Regulatory background

• Author: Hristova, Nataliya
• Pages: 7-17

Consum er mar ket stud y on the fun ctio ning of the r eal estate servi ces for consum ers in the EU – Coun try Fiche Bu lgaria

1.Regulat orybackgrou nd

1.1Lev el of regulat ion in the country

Ta ble 1: L eve l o f regulation

Lev el of re gu lat ion

Sou rce of re lev ant

le gisl ation

On going discu ssion on re gu lat ion / de re gul ati on (i f

ap plica ble ): cur rent st at e of af fair s an d m ai n a rgu me nt s

in th e d ebat e

Real estat e

transactions2

Form alit y, regi strati ons a nd

ident ity checks–st rictl y

regulated

Law on obliga tio ns an d

con tr act s 1 95 0 – regulates

th e oblig ator y form of

pr oper ty transact ion s

Ru les of Lan d r egist ra tio n

pr ocedu re 1 95 1 - regulates

pr oper ty transact ion s’

registrati on pr ocedu re in Lan d

register

Cod e o f civi lpr oced ure

2007 –regulatest he not arial

pr ocedu re for prop ert y

tr ansact ions and t he

obl igat ory cont ent of n otarial

deed

No

Not ary syst em ( or

law yer /co nveyancer

sys tem ) 3

Stri ctly regulated

No ta rie s a nd Not ar y

Act ivity Act 19 97 - / see

Tabl e 16 /

Cod e o f civi l pr oce dur e

2007 – as a bove

Ta rif f f or No ta ry fee s 1 99 8

None

2E.g. lim ita tion s or pro hibit ion s of cert ain t ran sacti ons; spe cific form alit y r equ irem ent s etc .

3Only in coun tri es wh ere nota ries do no t ex ist or do no t h ave a mo nopol y on conv eyan cing .