The Buying Process
With over 23 years experience in the international property scene and investors in property ourselves you can be assured that the team at Plus Property Bansko will be here to support and help you every step of the way.
We understand that it is always good to know how the purchase process works here and the main questions we are asked are ’how long does it take’ and ‘what are the additional costs of purchase?’
How long? On average the whole process takes 4-8 weeks so it won’t be long before you can enjoy your new property here is this beautiful mountain village.
How much? Apart from the price of the property, what else do I have to pay?
The associated costs of buying a property in Bansko are as follows:
• Lawyers Fees
• Notary Fees
• Registry Fees
• Local Tax
Many of these are based on either the purchase price and/or the tax valuation of the property. Therefore each case is different. We will however give you a guide once we have met you and know the type of property you are looking for.
We are often asked how we get paid. The good news for you, the buyer, is that we are paid by the seller so you don’t have to worry about any additional commissions.
The Purchase Process
To help you understand the purchase process we’ve laid out below the 3 main stages of buying a property here in Bansko.
Please have a read below and if you have any queries or questions just get in touch with us and we will be very happy to help you.
The 3 Key Stages of Buying a Property in Bansko
Stage 1 – Finding Your Property
Find a property you want to buy
We will talk with you, find out what you are looking for, why you want to buy – rental, investment, holidays, to live etc, discuss your budget and show you properties that are suitable for you. We know the market very well and don’t want to waste your time nor ours so you can rely on an honest and professional service.
Agree a price with the vendor
Once you decide on the property you want to buy we will mediate in negotiations between you and the vendor to make sure everyone gets the best deal.
Appoint a lawyer
Having a lawyer to represent you in the purchase of your property is not compulsory here in Bulgaria however we do strongly recommend it for your own protection. We know independent local lawyers and will be happy to pass on contact details to you so you can choose one.
Stage 2 – Reserving Your Property
Place a Reservation Deposit and Sign a Reservation Agreement
Once a price has been agreed you will need to place a Reservation Deposit to reserve the property for you and make sure it is taken off the market. Remember that properties are often on with many agents here so the sooner the reservation is paid the better for your own peace of mind. A Reservation Agreement is signed with the details of the sale which also acts as a receipt of the Reservation Deposit.
Agree a date for Notary
This is usually around 4-6 weeks from the signing of the Reservation Agreement and is a mutually convenient date for the buyer and vendor. On average it takes the vendor 3-4 weeks to have all the necessary legally required documentation prepared.
Decide whether you are coming to sign yourself or whether you want to give a lawyer a Power of Attorney
If you are coming back to sign yourself then the Notary Date can be agreed and flights booked. However if it will be difficult for you to return and sign then you can give a lawyer a Power of Attorney to sign on your behalf. This is relatively quick if it is done while you are still in Bulgaria however it can also be done if you are not in Bulgaria. It just takes a little longer and costs a bit more as documents need to be notarized, apostiled and couriered.
Stage 3 – Completing The Purchase
Signing of Title Deeds at Notary
This is the date when you (or your lawyer on your behalf) signs and completes the purchase at the Notary. This is when the vendor signs over his ownership of the property to you the buyer.
The Final Payment to the Vendor
At the time of signing the final payment is also made to the vendor. The Title Deeds are transferred to your name and the property registered in your name. That’s it! All done!