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Bulgarian Buyer's Guide

Purchase Agreement


Once a suitable property has been identified, a 2.5% reservation fee will be required. The Purchase Agreement is entered into between the vendor and the purchaser. The agreed property shall then be removed from the market, subject to a 28-day reservation agreement.

 


Preliminary Contract for Phase 1


The Preliminary contract is entered into by the vendor and purchaser and in doing so the requisite unit or apartment will be reserved. A reservation fee of 2.5% will be paid at the point of reservation, and once the Preliminary contract has been signed which should take place within 28 days of the reservation fee being paid, an additional 27.5% is payable to the vendor from the purchaser. 28 days after the preliminary contracts have been signed the remaining 70% will be due to the vendor from the purchaser. Once this has been paid an appointment will be made at the notary for the notary deed and management contract to be signed by both parties.
 

Preliminary Contract for Phase 2


The Preliminary Contract is entered into by the vendor and the purchaser and in doing so the requisite unit or apartment shall be reserved. On the signing of the Preliminary Contract 27.5% of the purchase price is payable to the vendor. Once the Act 14 Certificate has been issued a further payment of 30% will be made by the purchaser to the vendor. The remaining 40% will be paid, 20% on the issuing of the Act 15 Certificate and the final 20% once the development has been granted the Act 16 Certificate.
 

Phase 2 Payment Plan:


Now available for clients looking to purchase an apartment in Phase 2 is an opportunity to spread the purchase cost over a 5 year period. The payment plan will operate as follows:
• a 30% deposit is payable upon signature of the preliminary contract
• the balance of 70% will be spread over 60 equal monthly payments, at an annual interest rate of 9% with the notary deed being signed once the final instalment has been made.

Once the development has been granted an Occupation Certificate, which is expected in quarter 3 2012, and for the period of the payment plan clients will be able to use their apartment.**

Picture:

Under Bulgarian law, foreigners can directly acquire real estate for residential or investment purposes but cannot own the land upon which the property stands.

This particular law is likely to be amended in order to bring Bulgaria in line with existing EU legislation which shall be effective after a seven-year transition period. Below are details of the process by which a purchaser may pay for and take possession of a property once a suitable unit has been chosen.



Notary Deeds and Property Registration

Transactions of real estate in Bulgaria have to be executed by notary deed and performed by a registered notary in the locality. After the deed has been executed, the notary must register the transaction in question in the Real Estate Registry in order to secure the ownership title. These processes shall be undertaken by the vendor.

Disclaimer

This information is provided to assist potential buyers but the buyer should obtain independent legal advice regarding all issues raised.


**Terms and conditions that apply to this scheme and are as follows.

1. Preliminary sale/purchase agreement with a five year payment plan. The total price will include: 30% deposit of the list price and the balance of 70% split into 60 equal monthly payments, at an annual interest rate of 9%. VAT (currently 20%) is due on each payment under the agreement.

2. A buyer may pay the balance in full at any time during the payment plan. In such circumstances the outstanding balance will be discounted accordingly.

3. Ownership of the apartment is transferred to the buyer by Notary Deed once all payments are completed. All owners are obliged to pay an annual management fee.

4. During the period of the payment plan (before the buyer is the legal owner of the apartment) the buyer shall be responsible for all costs associated with the ownership of the apartment including local taxes, management fees and utilities. These costs shall be borne by the developer and re-charged to the buyer.

5. An apartment may only be used by law once an Occupation Certificate has been issued.

If you require further information about specific apartments, or just some more information on the scheme please send an email to alexander.ivanov@unique-developments.co.uk who will be more than happy to answer your questions**


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