A Step by Step Guide to Buying a Home in Bulgaria

If you are interested in purchasing a home overseas in Bulgaria and have already picked out a place that you want to get you should first learn about the home buying process in the country. In Bulgaria the process for buying a home is very different than buying a home in Western Europe or the United States. In fact, you may not have experienced a process like it before. While it may be new and different to you it is a relatively straightforward process.

The first thing you should do if you have found a home abroad in Bulgaria that you are interested in purchasing is to find a local lawyer. It is important to find someone that has past experience in property sales, and it is even better if you can find someone that has worked with other expatriates. Try asking around for references.

You will need to agree on a selling price of the property with the owner of the home. Once that happens you have three things that you will need to do in order to take ownership of the home. If the home that you are interested in has land with it you will need to form a limited company. Then you will need to get a preliminary contract and sign it as well as pay a deposit. Then you will need to sign the notary act and make your final payment to claim ownership of the home.

If the property does not have land attached, so if you are buying an apartment, you will not need to form a limited company and can move on to the next step. The reason that you have to form a limited company if the property has land is that current Bulgarian law prohibits foreigners from owning land in the country. To work around that law you form a company that is registered in Bulgaria. This not only legal but an acceptable work around. This law is expected to be lifted by 2012.

Your lawyer should make sure that your preliminary contract is drawn up properly. The contract will vary depending upon what type of property that you are buying.

The final step is signing the notary act, which is also called the notary deed or the purchase contract. Basically this document is the title deed to the property. This has to be signed in the presence of a notary public. You will also need to pay the final payment. It is best if you have a Bulgarian bank account that you can do a transfer from to the owner's account.