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17.12.2009 BULGARIAN PROPERTIES Chief Operations Manager: The aim of the new notary law is property transactions to be made only via bank accounts

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.

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