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Buying an ‘off - plan’ apartment in Bulgaria is essentially the same as buying it in the UK. There is an initial contract signed by all parties, which is basically an obligation to build on behalf of the developer and an obligation to buy on behalf of the client.
This contract will set out timescales, prices and any penalties for late completion and will be produced by the developers solicitors. It will have been checked by the agent and the client will also have the opportunity to obtain their own legal advice before signing.
The difference comes when the property is completed. In Bulgaria, there is a third party who basically acts on behalf of the government. This person is called the ‘notary public’. It is the notary public responsibility to ensure that the correct details are entered onto property deeds.
In essence, the client (passport in hand) and a representative of the developer will sit down with the notary public, who will issue the deeds once they are sure everything is correct. The notary public is often considered by clients as a government official, ensuring that everything has been done as it should have been.
This is not meant to be a full explanation of property law but simply a guide to the basic process.
Under certain conditions, we could give your apartments for rent, in holiday season, as well as off season. Those options can be discussed in a separate contract.
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