Selling a Bulgarian property - the sales process (2008-Sep-16) « Back to all news

The property sales process in Bulgaria - what you need to know

One of the first questions we always get asked from sellers is what the sales is in Bulgaria and how it differs from home. The great news for British and Irish sellers of Bulgaria property is that the sales process there is a relatively straight forward procedure and companies in Bulgaria are very used to dealing with foreign sellers.

• The first of stage selling a property in Bulgaria is to get an agent to undertake a current market valuation. The agent will compare your property with similar properties, which have sold recently and with those that currently for sale in the vicinity of your property.

• Once you are happy with the valuation and have appointed the agent to sell your property, the agent will require access to inspect your property. This allows the agent to confirm the condition of your property in line with its valuation. They will then also provide you with photographs of your property for you confirm that it is the correct property because the numbers on the doors of the properties are often different from the numbers on the deeds.

• A good agent will then market your property, not only to British buyers but via a network of agents in central and eastern Europe and most importantly in Russia, and of course to local Bulgarian buyers.

• When your agent has found a potential buyer for property, before they make an offer they will require a copy of your Notary Deed (which is your deed of ownership) in order to confirm that you own the property and also clarifies the specifications of the property.

• The buyer for your property will then reserve it, so that it can be taken off the market. To reserve your unit your buyer has to pay a booking   deposit, which is typically €1,000. Only after the deposit is paid will the property be marked as reserved on your agent’s listings and will be no longer available for sale.

• After paying a deposit your buyer must then sign a preliminary agreement with you. The agreement settles the basic conditions that will later be copied to the new Notary Deed. The conditions include a description of the property, price, conditions and terms of payment. 

• The next stage involves the new Notary Deed being drawn up for your buyer. This is drawn up by the local Notary Public in the presence your or your agent and your buyer. The Notary Public certifies the deed and registers it with the Registry Agency. Final contracts and the remaining monies are then exchanged.