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 ..:: The Bulgarian Notary Act ::..

 

The Bulgarian Notary Act

Property in Bulgaria is recorded on a Notary act, the transfer of property is carried out by a Notary.

 Before a property can be sold in Bulgaria, the municipal council performs a calculation based on various factors concerned with the property. This is usually referred to as ‘obtaining the tax price’. This figure, or evaluation  represents the minimum amount that can be entered onto the Notary Act.This "tax estimation price" is to do with property taxation and is usually much lower than the actual transaction price. This can be as little as a quarter of the real price, often less, and often more.The reason for this is that the majority of the Bulgarian property vendors wish that the "tax estimation price" is written in the title deed, and not the selling (real) price which the buyers are paying. This is why there is often differences between the price you are paying and the price written in the title deed. It works the same way if you come to sell your property.

So to conclude, if you wish to pay considerably higher tax fees, be sure to explain this to your lawyer, in order for him to arrange the price you are paying to be reflected in the notary act.
Remember that you are foreigner abroad, with little or no knowledge of the language or systems. You must select and trust your lawyer, he or she will be aware of all the laws current at that time, and will not let you do anything that is against the law. That is his or her job.In general terms, you just need to be happy with what you are paying for a property, and be sure that your Notary act refers to you (or your company) as the  outright owner. This done, you can be satisfied that all parties are happy with the deal.Find out more information at www.thebulgarianpropertyfinder.co.uk
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