1. Procedure with Power of Attorney:

Step 1: Issuing the Power of Attorney

  • You hire a Bulgarian lawyer and grant them a notarized power of attorney.
  • The power of attorney can be issued in Bulgaria or your home country, and it must be translated into Bulgarian and notarized.
  • It allows the lawyer to complete all steps of the purchase process on your behalf, including signing the purchase contract and registering the property in the Land Registry.

Step 2: Property Verification

  • The lawyer checks the legal status of the property (ownership, absence of encumbrances, building permits, etc.).

Step 3: Contract Preparation

  • The lawyer drafts or reviews the preliminary contract (if required) and the final purchase contract.

Step 4: Opening a Bank Account (if necessary)

  • If payment is to be processed from Bulgaria, the lawyer opens a bank account in your name.

Step 5: Payment of Purchase Price

  • The purchase price is usually transferred via bank transfer to the seller or deposited in advance into the lawyer's escrow account.

Step 6: Notarization

  • The lawyer attends the notarization of the purchase contract on your behalf.
  • The contract is officially signed and registered with the notary.

Step 7: Land Registry Entry

  • The lawyer ensures the registration of the new owner in the Land Registry (Property Register).

2. Procedure Without Power of Attorney:

Step 1: Personal Presence On-Site

  • You must be present in Bulgaria to personally sign all necessary documents and contracts.

Step 2: Property Verification

  • You or your designated representative check the property both legally and technically. Alternatively, you can hire a lawyer or real estate agent for advice.

Step 3: Preliminary Contract (Optional)

  • A preliminary contract is signed with the seller to define the purchase price and conditions.

Step 4: Opening a Bank Account

  • You open a bank account in Bulgaria if the purchase price will be paid from within the country.

Step 5: Payment of Purchase Price

  • The purchase price is transferred directly to the seller or their representative.

Step 6: Notarization

  • You personally attend the notarization of the purchase contract. The notary verifies all documents, and you sign the contract.
  • All payments should be completed before or during the notarization.

Step 7: Land Registry Entry

  • After notarization, registration in the Land Registry is carried out by the notary or an authorized person.

Important Notes for Both Procedures:

  • Legal Security: A legal check of the property by a lawyer is always recommended to avoid future issues (e.g., undisclosed mortgages or ownership disputes).
  • Costs: In addition to the purchase price, there are additional costs such as notary fees, land registry fees, and potential legal fees, typically amounting to 3-5% of the purchase price.
  • Payment: The purchase price is generally paid via bank transfer to ensure transparency.

Purchasing with a power of attorney is particularly convenient for buyers who cannot be on-site, offering a time-saving and stress-free solution.