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Guide for non-resident purchasing in Bulgaria

If you are buying an individual property the land it stands on must be freehold and if the property is not yet built the land itself should be bought in a company structure. The cost of setting up a Bulgarian company to hold the asset is not onerous but legal advice should be sought.

All apartment blocks are leasehold and can be bought in your personal name.

After making an offer you will move to Preliminary or Primary contract stage where the terms of the sale will be outlined. If you have not secured mortgage funding by this stage you should ensure any contract clearly stipulates that the purchase is subject to obtaining a mortgage. It is normal at contract stage for a 10% deposit to be passed to secure the property.

After contracts are signed your legal adviser will undertake the relevant searches. An Estate agent may offer and be capable of undertaking these on your behalf but it is always sensible to appoint your own independent adviser.

All purchases are signed in front of a notary. Under current legislation the purchase and securitization of the mortgage cannot happen in tandem this means that the mortgage will be secured a few days after the sale has completed. The banks provide the seller with a bank guarantee to allow this happen. You should always make it clear to the seller that you are not a cash purchaser to avoid future misunderstandings about when they will receive full funds.

Other Important points to consider

Always ensure you have checked status of land and that you understand how long your leasehold lasts.

Always check the seller has full title as there are still some ownership issues in Bulgaria

Remember Bulgaria lags behind the rest of Europe in terms of infrastructure and sophistication so be patient.

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