Most "Off-Plan" purchases adopt a schedule of instalments. There are one or more instalment payments to be made prior to the full completion of the property. Upon completion of the property and payment of the final instalment, the transfer of title will occur. The Bulgarian property system uses Notaries and a Notary Act in order to transfer the ownership of buildings and/or land.
Upon completion of the property and prior to signing the Notary Act, the local municipal council conducts a tax evaluation of each property. This valuation represents the minimum value that must be reflected on the Notary Act. It is this value that at a minimum must appear on the Notary Deed in property transactions in Bulgaria.
You will need to sign the 'Notary Act' in front of a Bulgarian Notary. This is a standard document transferring ownership of the property. You will receive title deeds within 7-10 days of the Notary Act from the local council. You should also arrange for the property to be registered at the Tax Office in Bulgaria within 1 calendar month. We can advise you about this.
Your legally appointed representative can sign on your behalf if you are unable to be present in Bulgaria to do this by yourself. This individual will need to be a qualified Bulgarian solicitor in possession of a 'Power of Attorney' agreement. We can assist you to arrange everything. Notary fees The notary fees are determined in accordance with the tariff for the Notary Fees. There are various charges but you should allow €1,500-€2,000. Legal fee- total legal fees are estimated at €500-€600. Local tax According to the Local Taxes and Fees Act, the tax payable upon the sale-and-purchase of a property is 2% local tax.
The basis for calculating the tax is the:
· The apartment's price as specified in the notary deed, and
· The tax evaluation of the apartment in Bulgaria.
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