S
Silhana
New Member
Dear All,
Please accept some useful tips, from a Bulgarian lawyer
The property must be investigated – This means that the lawyer should check is there any encumbrance on the property. It is strongly recommended to check if there are some claims against the owner of the property. Property investment outlook must be investigated too (regulation, communications, Natura 2000 and etc.). All of the preliminary contracts that I write includes clause, which says that if my due diligence is negative all the payments made according to preliminary contract must be returned. When signing preliminary contract – notarized it! It is much easier to get your money back (if for some reasons the contract is terminated) if your preliminary contract is notarized.
Usually real estate agencies had legal advisers, who are not lawyers – they are just employee and will do everything, just to be sure that their agency will sell the property that they offered you. My advice is to use independent lawyer.
It is very important to know that if you have a Company in Bulgaria registered before 2008 and used for buying a land or other kind of property, this Company must be re-registered in the newly formed Trade register, according Bulgarian new trade law. The deadline for re-registration is the end of 2010. The procedure is divided on two stages: 1st stage covers some legal actions in front of the registered court and the second one is in front of the Trade Register (submitting the forms and attaching some files). It is very important to know that the procedure could be done only personally by you or by a lawyer in Bulgaria. Companies, which are not re-registered, will be closed by Trade register, and the expenses for the closing will be covered by the Company property. This means that all the expenses will be covered by selling the Company property – house, land or apartment in Bulgaria.
Please before starting this procedure (or any other),be sure that you speak with registered lawyer. It may look you strange, but many people are trying to act as lawyers without needed education and without being a member of our BAR.
Hope I helped you a bit, but if you have any questions don’t hesitated to contact me at my e-mail: [email protected]
Kind regards,
G.K.
Please accept some useful tips, from a Bulgarian lawyer
The property must be investigated – This means that the lawyer should check is there any encumbrance on the property. It is strongly recommended to check if there are some claims against the owner of the property. Property investment outlook must be investigated too (regulation, communications, Natura 2000 and etc.). All of the preliminary contracts that I write includes clause, which says that if my due diligence is negative all the payments made according to preliminary contract must be returned. When signing preliminary contract – notarized it! It is much easier to get your money back (if for some reasons the contract is terminated) if your preliminary contract is notarized.
Usually real estate agencies had legal advisers, who are not lawyers – they are just employee and will do everything, just to be sure that their agency will sell the property that they offered you. My advice is to use independent lawyer.
It is very important to know that if you have a Company in Bulgaria registered before 2008 and used for buying a land or other kind of property, this Company must be re-registered in the newly formed Trade register, according Bulgarian new trade law. The deadline for re-registration is the end of 2010. The procedure is divided on two stages: 1st stage covers some legal actions in front of the registered court and the second one is in front of the Trade Register (submitting the forms and attaching some files). It is very important to know that the procedure could be done only personally by you or by a lawyer in Bulgaria. Companies, which are not re-registered, will be closed by Trade register, and the expenses for the closing will be covered by the Company property. This means that all the expenses will be covered by selling the Company property – house, land or apartment in Bulgaria.
Please before starting this procedure (or any other),be sure that you speak with registered lawyer. It may look you strange, but many people are trying to act as lawyers without needed education and without being a member of our BAR.
Hope I helped you a bit, but if you have any questions don’t hesitated to contact me at my e-mail: [email protected]
Kind regards,
G.K.
