I recommend when you are planning to purchase a property (Real Estate) in Bulgaria to make or arrange for your own purpose before the purchase itself a complete legal due diligence of the targeted property that shall verify at least the following facts:
1. The seller (private body/es or the legal entity) hold a free and clear, valid and certified Tittle of deed/Notary deed. The buyer (private body/es or the legal entity) must be verified that the seller and the predecessors of the specified property have been the valid and only owners of the respective property.
2. It must be made an investigation about the respective property concerning that there are no registered mortgages, encumbrances, pledges, etc.
3. There are no any registered or non registered rental agreement, limited property rights established in favor of third parties, there are no any court restitution, no injunction or claim and complaint in front of the court.
4. All governmental and municipalities taxes to the respective property are paid.
5. If the seller authorized a third party by Power of attorney (POA), the POA must be notarized, must have the same details about the property as they are described in the Title of deed, the price, term and the conditions upon which the authorized person may sell the property. Upon all this information ask your lawyer to examine how it is issued, how it is legalized and is it trustfull one.
6. The plan of the respected property (if there is any). Important - the plan did not approve the ownership of the property!
7. If the seller is a legal entity, a proper investigation to that company is a must in front of the Company registrar (It is strongly recommended to ask for Letter of current status and Letter for existence of insolvency procedure).
8. If the respective property is a family ownership, than for the purpose of the sale it is required to have the agreement from the other party.
Next time I will discuss the Preliminary contract for purchase of Real Estate
1. The seller (private body/es or the legal entity) hold a free and clear, valid and certified Tittle of deed/Notary deed. The buyer (private body/es or the legal entity) must be verified that the seller and the predecessors of the specified property have been the valid and only owners of the respective property.
2. It must be made an investigation about the respective property concerning that there are no registered mortgages, encumbrances, pledges, etc.
3. There are no any registered or non registered rental agreement, limited property rights established in favor of third parties, there are no any court restitution, no injunction or claim and complaint in front of the court.
4. All governmental and municipalities taxes to the respective property are paid.
5. If the seller authorized a third party by Power of attorney (POA), the POA must be notarized, must have the same details about the property as they are described in the Title of deed, the price, term and the conditions upon which the authorized person may sell the property. Upon all this information ask your lawyer to examine how it is issued, how it is legalized and is it trustfull one.
6. The plan of the respected property (if there is any). Important - the plan did not approve the ownership of the property!
7. If the seller is a legal entity, a proper investigation to that company is a must in front of the Company registrar (It is strongly recommended to ask for Letter of current status and Letter for existence of insolvency procedure).
8. If the respective property is a family ownership, than for the purpose of the sale it is required to have the agreement from the other party.
Next time I will discuss the Preliminary contract for purchase of Real Estate
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