Key Takeaways for Buyers

• Resale properties require full payment within 30–45 days after deposit.
• New developments offer flexible payment plans over 1–2 years.
• Mortgage purchases require bank approval, a property valuation, and financing up to 70–85% of the property price.

No matter the type of transaction, working with a real estate lawyer and a notary ensures a smooth and legally secure purchase.

Steps to Buying Real Estate in Bulgaria

Purchasing property in Bulgaria is a straightforward process when following the correct legal steps. Below is a guide to help buyers navigate the different stages depending on whether they are purchasing a resale property, a new development, or using mortgage financing.

1. Buying a Resale Property

Resale properties are pre-owned homes or apartments sold by individuals. The buying process typically follows these steps:

Step 1: Selecting the Property & Negotiating the Price

Once the buyer chooses a property and agrees on the price, it is advisable to conduct a legal check to ensure clear ownership and no outstanding debts or encumbrances.

Step 2: Paying the Deposit & Signing a Preliminary Contract

• A reservation deposit (typically between €1,000 and €5,000) is paid to secure the property.
• A Preliminary Contract is signed, detailing the agreed price, payment terms, and timeline for the final transaction.
• The deposit is usually non-refundable unless stated otherwise in the contract.

Step 3: Full Payment & Notary Deed Transfer

• The remaining balance is typically paid within 30 to 45 days after the deposit.
• The final transaction is completed before a notary public, where both buyer and seller sign the Notary Deed (Title Deed).
• The buyer pays the local transfer tax, notary fees, and registration fees at this stage.
• After signing, the property is officially registered in the buyer’s name at the Bulgarian Property Register.

2. Buying a New Property from a Developer

When purchasing a property directly from a developer (new construction), the process differs slightly:

Step 1: Choosing the Property & Paying the Initial Deposit

• The buyer selects a property and pays a reservation deposit (usually between €1,000 and €5,000).
• A Preliminary Sales Agreement is signed, outlining the payment schedule.

Step 2: Spread Payment Options

• Many developers offer interest-free installment plans over one to two years.
• Payments can be structured as follows:
  • 30% upon signing the contract
  • 30% when construction reaches a certain stage (e.g., roof completion)
  • 40% upon final completion and handover
• Some developers also allow full payment upfront, sometimes with a discount.

Step 3: Notary Deed Registration

• Once construction is complete and the property is granted an Act 16 (Permission for Use), the final transaction occurs before a notary public.
• The buyer receives the Notary Deed, officially transferring ownership.

3. Buying Real Estate with a Mortgage in Bulgaria

For buyers requiring financing, Bulgarian banks offer mortgage loans to both residents and foreigners. The process includes:

Step 1: Mortgage Pre-Approval

• The buyer submits an application to a Bulgarian bank, providing proof of income, credit history, and property details.
• Banks usually finance up to 70% of the property's value for foreigners and up to 85% for Bulgarian residents.
• Interest rates range between 3% and 5%, depending on the bank and the borrower’s profile.

Step 2: Signing the Preliminary Contract & Paying the Deposit

• Once the mortgage is pre-approved, the buyer signs a Preliminary Contract and pays the deposit.
• The bank then conducts a property valuation to confirm the property’s market value.

Step 3: Finalizing the Mortgage & Transferring Ownership

• After approval, the bank transfers the loan amount to the seller.
• The Notary Deed is signed, and the bank registers a mortgage lien on the property as security.
• The property is officially registered in the buyer’s name.

 CasaBG Support Team – Covering the Globe with Properties 24/7

Central Office – Bulgaria

 Location: Magic Dreams Complex, Opposite Supermarket Mercury
 Address: Yurta Under Road, Saint Vlasiy Boulevard, Sveti Vlas 8256, Nessebar, Bulgaria
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