BULGARIAN PROPERTIES’ Chief Operations Manager: The aim of the new notary law is property transactions to be made only via bank accounts

2009-12-17   |  BULGARIAN PROPERTIES

BULGARIAN PROPERTIES’ Chief Operations Manager Polina Stoykova gave an interview to the Bulgarian National Television in connection to the changes in the Law on Notaries and Notary Activities which are expected to come into force in 2010. At present the changes have been adopted by the Council of Ministers. Polina Stoykova comments that according to the changes all payments under property deals will be concluded only on a bank account and the accomplishment of the sale-purchase transaction before the notary public will be at the actual price.

At present, the deals are often concluded at a price close to the tax valuation of the property and the rest of the sum up to the actual market price is paid after an arrangement between the seller and the buyer, thus saving the higher notary fee.

According to the government the proposed changes will contribute to the prevention of the concealment of the actual price of property deals, to the taxing of property acquisition as per the actual purchase price, to the clarification of the origin of the finances under the deal and to the counteraction to money laundering.

According to the observations and the experience of BULGARIAN PROPERTIES in the last couple of years more and more people conclude deals at actual prices and prefer to pay via bank account as this guarantees the provability of the payments and is more secure.

The changes in short:

With the changes to the law the parties will be obliged to pay only on a bank account and in connection to that the parties will have to present declarations certified by a notary public to the notary that the price specified in the notary deed is the real price, if they have made the payment before the signing of the deed. If the payment is made after the signing of the deed there are two possibilities (but only on a bank account): the first of the possibilities will be the account to be in a bank of their choice as the account must be specified in the notary deed and the second – on a special account of the notary as it will not be the subject of forced execution.

  Read more news

Share
Beach Villas on the Bulgarian Black Sea Coast
Searching for your own place in the sun?
Explore our selection of lovely houses and villas situated in the beach resorts and in the villages nearby! Prices with no competition in Europe!
See More
Properties in Bansko
Buy your own property in the top ski resort of Bansko! An all-year-round resort suitable for winter and summer tourism with the best prices in Europe! Prices starting from as low as 10,000 Euros!
See More

More News

Company news
BULGARIAN PROPERTIES Agents of September

Hello, September!

The new season has begun and we look forward to seeing you at our offices around the country to fulfill all your real estate dreams and to help you buy, sell or rent property easily and securely, with the highest protection of your interests!

Let's see who our AGENTS OF SEPTEMBER are that we recommend with two hands!

All of them deserv...

04 September, 2019
latest news
Bulgaria Air Launches Joint Flights to Caribbean, Seychelles and Maldives with German Condor

Bulgaria Air starts offering flights to some of the most exotic destinations in the world. The Bulgarian airline has signed an agreement with the German airline Condor, part of the Thomas Cook Group, allowing passengers from Sofia, Varna and Burgas to travel to exotics such as the Caribbean, Seychelles, Mauritius, Maldives and dozens of destinations in Malaysia, with convenient connections via Fra...

02 September, 2019
latest news
Foreign tourists choose to spend summer vacation in Bulgarian mountains

Whether because of the summer heat or the favorable conditions for mountain tourism, the number of foreigners who chose to spend their summer vacations in Bulgarian mountains is on the rise. A popular place is the mountain town of Elena, which attracts with its tranquility and authentic Bulgarian houses that have preserved the spirit of the National Revival period. Along with the Bulgarian tourist...

30 August, 2019
latest news
Tips from an Experienced Holiday Home Owner in Bulgaria

We are always happy when we receive feedback from our clients and they share their personal experience of acquiring real estate and living in Bulgaria! Marat shares his story of purchasing an apartment in Sunny Beach, check out his tips.

The Tarsis Complex (Tarsis Club & SPA, Sunny Beach, Bulgaria) was originally planned, designed and built as a club-type resort for cosy and comfort...

13 August, 2019

REQUEST DETAILS

Find a property with the biggest available choice
Choose what marketing communication you would like from us: