Stages in the purchase of a property by Dinevi Group
1. If you would you like to purchase a property by Dinevi Group please determine:
- The purpose of the purchase: for living or for investment;
- Apartment type and size
- Price range and the prospective payment scheme
2. Consultation with a representative of Dinevi Group
Please tell our representative your criteria. We will offer the best options and payment plans – in order for you to make the right choice.
3. Signing of a preliminary contract and paying a reservation fee
Once you have selected a property, in order to be removed from the sale list, you have to pay a reservation fee of an amount of 2,000 Euros (which is a part of the price). The reservation fee is for a period of 30 day and after that the first payment under the contract have to be made.
Upon payment of the reservation fee a Preliminary contract for sale is drafted. The contract is signed by both parties – the builder and the buyer. The preliminary contract is a prerequisite for bank transfers and subsequent instalments made by the buyer. In the preliminary contract the property is fully described, its condition, method of payment, responsibilities of parties etc. are also included.
4. Transfer of the property rights
The document of ownership of a real estate in Bulgaria is called “Notary Deed”. After the payment of the last instalment according to the preliminary contract for sale and the fulfilment of the conditions of the parties, there is a procedure for signing of the ownership documents before the Notary Public.
The procedure is as follows: After the full payment of the price of the property and all the notary and state taxes on the transfer, the buyer and the seller sign a Notary Deed before a Notary Public, which deed is registered in the “Registry Agency” and then transferred to the buyer.
In order to prepare the documents for the purchase of the property, it is necessary to decide who will be registered in the deed, the accurate shareholding of each (%) and to inform if all the listed persons will be able to be before the Notary Public. Those, who are not able to come to Bulgaria will have to prepare a power of attorney on behalf of the owner, who will attend the transfer process before the Notary or our lawyer.
For the preparation of the documents for the transfer it is necessary to send a copy of the passport and a proof of your address of residence and marital status, as well as the names of all who will be included into the Notary deed and all their husbands / wives.
Once you become an owner of a property, it is necessary to declare the transfer in the Bulstat Registry, the Tax Authority and in the Cadastre register.
Bulstat Registry – it is a division of the Registry Agency. Any physical person – foreigner, who has purchased a property in Bulgaria is obliged to be registered in the Bulstat Registry up to 7 days after the date on which the Notary deed is signed.
Bulstat card has a unique identification code, which the tax authority uses to identify the foreigners.
The Bulstat card itself is issued two months after the submission of the documents. In case of a change of the international passport, you are required to submit the new data to the Bulstat Registry within 7 days.
After the registration of the Notary deed, the buyer is obliged to submit to the tax office, where the property is, a declaration under paragraph 14 of the “Law on local taxes and tax on real estate”. The declaration must be presented within two months.
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