Payment Plan & Legal Information

Purchasing a property in a foreign country can be somewhat daunting and therefore as the leading UK developer in Bulgaria Marack are able to provide peace of mind and security and also make the purchase of your property simple and stress free.

For your guidance the process is typically as follows:

  1. Once you have selected your apartment, we will require a reservation fee of €1,000 to reserve the apartment which will be refundable upon first payment.
  2. You decide whether you wish the apartment to be purchased solely or in joint names and then supply us with the full details of the purchasers, including a photocopy or scan of the purchaser’s passport. Providing full names, address, email, telephone no and date of birth.
  3. A solicitor is appointed in Bulgaria to act on your behalf in the purchasing process.
  4. Preliminary Purchase Contracts are prepared in Bulgaria and translated into English. The contracts are signed by the developer and are sent to you for review and signing. One signed original must be returned to the UK office for validation and for their records.
  5. On signing the contracts the first payment (deposit) must be transferred to the developers account within the timeframe stipulated on the contract. (*Reservation fee normally deducted).
  6. At this stage, the Solicitors fees will also be payable (typically 400 Euro depending on services used).
  7. You will be reminded of payment stages by Marack Estates and will receive confirmation after each payment made.
  8. We will advise you on furnishing, blinds, insurance, property management and arrangements for signing the Notary deed in Bulgaria. All signatories to the purchase contract must be present to sign the Notary Deed, unless Power of Attorney has been given to another person to act on your behalf.
  9. On signing the Notary you will be required to pay Notary fees and taxes (approx 3%).
  10. There is a new Bulstat Registration requirement for foreign owners of Bulgarian property. Buyers are required to make a Bulstat registration within 7 days of purchase or face a penalty. The registration will take place in the Registration Agency (RA) to the Ministry of Justice. If you wish, your solicitor can perform this registration for you at an additional cost.
  11. Formal issue of the Title Deeds may take up to three months.

No credit checks required

Other costs to consider when buying your Bulgarian Apartment

Maintenance Charges.

This is a requirement that has to be paid by all owners on an annual basis running from January 1st – December 31st of the prospective year. The maintenance is charged in Euros per sqm of the property size including the balcony and common areas. The maintenance charges are paid to help maintain the overall appearance of the complex.

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