The basic steps when buying a property that every future buyer should be familiar with

The real estate trading is a long-term endeavor for both parties and their potential intermediaries. It will be best for all involved in the process of negotiations and the deal runs smoothly, the buyer to get good and free of liabilities property, and that the seller receives the amount for it in a convenient way and in a time that meets his expectations.

This ideal and seemingly uncomplicated scenario actually involves a number of steps that parties can rarely go through without specialized legal assistance. The services of a professional lawyer are a huge convenience that can save time and prevent mistakes and misunderstandings both to the buyer and the builder, seller, broker, or agency.

What are the main steps, procedures, and prerequisites for a successful property purchase that you must keep in mind, regardless of whether will you use professional legal services? Here is how we can summarize the most basic situations concerning the Bulgarian and the foreign candidate owners.

Basic legal aspects of the real estate market in Bulgaria

Once you decide to get an apartment, house, or other property within the borders of the Republic of Bulgaria, there are several fundamental legal points that you should be informed about, such as:

1. All types of real estate properties in Bulgaria can be freely traded between Bulgarians and / or foreigners without any legal restrictions. The legal framework in Bulgaria is harmonized with the EU legislation, which is a logical consequence of the country's membership in the European Union.
   
   
2. Before proceeding with arrangements and prior commitment with the seller, you should perform a thorough inspection of the property and its status. This includes checking for liabilities, mortgages, and foreclosures. In the presence of such, the subsequent consultation with an experienced lawyer is mandatory.
   
   
3. If the property includes one or more buildings, you should carefully review the construction documents to verify that the legal requirements for construction are properly met.
4. It is also advisable to insist on obtaining complete documentation proving that the person or the company selling the property are in fact its legal owners.
5. It is also a good idea to inspect the ownership of the land on which the property is built so that you are fully informed about the rights you will have as an owner.

Any good and reliable real estate lawyer can provide his clients with a comprehensive list of due diligence requests. You don't have to go through the process alone, as it involves too many narrow specifics that you can skip if you are inexperienced.

General procedure when buying a real estate property

Once you have successfully passed the inspection of the property and made sure that it meets both the legal requirements and your own taste, you will probably begin the process of negotiation and purchase. In general, it would proceed as follows:

1. 1. Making a deposit, which indicates the serious intentions of the buyer to move and finalize the negotiations. The deposit also follows the signing of a preliminary contract of sale. This guarantees you peace of mind that the property will not be shown to other clients.
      
      
   2. Negotiation and confirmation of the price, as well as reaching an agreement on the methods, terms, and conditions about the payment of the sum. The buyer can pay the full amount for the property or agree to pay installments, according to the terms and practices of the merchant.
      
      
   3. Making a preliminary contract or the so-called "promise to sell". It establishes in writing the rights and obligations of both parties, containing all negotiations regarding the prices, terms, methods of payment, and the conditions for concluding a final contract between the buyer and the seller. According to the good practices, the buyer should pay the seller 10% of the selling price in the form of a deposit after signing the preliminary contract.
      
      
   4. Processing of the documentation by the seller, including sketch, tax assessment, etc. In the meantime, the buyer should ensure the availability of the agreed financing necessary for the notary to finalize the deal.
      
      
   5. The notary is responsible for drawing up and formalizing the deed of sale. It will issue a document with which the buyer actually owns the property. After reading the documentation by a notary, the parties put their signatures on the relevant forms and contracts and then pay according to the agreed terms.

The process of buying real estate property can be extremely easy and safe, with the goodwill of the buyer and the professional attitude of the merchant. Our long experience in real estate sales will help you as future owners of a new home to easily go through all the steps of buying and selling.

Our team of experts - lawyers, financiers, and consultants - is here to offer a comprehensive service and assist you in every step, including in the direction of obtaining preferential credit terms.

Because not all good things in life are difficult, and we at Atlantis Estates want to show you that you can have a great property, in a wonderful place, with our help - easy and without any problems!