Could you kindly give me more information and explain the difference between Act 15 and Act 16 when buying a property?Many thanks.
Dear Sir/Madam, I will try to explains as easiest as possible: "Act 15" = Certificate 15 is a protocol, approved from the government/state with which the building/property will be transfered from the builder to the owner. "Act 16" = Certificate 16 is a protocol, issued after Act 15 by the government/state, with which the builder certifies the building in front of the governmental authorities, after that the building enters into exploatation. Actualy this certificate Act 16 is the last stage of the building process.
Generally it will take 3 weeks to buy a property. This is dependent on a number of factors, not all of which are in your control. Once you have decided on a property, contact will be made with the seller or his estate agent. The terms and conditions of the sale can be negotiated very quickly, depending on how easily we can instruct an independent surveyor to assess the property, which is our usual practice. It is important to have an accurate picture of the condition of the property, likely repairs that will be needed and its consequent value. Usually a surveyor can prepare a report within a week of instructions. The legal title to the property can be checked at the Land Register in a day or two. Searches with the local authority, trying to confirm the uses and building permissions associated with the property, will similarly take several days. The Preliminary Contract is then exchanged and a deposit paid. There is then a period of, at maximum, a few days while the money transfer is arranged and any final checks made. The sale will take place in front of a Notary at an agreed date and time.
It is not possible to say with certainty how the property market will react in the future. However, the property markets of the Czech Republic and Poland, two of the most recent new members of the EU have risen by approximately 250% in the five years to today's date. Bulgarian property prices themselves have increased by 17% nationwide over the last 9 months. The increase of the value of a property depends on a number of factors, including the condition of the house, its location and the type of property.
Which are the preferred types of business organizations with foreign investment?
The most common form of organization for foreign investors is a limited liability company. Other types are general partnership, limited partnership, joint stock company, sole proprietorship, joint venture, branch, holding, cooperatives, representative office. Limited liability companies, unlimited partnerships, public limited companies, limited partnerships, holdings and cooperatives are legal entities. Branches and representations are not independent legal entities: branches may engage in economic activities, they have their own property and compile a separate balance sheet; representations may not engage in economic activities
UK passport holders do not require a visa in order to visit Bulgaria for a period of 30 days. Long-term visa (D) can be obtained from the Bulgarian Consular service in London. Visa control has been considerably relaxed between the UK and Bulgaria. For further information please contact the Bulgarian Embassy in London on 0207 584 9400 or check www.bulgarianembassy.org.uk. The British Embassy in Bulgaria also provides information at www.british-embassy.bg.
What are the living costs in Bulgaria? How much one pays for house insurance, gas, electricity, local and national taxes, to hire a gardener or a builder, to drive a car?
It's not possible to compare living costs in Bulgaria and Western Europe. Living costs in Bulgaria are extremely low! For example the food is generally twice cheaper than UK. House insurance: around 100-200 . EURO per year depending on the type of house, together with the belongings and furniture inside. For a property of price 30,000 . EURO insurance against theft, flood and fire costs about 125 . EURO per year with a decent insurance company like Allianz. Gas: the gas system network is not developed in Bulgaria yet. People here mostly use electricity to cook. For heating: there are central heating systems in the big cities: monthly costs for a 2-bedroom apartment around 120 . EURO. In the small places people use charcoal and wood, which is even cheaper way to heat a house. For electricity, when used for cooking, light or hot water one pays about 30 . EURO monthly. Local and national taxes for owning a property: depending on the place where the property is located, the most expensive area is the capital Sofia, where the annual taxes of 2 bedroom apartment are around 150 . EURO per year, but the rest of the country is around 80 . EURO per year. To employ a gardener or maintenance man or builder you will not pay much. The average salary in Bulgaria is 200 . EURO per month.
What is the state of the Bulgarian real estate market?
Like everything else in Bulgaria, property is very good value. This is the result of a general neglect of Bulgarian asset markets (at the moment). Foreign investors in Bulgaria will profit in the long run.
Of course this depends on the price at which you buy. Property appraisal and valuation is an important element of our services. Knight International and Bulgaria-Property.com has a network of local contacts across the country who have negotiated the realistic prices that we offer on our properties.
Bulgaria is scheduled to join the EU in 2007. At the moment, the Bulgarian property market is off the map for foreign investors. We anticipate awareness of this market to increase as EU membership approaches. Plus, the present Constitutional restriction of foreign investment in land in Bulgaria is incompatible with EU membership. When this restriction is removed we expect much inward investment, which will cause an increase in the market's liquidity and its level.
How do I invest in property in Bulgaria?
The upturn in the Bulgarian economic climate, coupled with the preferential conditions and guarantees for foreign investors, has generated excellent business opportunities and investment growth potential. The imminent acceptance of Bulgaria in the European Economic Community, with full integration planned between 2006 and 2008, is attracting more and more foreign investors to Bulgaria, providing unprecedented economic growth potential.
In July 2000, Bulgarian Property Law was changed to remove the restrictions on foreign investment in Bulgarian land and property. In common with other European countries, the only remaining requirement is to register the investor or investing company in Bulgaria before any transactions can take place and capital invested.
What do all of those real estate acronyms in the ads mean?
If you find yourself stumbling over weird acronyms in a real estate listing, don't be alarmed. There is method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:
* assum. fin. -- Assumable financing * dk -- deck * gar -- garage (garden is usually abbreviated "gard") * expansion pot'l -- may be extra space on the lot, or possibly vertical potential for a top floor or room addition. Verify actual potential by checking local zoning restrictions prior to purchase. * fab pentrm -- fabulous pentroom, a room on top, underneath the roof, that sometimes has views * FDR -- formal dining room (not the former president) * frplc, fplc, FP -- fireplace * grmet kit -- gourmet kitchen * HDW, HWF, Hdwd -- hardwood floors * hi ceils -- high ceilings * In-law potential -- potential for a separate apartment. Sometimes, local zoning codes restrict rentals of such units so be sure the conversion is legal first. * large E-2 plan -- this is one of several floor plans available in a specific building * lsd pkg. -- leased parking area, may come with an additional cost * lo dues -- find out just how low these homeowner's dues are, and in comparison to what? * nr bst schls -- near the best schools * pvt -- private * pwdr rm -- powder room, or half-bath * upr- upper floor * vw, vu, vws, vus -- view(s) * Wow! -- better check this one out.
Resources:* "Real Estate's Ambiguous Language You Oughtta Understand," Glennon H. Neubauer, Ethos Group Publishing, Diamond Bar, CA; 1993.
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