• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 7 of 7
  1. #1

    Default Personal experience of buying property in Bulgaria

    This may be of interest to anyone thinking of buying in Bulgaria.

    Myself and a colleague have set up a new website detailing our own experience of buying in a number of locations in Bulgaria. We feel we have accumulated quite a bit of knowledge over the last 2 years in this area.

    This is not a commercial website and does not sell property, it is purely an aid to prospective buyers based on our own experiences and will be constantly updated.

    Please take a look:
    http://www.bulgariabuyer.co.uk

  2. #2
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    3,936

  3. #3

    Default

    Just to let everyone know, we have made a number of updates to our site (above) since the orginal post in February and again to reiterate that all the information on the site is impartial as we do not sell or promote property for any agent. There are links to agents but you follow these at your own discretion and due diligence.


  4. #4
    Join Date
    Jan 2008
    Location
    Ireland-Bulgaria
    Posts
    9

    Default Buying Property in Bulgaria,notary and translations

    Hi
    You are right,the whole process of buying property in Bulgaria can be very tricky.I had a look at your site but i would like to point out that in your section about contracts and notary's you should maybe point out to your site's visitors that if they planning to buy property in Bulgaria and employing an English speaking Bulgarian notary and sollicitor to handle on their behalf,due diligance should be taken,especially with the translations of the documents.
    In Bulgarian court ,your English version of the document,stamped by notary, translated by a legal sworn translator,is not valid!Only the origanal Bulgarian document can be used in disputes and court cases.The translated document is merely to give you an idea what the document is about.
    I have seen many people over the last 6 years with translated documents relating to property and so and some of these people had problems with the selling agent,convinced that the builder-selling agent was not honouring their contract,took the agent-builder to court ,but lost their case because the Bulgarian Original was differently translated in English.It only takes a few misphrased translated sentences or words to give-willingly or unwillingly- your translated document a different context.An intersting fact is also that in this case you can take the legal sworn translator to court due to him failing to translate your documents....
    Our advice is to any one buying property in Bulgaria is simple:Be carefull with wat you sign.

  5. #5

    Default

    Hi CDWC,

    Thanks for your comments. They are something that we hadn't consciously considered, but you are right. We had a similar problem when we were buying via a Power of Attorney, which resulted in a new one having to be drawn up in Bulgaria.

    We will definitely be adding a warning on our site in this respect.

    We welcome comments like this, as it all helps to inform people of the potential pitfalls

    Regards

    Shadow

  6. #6
    Join Date
    Jan 2008
    Location
    Ireland-Bulgaria
    Posts
    9

    Default Power of attourney

    The POA is another thing people should be wary about.Personally i try not to give out any POA's .
    If you really need to give one,make one up by your sollicitor and get it stamped by a notary with the excact specifications and duration.
    Example
    You need some one to drive your car from Sofia to Bourgas wich is one day driving.(By Bulgarian Law you can not give your car to some one to drive it as it may be considered stolen...).In the POA you stipulate that this person can drive your car on this date from Sofia to Bourgas.
    The person can with this POA only drive from Sofia to Bourgas and can not drive to for example Bansko...

    Many people are told by some' Bulgarian Property agents' that they need to sign a POA wich give them access to a ' bank account for the builder to pay for the work'.In this matter i can guarantee you that all the money will be gone before any building work is carried out...Unfortunately in some occasions you will need to give someone a POA but try to minimize as much as possible.
    Rule of thumb .DO not give out a POA,to no one!Not to your accountant,neighbour etc unless you are absolutely sure that the person in question is a decent one.And if you really need a POA,make one up just for the day.
    Info about Bulgarian Company Formation
    Last edited by cdwc; 26-01-2008 at 01:36 PM.

  7. #7
    Join Date
    Jun 2008
    Location
    Chicago
    Posts
    14

    Default

    Now that Bulgaria is part of the European Union investing in property is far more interesting. The problem is: has anyone told the Bulgarians they are part of the EU? Some of the practices still are very archaic.

    Another concern when selling property (as opposed to buying) is the origin of the funds used for the acquisition. There is a lot of "black" money going around (must be the vicinity of the Black Sea...). Within the country this may not be such a terrible problem. But I believe when you try to transfer a large amount with unclear onto a foreign account you may encounter more than a nuisance but serious problems.

    I hope that Bulgaria fesses up and adapts to western standards!


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Buying a personal home but initially renting it out short term?
    By Asmodeus in forum Property Investment (NZ)
    Replies: 23
    Last Post: 05-09-2017, 08:29 AM
  2. Replies: 19
    Last Post: 13-05-2009, 10:02 PM
  3. APIA: Gain 20 Years Property Experience in Two Hours!
    By Dianne in forum Property Investor Associations (NZ)
    Replies: 0
    Last Post: 01-04-2008, 03:48 PM
  4. Bulgaria leads Balkan Property Boom
    By Walter in forum Regions News (Euro)
    Replies: 0
    Last Post: 05-12-2007, 05:49 PM
  5. Property Management In Bulgaria
    By Walter in forum Regions News (Euro)
    Replies: 0
    Last Post: 03-04-2007, 12:54 PM
  6. Experience with Lease Option Property
    By Niall in forum Finance, legal and tax (NZ)
    Replies: 3
    Last Post: 17-05-2006, 04:58 PM
  7. Entrepreneur University (there goes my idea!)
    By Josko in forum General (NZ)
    Replies: 3
    Last Post: 30-05-2005, 05:59 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •