Buying Procedure In Bulgaria.

I am writing this post to help clarify the situation here in Bulgaria. Please read carefully.
No foreigner can own land in Bulgaria, so it is necessary to open a company. This can be achieved without too much effort if you know who to use. It does cost a bit and it also means you must submit yearly accounts just the same as if you had a company in the UK.
If you were to buy an apartment then as you do not own the land underneath there is no requirement to have a company.
All agents charge for thier services, some charge for transporting you around to view properties, this is something we are not used to in the UK, but if you look at it this way, in the UK you may be only a couple of miles from the agents office, here you might be gone all day and have to travel up to 100 miles in a broad sweep of the area. So they need to pay for the vehicle running cost's etc. Usually the fee is approx. 1 Lev (40p) per kilometre. Just be aware of this, not all agents charge, I do not!
When you find a property that you want to purchase please remember to add the agents fee. In Bulgaria the buyer pays the agent a fee, this can be a percentage of the value of the property, or if the value is low then it is usually a fixed amount. I suggest that you ask at the outset about commission charges as these vary. Again this is uncommon in the UK, but very normal here, unless your buying a new build then there may be no fee involved as the developer will pay. The vendor also pays the agent a commission for thier services. It is possible that you will visit properties that are not listed with your agent, unlikely, but possible. As they want to keep as much commission as possible to themselves. This is also why some do not like to negotiate too hard.
A deal can be closed within two weeks, sometimes shorter it depends on the paperwork.
Firstly you must open a company, I always suggest this is done asap after arriving in the country. It is required that you open a company bank account and deposit a nominal sum of 2 Lev (90p) into it, once the company is open this account is then closed. Open a personal bank account so you can transfer funds over into it, for things like buying the property you find and then daily living etc.
A company can take up to two weeks to open, but I have had it done in two days, it depends on the work load at the office at the time of your application.
Next, you sign a prelimary contract and leave a 10% deposit, if you pull out of the deal you loose your deposit, however if the vendor withdraws they must repay you twice the deposit amount.
A vendor is required to get a new "Skitza", this is a plan of the property and shows any buildings on the plot and also tells you that it is built legally etc etc, this comes from the council offices and is only valid for 6 months, so a vendor will wait until they have an offer on the table before odering one. This takes approx. a week to get.
The vendor also has to provide a statement on the day of the deal showing that there are no loans or mortgages attached to the property, they should also show the last electricity and water bills that have been paid.
It then takes approx. two weeks after the signing of the deal to get your deeds back from the court with your company ownership details on, but on the day of the deal you pay the money and take the keys to your new home.
All deals are done in cash, there are no cheques here, or electronic transfer of funds, someone must go to the bank and collect the money to pay the vendor.
So now we must look at costs, these are only approx. as different companies charge different rates.

1/ To open a company, between 500 and 650 Euros.
2/ A notary (solicitior) must comfirm your signature and confirm your ID. 20 Lev.
3/ Open a bank account for the company. 2 Lev (80p)
4/ You must have a company stamp, 40 Lev (£18)
5/ Writing of your deeds. 50 - 100 Euros
6/ Notary (solicitor) fees including taxes (stamp duty) this varies on the price of the property but is usually around 500 - 1000 Euros, always ask.
7/ Agents commission, 3 -6% of the property value, or a fixed price, again ask up front.
8/ Registering your new home into your company name, 50 - 100 Euros.
9/ Changing the utuilities into your company name, 50 - 100 Euros for both.

Now here is a thing! You must declare the cost of your new property when purchasing so they know how much tax to take, you CAN declare less than you pay! Saving you money, but it means that when you come to sell, if the new owner wants the real cost written you must pay 20% on the capital gains! Most sales (95%) are done at a lower cost as it saves everyone paying too much tax.

So, after agreeing a price on your new house it can be yours within two weeks. No chains, no surveys, property is "sold as seen", no long solicitor's bills, just a quick purchase.
Any agent that takes you to a property should know about it, the legal issues and the ownership issues. It is often the case that a property is owned by more than one person, in this case it must have the full agreement of all the owners to sell. If one does not agree then the sale should not proceed, but ask about this when viewing.
Then it is time to start relaxing and enjoying the new lifestyle you desire.

Revival?

Today has been a good news day. I have heard from several sources that property sales are starting to improve here in Bulgaria. Myself, well I have had a few more enquiries this last week and am hopeful of a good summer.
I think we still need to see how the general election pans out in the UK, but I also think that anyone wanting to move abroad this year have already made up thier minds. Who ever gets into power in number 10 Downing St. will have to make huge cut backs to pay for the massive debts that the UK has.
Make your move soon, if the property sector does start moving it will only go one way from here.