The property buying process in Bulgaria is not as complicated as many people believe, there has been great media focus placed on the fact that foreign nationals are not allowed to directly own title to land in Bulgaria according to the current constitution but a) this is all about to change and b) until it does change there is a very simple, cost effective and legal work around. If you’re interested in buying a property in Bulgaria this ten step property buyer’s guide should make the whole process that much simpler for you.

Step One - Find Your Dream Property in Bulgaria.

Carefully look for the property that is going to be right for you, always view a selection of properties, keep a level head and be a shrewd buyer.

Step Two - With or Without Land?

If you’re buying an apartment it is usual for it to come without land therefore you do not need to worry about the fact that under the current constitution foreigners cannot directly hold title to land. If you’re buying a villa, chalet or house you will need to register a Bulgarian Limited Company and this will then own the property and the land on which it sits. It costs between EUR500 and EUR700 to establish a company and we will offer this service to you if you require it, or you are perfectly welcome to use your own lawyer in Bulgaria.

Laws are currently going through the "Bulgarian Parliament" to make changes to the constitution and it is believed that by 2014 foreigners will be allowed to directly own land. Just because of the E.U. entry do not expect overnight sensations.

Step Three - Barter!

Be prepared to negotiate a little with the asking price, nothing is fixed in stone, in terms of property prices in Bulgaria so have a look around at similar properties in the area and get a feel for what is a fair asking price and make an offer at a level you’re comfortable with. Above all remember that the majority of properties are very cheap already, so as in the U.K. when you ask for a discount, be realistic. 5- 10% of the asking price is a good target for a realistice reduction.

Step Four - Agree a Purchase Price.

Once you’ve made an offer to purchase and have had your price accepted you can verbally agree to buy and your real estate agent can get the ball moving. At this point, if you haven’t already instructed a lawyer you should do so and it should be a lawyer independent of your vendor and estate agent as you need to ensure your lawyer looks after your interests only.

"The Law Society Of England And Wales" offer good generic advice about selecting a solicitor and they list some lawyers in other countries as well. Thier site is a good place to start if you have not been recommended a lawyer in Bulgaria.

Step 5 signing the preliminary contract.

This contract should be reviewed by your lawyer before you sign it and it should contain all the conditions of the sale. Once signed it’s customary to pay a 10% deposit which is non-refundable if you withdraw from the sale, refundable if the vendor withdraws or refundable if the conditions of the sale relating to the satisfactory completion of searches etc., are not met.

Step Six - The Property is Withdrawn from the Market.

Clearly once you’ve signed the contract and paid the deposit you must insist that the property is taken off the market - this may sound obvious but it is important to insist upon this point!

Step Seven - Surveys and Searches.

This is an incredibly important step and one that should not be overlooked or rushed when buying property in Bulgaria. Your real estate agent may offer to conduct the title searches etc., for you but it is preferable to have your lawyer check the title deeds, check that all licences and permissions to buy/sell are in place, ensure there are no outstanding debts on or legal claims against the property and to check the terms of the final contract.

If you’re buying a resale property you should have a surveyor conduct a full survey on the property and the land to check for structural soundness, build quality and to ensure there is nothing wrong with the land or the property.

Step Eight - Signing the Final Contract.

Both the purchaser and the vendor meet at the offices of a "notary" and sign the final contract in his presence. At this stage the transfer is complete and state and municipal taxes are due as is the final balance of the purchase price if you’re buying a completed property. If you’ve bought off plan the payment terms will have been detailed in the contract and you will likely make the first of a series of stage payments that will continue throughout the build process.

Step Nine - Taking Possession of your Dream Bulgarian Property.

Having finally bought your dream home in Bulgaria you can move in - unless of course it is still being built! If you’ve bought off plan you will have a completion date in the contract and a contingency of up to three months, if the property is still not completed at this time make sure you will be compensated by the developer.

Once your property is complete you will need to pay the final balance less a small amount you should hold back until all the usual snagging has been sorted out. Once you pay the final balance you will get the title deeds transferred into your name.

Step Ten - Get Insured.

Unfortunately in some areas of Bulgaria there is a problem with petty theft and burglary and it is therefore very important that you have complete buildings and contents insurance in place immediately you take over the property. Also consider having bars put on windows or security shutters fitted if your property is going to be a holiday home and therefore left empty for periods of time.

The crime problem in Bulgaria is not really any worse than anywhere else in Western Europe; it’s just that people are lulled into a false sense of security because the majority of Bulgarians are such friendly honest and helpful people.

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