Black Sea Property - The Real Estate Agency. Properties across the Whole Bulgarian Black Sea Coast.

	“In choosing a foreign property investment it is important to make sure you have done your homework, but fundamentally it’s not too different from choosing a house or flat in the UK. In general, the local estate agency will assist you all the paperwork that needs to be done. BSP is here to assist you with your initial choices of the property to view and will assist you in all elements thereafter culminating in your property purchase.” Ron Whitworth Judd BSP Bulgaria
	DRAW UP AN INITIAL CHECKLIST:
	1. What are you looking for, house/villa/apartment? Important Note to initially consider: A villa or house will require you to own a company, as land is involved; this company will need setting up and will involve certain costs and a timeframe, an apartment or flat on the other hand can be purchased without. The basic cost of setting up a company is about £2500 of which £500 is used up in legal and admin fees and £2000 will go on deposit for a government appointed period of 30days at a bank account of your choice. Once this 30 day period is up you may then again use this money but not prior to the 30day period. BSP will help you through this company purchase very easily with no great hassle, so please do not be put off by this requirement. 2. Where and what do you want it for, sea (Varna – Burgas) / mountains – hiking / skiing (Sophia Plovdiv)? 3. What is your budget? You will need to understand what on costs are involved, in order to have the right money available for the actual property. These do vary from area to area so please enquire for a general list. 4. A helpful currency converter, as some prices may well be in Euros or USD$ Then 5. Carefully choose possible properties that suit your requirements. 6. Print and review each property, weed out the ones that don’t meet your needs and then invite us to assist you in the preparation for viewing. 7. We can then check flights and hotels for you and arrange an itinerary to fly you to Bulgaria, take you to the hotel and be ready for the start of the viewings within a very short time frame, if required. All viewings are accompanied by an English speaking agent to assist you as and when required. Please see our FLIGHT information page for details concerning how to fly into Bulgaria. 8. It is normal business practice to have to pay up to 20% of purchase price at the time of agreeing the sale. This means you would need access to funds to cover this requirement, so if you have not set up a company prior to offering a deposit it may extend the time it takes to get vacant possession. Please be very cautious and aware of companies that say they can do this very quickly, as we had some poor experiences with some local “brokers”. Travels cheques, or Cash in Euros is acceptable, note bank transfers can take up to one week so make sure you have plenty of time.
	BUYING THE PROPERTY � SOME HELPFUL HINTS AND TIPS
	These notes are here to give you a feel for the procedures you will be get faced with. Your appointed Estate Agent will be able to assist will all aspects of the finer points. 1. A property search need to be carried out; this will confirm who owns the property in the government’s eyes and what standard balances for services may be outstanding. 2. A local surveyor's report or third party valuation by an appointed Government agency may be a good idea. 3. Once established and there appears no problem, then we negotiate the price. Some haggling may be expected; we can do this for you under your direction. 4. Once this is settled it is a matter of agreeing an Advocate, to make sure all the official papers are in place. 5. You then agree a date of transfer and meet at the Advocate's office where they oversee and check all the paper work and do the transfers. 6. Do not be surprised if they ask for the money in cash as Dollars or Euros - this is fairly common. We can assist with security when transferring this kind of cash sum if so required.
	NEW OWNERSHIP RESPONSIBILITIES
	1. On purchasing the property you may have to wait a few days or weeks for vacant possession. This date is normally worked out with both parties at the initial meeting with the advocate. 2. Moving in may require you to re register your current standing with the government agencies. Please take advice at the time in order you to not fall foul of local byelaws on registration. 3. Next, you will need to register with the companies supplying services, such as Electric/Gas/Phone etc. The Advocate should have checked that all bills were paid and up to date, so again transfer should be just a simple matter of name change. 4. Making changes to buildings may require certain permissions. Please take legal and local Government advice prior to starting any project. 5. Make sure you insure the property from date of new ownership. 6. There may be more areas that you need to be aware of; always best to take local advice from either the local major's office or government body.
	REAL ESTATE TAX SUMMARY
	Basis of taxation The taxation of a local entity or a foreign entity which constitutes a permanent establishment is as follows. For more details click here>>

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If you have the need for any translations to be converted English please contact www.mdtranslate.com with whom we have negotiated special rates for our clients. Please remember to tell them you are a BSP client.