How to Buy In The US

The steps of purchase:

Choosing the area - After choosing the US as a destination for your investment you need to choose the area. This can be the capital Sofia where the business and the trade is situated, the ski resorts like Bansko or Borovets where there is a winter tourism or the sea resorts such as Sunny Beach, Nessebar, Sozopol, Varna and many more where you can easily win from rent. These three areas are chosen from our company so we can limit the waste of time for searching properties and to lower the risk of the investments by offering properties in the most secured investment areas.
Choosing the complex - The real estate market in Bulgaria's hot spots is very developed and they are many projects on the market which can seem quite interesting and tempting. Before choosing the right development for your needs you need to check a few points: the documentation of the project, the conditions of purchase, the construction schedule, the VAT (if included or not), the facilities of the building and of course pictures from the area and the plan of the property.
Choosing the apartment – Most of the complexes are offering different type of apartments (studios, one bedroom and two bedroom apartments) and the choice is quite big so you will be able to choose the best option for yourselves. For the resorts we would recommend studios and one bedroom apartments which are easier to be rented and maintained. For the capital Sofia and the bigger cities in the country we recommend one and two bedroom apartments.
The reservation - After you have chosen the apartment you need to check if it is available or not and then go ahead with reservation. Your agent must send you reservation form which is a document stating that you want to reserve this apartment. The reservation fee normally is 1000 euro but some agencies may ask 2000 or 3000 euro depending on the project and the developer. The reservation period is one month in which the construction company or the developer must prepare your documents. In this one months period the property cannot be sold to third parties or new clients. The reservation fees are generally sent by the client to the bank account of the agency or the developer.
The documentation- The next step after the reservation is done is the documentation. The developer will prepare you a preliminary contract with all of the details which you have given to them. The preliminary contract must be sent to you first by e-mail so you can check it before the real hard copy has been done. When you check it you need to confirm to the agency or the developer so they can prepare and stamp you the hard copy. Once this is done, you will receive the hard copy to your home or office address with registered letter from one of the big courier companies (Bulgarians usually use DHL, FedEx or UPS). After you have received the contract (must be in two copies) you have to sign each page of both copies and return one of them to the address of which it has been sent. In this way both you and the developer will have copies of the same contract. The papers are generally in two languages- Bulgarian and English and each part must be absolutely the same as the other part in the different language.
The payments - Once you have signed the contract the procedure of payment starts. Depending on the payment plan that has been made for you will have to pay your first installment. Generally the payment plans depend from the stage of the construction of the building. The normal first installment is between 30 and 50%, the second is between 20 and 30% and the last one must be between 20 and 30%. Please note that these figures are very variable and depend from the developer, construction status and developer conditions.
The completion - After the period for completion has finished the property must be ready for use. Once this is done, you need to come to the US to sign your final contract and receive your Deed or to authorize a solicitor to sign on your behalf in front of the Notary. This is the signing which requires several taxes to be paid from you- notary fees, purchase taxes paid to the municipality for registration, solicitor fees, etc. The Deed you will receive for your property may include the full price with VAT or the price with VAT over Tax Evaluation.
The property starts functioning – At the end of your investment you should receive a property which fully answers the descriptions in the advertisement with all needed facilities, the quality promised and with valid documentation. This is the time when you need to decide what to do with the property- rent out or resale depending on your plans for it. We would recommend you to wait at least three years before resale and rent in this period if you want to gain good capital appreciation. When you choose to rent you will be offered property management from many companies which will maintain, rent and take care of your property in the period of renting. Please note that the properties sold in the US are freehold which means that once you have paid the price the property is your forever!

Note: Property Global LTD. is not responsible for conditions, taxes, prices, information which are not in our jurisdiction, not offered by our agency or offered by our partners! Please before any purchases and actions consult with legal advisor!

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