BG-PROPERTY-GROUP - Piter Kralev

Prior to your visit you are invited to search for property in Bulgaria for sale and rent on this site. Please bear in mind that we are unable to upload all properties onto our web site and you should send off your particular requirements via our online questionnaire.Thus we will forward any further offers that meet your requirements. You will also be sent by post or email a copy of our complete Buyer's Guide. Most of your questions should be covered by the guide but you may have some particular queries that the staff would be more than happy to answer. You should allow at least one week for your inspection trip to Bulgaria. Please bear in mind that the property viewings involve extensive travel if you wish to purchase a rural property. If you wish to visit more than one region you should foresee at least two days for viewings in each region and half day transfer between the regions. If you would like to book the flights yourselves the staff of our offices will be ready to organise the rest of the particulars locally arranging airport pick-up, accommodation and transfers between the regions. If you prefer to leave the entire organisation with us please send the details through our Inspection Trip form and you will be contacted with information on travel options. Once in our offices you will be briefed about various properties matching your criteria and will decide which properties you would like to see. The staff, all of whom speak English, will take you to view the properties of interest and their surroundings. They will help with any enquiries you might have and give you as much information as possible about the region, immediate area and villages. The viewings are free of charge. Legal Advice and Representation Having located your property the next stage is to complete the legal work for which we use only experienced and reputable lawyers. They will check the property title and inform you of any irregularities concerning the boundaries (this is one of the biggest problems with deals in Bulgaria). They will also ensure that there are no debts against the property. During the legal checks our lawyers will prepare a preliminary contract. This is the most important stage of the legal work and no fixed-format contracts are used. Our lawyers will draft in each case a preliminary contract that clearly outlines the obligations of both parties, in particular any irregularities that the seller is required to resolve prior to completion. Once all of the obligations have been completed our lawyers will also prepare the final contract which is to be signed and notarised. Both the company registration and purchasing a property in Bulgaria involve operating with company and personal bank accounts and registering your interests in various institutions. It is always best if you can do all the transactions yourself but in many cases foreign property buyers do not have the option to spend weeks in Bulgaria whilst this process is carried out. Therefore we are able to act in your interests using powers of attorney. Setting up a Company In 2007 when Bulgaria joined the EU there were some changes in the law that in theory allow EU citizens to buy land HOWEVER the procedures to allow this to happen have still not been put into place and therefore foreigners are still required to register a company to own land in Bulgaria. Our lawyers will prepare all the documents and undertake the necessary procedures for the company set-up. Tax Advice and Company Accounts Owning a property and a company in Bulgaria as in any other country involves a number of obligations that need to be taken into account. Firstly, there are the administrative obligations. The one which is common for all the companies regardless of whether they have any activities is the preparation and submission of annual accounts for each tax year. In Bulgarian the tax year coincides with the calendar year staring on 1st January and ending 31st December. The accounts must be submitted no later than 31st March of the following year. The accounting companies we recommend will assist you with all of these matters. When it comes to selling or renting your property you will also need to consider the various issues related to the tax burden, licenses, and social payments. It is important to have the understanding of these issues prior to starting activity. Our accountants can give all our clients on-going support in all of these matters. Bank Accounts and Payments Opening a bank account is a straightforward procedure but requires time especially if you have to choose between the many local banks. We will help with this matter recommending a bank and accompanying you to open an account. The banks we recommend are secure and have staff who speak English. In most cases the easiest and safest way to bring money into the country for the house purchase is to open a bank account in Bulgaria and to transfer the necessary funds from your account abroad to this account whenever it is needed. Many of our clients find it comfortable to use this way not only for the property purchase but also for their subsequent visits to the country. The company bank accounts are used for the property purchases and for other payments related to the property. All transactions from the company accounts are recorded in the company books. Translation and interpretation The staff of all local offices are fluent English speakers and you will be accompanied by an English-speaking broker during the viewings. All the documents throughout the purchase process will be translated for you into English (translations into other languages are also possible if required but will be charged additionally in some cases). The most important of the documents (including deeds) will be translated and signed by a sworn translator. You do not need to engage interpreters separately at any point of the purchase. Insurance We will be happy to organise your insurance. There are many insurance companies and most of them offer similar policies. The real test of a company is how they deal with our clients when there is a claim to be made. We work only with companies that have a proven track record in dealing with our clients. Mortgages Many Bulgarian banks now offer mortgages for foreign buyers to purchase property in Bulgaria. We will be happy to advise which are these banks and to put you in touch with them. However please bear in mind that funding a purchase of a property in Bulgaria with a mortgage should be considered prior to viewing and it is best to advise us about your intentions on this matter. This will help us negotiate the conditions of the deal and avoid disappointments which could potentially lead to loosing the property you are interested in. Mortgages are easier to obtain for a new property where the payment is made in several instalments. When it comes to a resale property it is not always possible to purchase using a mortgage. Property Management Once you have bought your home our partner company Bulgarian Property Management will look after it and manage the property while you are away from Bulgaria. The property management service includes regular examination of the property, arranging small actions or repairs when needed, paying utility and service bills, security installations, insurance, cleaning, garden and pool maintenance, winterising and airport pick-up for you and your guests. Building Works and Renovations Whether your project concerns decorating, repairs, renovation or new construction to your property we can help. Through us we offer on-site expert consultation, arranging detailed costs of works, preparation of full designs and permissions and project management and supervision. Furnishing It is always good to do the furnishing yourselves but if you prefer to engage someone knowledgeable and capable to help you can contact us,and we are ready to offer good advice on the subject and will be happy to do the running around whilst you are away. Once the main works are completed additional items such as fridges, light fixtures and furniture are needed to complete the project. Bulgarian Property Management has links with a number of shops and also with local carpenters that are able to provide items that suit the specifics of your project. They will arrange payments, delivery and installation of all the items.