Bulgarian Real Estate Procedures
There are quite a few fairly small differences in the way real estate is conducted in Bulgaria. I will just focus on a few things every foreign broker or buyer should know.
Agency: The brokers in Bulgaria normally charge the buyers the commission. They represent both parties in the transaction. Sometimes they have exclusive listings sometimes they don’t. Occasionally a broker will be hired just to advertise and market a property without being hired to list or sell the property.
The brokers do all of the title work and prepare all of the documents for the transaction. No lawyer is required; but many of the real estate offices have their own lawyers or are owned by lawyers.
I may be incorrect on this next point. If any Bulgarian practitioners are reading, I would really appreciate comments. Foreigners may own the land and the improvements in the name of an artificial entity. They may only own the improvements in their own name. A Bulgarian may own the land and the improvements in their own name. It is a common practice here to buy the right to build on a piece of land without buying the land.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
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