Step by step guide

Option Purchase Agreement Form

Having checked the apartment you want is available, either download the form from the website or we will fax you one.

Having completed the form, email back the document to our Bulgaria office in Burgas info@1steil.com

At the same time then post the completed form along with your reservation fee of £500/€1000 made payable to 1st European International Ltd

Note: Your reservation fee is non-refundable. It will however be deducted from the purchase price of your property upon receipt of the first instalment.

Preliminary Contracts

You will receive a preliminary contract of sale and management contract.

These will be issued within one week of receipt of your reservation fee.

Please check all the details are correct before signing both copies.

Return these documents to our London office along with your initial instalment as detailed in the    contracts within 15 days.

Please note we accept payments by both bank transfer and cheque.

Should you wish to arrange an inspection trip, we would be more than happy to assist you.

Construction Phase

We regularly update our website with construction updates throughout the build process. This will    allow you to monitor the progress of your property.

Usually there is one or more interim instalment payments to be made prior to full completion of the    property.

We will advise you in good time of estimated dates for interim instalments.

Final Completion

Prior to all construction being completed, you will be notified when your final instalment is due.

Upon completion of the property and payment of the final instalment, the transfer of title can take    place.

In Bulgaria, the property registry system works in conjunction with local Notaries.

In order to take delivery of your property, you will need to sign the ‘Notary Act’. This is a standard    form document transferring ownership of the property into your name.

You will receive title deeds within one week to ten days of the Notary Act from the local council.

Note: If you are unable to attend the Notary Act in person, your legal representative may attend in your place. This individual will need to be a qualified Bulgarian solicitor in possession of a ‘Power of Attorney’ agreement. We are able to liaise with you to arrange this.

Useful Information 

All our property is sold on a freehold or share of freehold basis.

All new build property in Bulgaria is subject to 20% VAT. Our prices always include the VAT subject to the local tax evalution at the Notary Act.

When you buy: On completion there are a number of transfer and local taxes. These taxes total between 4% to 5% of the purchase price. You will be required to pay these taxes at the same time as your final installment for your property.

When you sell: When you re-sell your property, convention in Bulgaria is that the new buyer pays the    full transfer taxes.

Maintenance of your property is covered by the Management Contract you signed upon purchase.    This is charged at a fixed rate in euros per square metre per year.

You will be required to take our buildings and contents insurance for your property. We can provide    you with useful contacts.

For a general guide to buying abroad we recommend reading 'Fly to Let' by Peter Conradi.
 

Personal Texation

Under UK law we are not qualified to provide personal taxation advice. Below we have provided two useful links that contain information outlining the current taxation position for foreign nationals purchasing property in Bulgaria.

Price Waterhouse Coopers' Report – a useful and authoritative summary.

Comprehensive tax guide – a more comprehensive document details all aspect of taxation in Bulgaria.