Call
Send Email
Messenger
WhatsApp
BULGARIAN PROPERTIES’ Chief Operations Manager: The aim of the new notary law is property transactions to be made only via bank accounts
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
More News
Bulgaria’s capital has topped the European Best Destinations ranking, putting Sofia in the international spotlight as an exciting place to visit, live and invest in property.
Sofia has been named Europe’s Best City Break Destination for 2027, taking first place in the prestigious ranking by European Best Destinations.
The Bulgarian capital emerged as the...
Bulgaria's property market is entering a more balanced phase, with price growth slowing but no signs of a market crash. At the same time, the country's entry into the eurozone is creating new opportunities to attract international property buyers and investors. These were among the key messages shared by Polina Stoykova MRICS, Managing Director of BULGARIAN PROPERTIES, during an inte...
We are entering the final quarter of the year – traditionally one of the most important periods for the property market.
Following the summer months, September brought the market back to its usual rhythm. Buyers are active again, sellers are moving ahead with their plans, and quality, correctly priced properties continue to find their new owners.
One of the key trend...
We are welcoming Autumn with encouraging signs from the Bulgarian property market! 🍂🏡
August, traditionally one of the quietest holiday months of the year, brought a noticeable increase in activity. The market once again demonstrated that when attractive properties are offered at the right price, buyers are ready to act and transactions can happen quickly.
