Important to know

"Intrigue" LTD, UIC/PIC No. 126725715, is a PERSONAL DATA ADMINISTRATOR, registered in the "Register of Personal Data Administrators and the Registers Maintained by Them" with identification number 419025, according to CERTIFICATE No. 419025/22.12.2015, issued by the "COMMISSION FOR PERSONAL DATA PROTECTION" of the REPUBLIC OF BULGARIA.

The "National Association of Real Estate Brokers" (NAREB) has prepared a practical collection of useful tips for buying, selling, and renting properties. The industry organization believes there is a need to raise awareness in the field of real estate transactions in Bulgaria, which will not only facilitate work in this area but also protect against numerous pitfalls that poorly informed sellers and buyers of properties fall into. Here are some professional tips:

IF YOU WANT TO INVEST MONEY IN A PROPERTY OR SELL YOUR OWN:

1. Decide what type of real estate you will buy and whether you will use the services of an intermediary.
2. Determine for yourself what your future property should look like in terms of area, price, and location, keeping in mind that an important characteristic of liquid real estate (one that can be sold quickly) is its location.
3. Decide in advance how you will finance the purchase – with personal funds or a bank loan. If you use a bank loan, choose the lending bank in advance, before you start choosing a property. Research the conditions of the banks and make sure that financing will be provided to you. Otherwise, you risk paying a deposit that you may lose, as the bank may not grant you a loan.
4. Find out what the additional costs of the transaction are:
   • State fees for the transfer of ownership, local tax, notary fee, and bank transfer costs, the amount of the commission. Keep in mind that commissions for urban properties, as well as for rural houses, vary on average from 2 to 3% per party per purchase-sale transaction, and that there is a minimum commission threshold.
5. Before paying a deposit and signing a preliminary contract, require the broker to conduct a preliminary check of ownership (personally or through a lawyer, notary) and to familiarize you with the history of the property, as well as to provide you with an oral report on encumbrances. If you have any concerns, ask the broker to arrange a meeting with the lawyer, notary serving the agency, and ask your questions directly to them. Keep in mind that this service is not paid additionally but is included in the broker's commission price.
6. Ask for a detailed and reasoned opinion from the broker regarding the investment potential of the property – the possibilities of maintaining, increasing, or decreasing its value; rental income; liquidity (possibility of sale). Do this even if you think you will never resell the property or do not intend to rent it out.
7. For the sale or purchase of a property in another location, contact a local specialist – a broker who operates in the same location as the property. An exception to this rule may be allowed if you are working with a broker at your place of residence whose services you have already used and you have full confidence in them.
8. If your broker makes a sufficiently reasoned offer and proposes a good plan for the sale of your property, you may consider entering into an exclusive contract with them (contract with exclusive rights). Make sure that when concluding the exclusive contract, your broker will actively cooperate with other brokers operating in the same market at the location of your property, so that the information reaches all active participants in that market.