Real estate is among the most popular assets to purchase in Bulgaria. Purchasing real estate is a significant step that requires careful planning and understanding of the legal and administrative requirements. Do you need a lawyer for a real estate transaction? This process can be even more complicated due to specific regulations and the involvement of various parties such as brokers and banks. In this article, we will look at all the necessary steps, legal procedures and tips that will help you go through the real estate purchase process smoothly.
Procedure for Buying a Real Estate
The procedure begins with a preliminary study of the real estate market in the relevant region. Choose a property that meets your needs and budget. After choosing a property, it is necessary to conduct an inspection, which includes checking the legal status of the property – encumbrances, limited property rights, property disputes, etc. This check can be performed by our real estate lawyer.
After selecting the property, a preliminary contract is usually signed. This is an important document that binds the parties and contains the main terms of the transaction, such as price and terms. Usually, a payment of part of the price is also made, which serves as a guarantee of the seriousness of the buyer’s intentions. Legal due diligence and preparation of documentation are essential for the successful completion of the transaction. A real estate lawyer must perform a detailed legal due diligence and prepare all the necessary documents for the notarial deed, including declarations and certificates.
The signing of a notarial deed is carried out before a notary, after which the notarial deed is entered in the Property Register. This is a mandatory step for the official recognition of the new owner. After signing the notarial deed, the new owner must pay all local taxes and fees related to the property.
For additional questions:
Contact number 0886722772
Lawyer Sofia – Sofia, 3 Positano Square
Lawyer Plovdiv – Plovdiv, bul. “Tsar Boris” III No. 128
Relationships with Real Estate Brokers
Working with a real estate broker can make the buying process easier, but it is important to be careful when choosing a brokerage firm. Brokers often charge a commission for their services, which can be a significant amount. Make sure the broker has good references and operates transparently. Fraud or malpractice by brokers is not uncommon, which makes consulting with a lawyer for real estate transactions even more important.
Terms of financing the deal
Many buyers turn to banks for financing the purchase of real estate. This further complicates the transaction, as banks have their own requirements and procedures. The bank will conduct its own legal due diligence on the property and will require the provision of various documents. The bank will appoint an appraiser who must conduct an appraisal of the property. The process can be lengthy and difficult, especially if there are uncertainties about the legal status of the property or if the bank requires additional collateral in addition to the mortgage on the property.
In some cases, the subject of the transaction may be a property whose owner at the time of the transaction is also paying off a mortgage. In this situation, the transaction must also be synchronized with the seller’s bank, which must lift the mortgage, usually after the seller’s mortgage is repaid. Typically, the amount to repay the balance is from the transaction price.
For additional questions:
Contact number 0886722772
Lawyer Sofia – Sofia, 3 Positano Sq.
Lawyer Plovdiv – Plovdiv, bul. “Tsar Boris” III No. 128
Advice for Buying Real Estate
Working with an experienced real estate lawyer is essential for a successful transaction. The lawyer will provide you with legal protection and advice throughout the process, conduct a legal due diligence on the property, and ensure that the transaction is legal and safe. Check the status of the property by checking the Land Registry to make sure that the property is not encumbered with encumbrances or litigation. Draw up a detailed preliminary contract that contains all the essential terms of the transaction, including price, terms, and obligations of the parties. Be careful with payments, especially when making a deposit. Make payments by bank transfer to have documentary evidence of the transaction. Our advice is to avoid hand payments, even against a receipt.
Conclusion
Purchasing real estate in requires careful planning and legal preparation. Working with an experienced real estate lawyer will provide you with peace of mind and protection throughout the process. Follow these steps and tips to ensure a successful and safe transaction. If you need legal assistance or additional advice, do not hesitate to contact our law firm. We are here to help you and protect your interests.
You can contact us for consultation and assistance on all matters related to real estate transactions. Our lawyers have a rich and individual approach to each client.
For more news and information about real estate transactions, see:
Real Estate Transactions – Assistance from a Lawyer
Real estate and construction – legal services
Contact phone 0886722772
Attorney Sofia – Sofia, sq. “Positano” No. 3
Lawyer Plovdiv – Plovdiv, Blvd. “Tsar Boris” III No. 128
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