to draw your attention on the fact that EXCEL PROPERTY doesn’t charge agency commission, except for city properties. We save you a lot of money, as you don’t have to pay for viewing of the properties and broker’s advice. These additional charges are usually around 3%-6% of the price.

5. Sign a preliminary contract

When you have come to this part this means that you have made a final decision and you have negotiated the terms and regulations of the preliminary contract. You are about to make the purchase of your dream home and from this point on it is only the payments that you have to make.

6. Register a limited company (only if you are buying land or a house with land)

It is very important to know that this step is only for those who have decided to buy land in Bulgaria or a house with the land (most houses in Bulgaria are freehold). Foreign citizens are not allowed to buy land according to the Bulgarian constitution. For this reason you should set up a limited company in the country and make the purchase through your company. For the registration of the company we recommend you using a solicitor. The solicitor’s tax for setting up a limited company is 600 Euros. You will also need to open a dedicated company bank account to collect all share capital. The minimum share capital necessary to form a limited company is 5000 leva or 2560 Euros (bank expences such as opening a bank account and transfers are approx. 40 Euros). Don't forget that the money in this bank account is still yours and you will be able to use it as soon as your company is registered. Your limited company will officially exist as soon as it is added to the Commercial Register of the Ministry of Justice on the Republic of Bulgaria.

7. Sign the Title-Deed (Notary Deed)

The last step in the buying process is to sign the Title-Deed (Notary Deed). At this point all payments must be cleared to the government or the owner or developer. The Title-Deed (Notary Deed)of the property is then transferred into your company name (or to you).

Congratulations – you're now the owner of a Bulgarian property ! ! !

If everything is too complicated for you just look at the example below!

EXAMPLE:

• Let’s say that you are purchasing a lovely rural house at the price of 15.000 Euros. First you have to pay for the company registration 600 Euros to the solicitor (see our promotion – this promotion cannot be combined and supplemented with any other promotions).

• Next is the agency commission, which is normally 3% of the purchase price, but not less than 500 Euros. This means that being a client of EXCEL PROPERTY in this case you will save 500 Euros.

• After the company is registered before the finalization of the deal, the property should be checked by your solicitor as well as all the documentation and the ownership, which will cost you additionally 500 Euros.

• The municipality taxes and notary expenses you have to pay will be approx. 200 Euros. These are the taxes calculated on the tax evaluation price of the property. If you want to make the deal on the real “purchasing” price the taxes will be between 3 and 4% of 15.000 Euros or approx. 530 Euros.

• Property management and maintenance, insurance, etc. (if you require this service).

• If you would like to have your Notary Deed translated by a legal translator it will cost you 100 Euros.

Final calculation:

• 15.000 Euros – Price of the property
• 600 Euros – Company Registration
• 500 Euros – Solicitor’s fees (checking the documents)
• 200 Euros – Municipality and Notary taxes (taxes when taken the “evaluation price”)
• 100 Euros – Translation and legalization of title-deed (no obligation)

TOTAL Price: 16.400 Euros

IMPORTANT INFORMATION: NO AGENCY COMMISSION FOR BUYERS ! ! !

You can read in our Blog more about How to buy a property in Bulgaria and some Frequently Asked Questions