What do buyers of real estate need to know about the Bulgarian property register?
The operation of the Bulgarian property register (the “Register”) falls within the scope of the Bulgarian Registry Agency. The Register is a database containing information about immovable properties within the territory of Bulgaria. Each property has its own dossier containing information about the real estate transactions with it. The recorded transactions include not only ownership-related transactions (e.g., property transfers), but also mortgages, liens, and other encumbrances.
Checks in the Bulgarian Register
Although the Register is public, parties willing to access it need to pay certain fees. Checks in the Register can be made either in person or through the website of the Register.
New Entries in the Bulgarian Register
Depending on the transactions to be recorded, requests for new entries to the Register can be made by notaries, parties to real estate transactions, and other interested parties. The requests need to include information about the parties, the real estate transactions concerned, and other formalities prescribed in the applicable law.
Once a request for adding a new entry is submitted to the Register, it will receive a number and a time stamp. Afterwards, the dossier of the property concerned will be amended in such a way as to indicate that a request for a new entry was submitted in relation to the property. Next, the request will be examined by a judge who is responsible for deciding on whether or not to accept it. Normally, the judge records the requested entry within a time period of 3 working days commencing on the date of the request.
Why Check the Bulgarian Property Register?
Buyers willing to purchase immovable properties in Bulgaria are advised to conduct preliminary checks in the Register. Fraudsters often attempt to sell properties in which they do not have ownership rights. By conducting a timely check in the Register, a buyer can ensure that the seller is the actual owner of the property to be sold.
Assistance with buying a Property in Bulgaria
We will be glad to conduct checks in the Register for you and provide you with assistance with regard to all other aspects of purchasing a property in Bulgaria.