The process to buy or sell a property

• Author: Hristova, Nataliya
• Pages: 31-39

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 Bulgaria

31

5. The process to buy or sell a property

5.1 Main st eps in t he transaction process to buy or sell a pr oper ty

Ta ble 9 : Mai n st ep s of th e pr oce ss to buy or sell a pr ope rty

Ma in st ep s

Ma in f unct ion

Applicab le

Na ti ona l sp eci fici tie s/ a ddit ion al fun cti ons/ m ain

acto rs

Estate ag ent serv ices

Mat ching th e par ties

Yes

None

Alt ern ative mat ching dev ices

Mat ching th e par ties

Unusual

New spaper adv ert isement ; personal contact

Prelim inary con tra ct

Secu rin g the t ransact ion

bef ore the f inal contract is

conclu ded

Unusual

The prelim inar y con tract is u sual in case of purch ase of

a p rope rty wit h a cred it or if o ther essent ial condit ions

of a t ransact ion m ust occu r ( prov isio n of mi ssing

docu men ts e .g.; law yers).

Prelim inary contr act i s needed wh en p art ies i n a

pr opert y t ran sacti on ar e no t r eady t o con clude it. For

exam ple: t he pu rchaser doe s not have a full sale price

and need s a ban k cr edit . I n t his case, th e pr elim inar y

contr act guar antees, th at bot h parti es have an

int ent ion to tra nsfer a pr oper ty if som e co ndit ion s are

ful filled . In th is examp le-by ap prov al of buyer ’s cr edit

requ est fr om the b ank. In case of m ort gag e loans, the

con clusi on of a pr elim inar y contr act is a co ndit ion f or

con sider ati on of the buy er’s cr edit re quest and th e

det erm inat ion of t he amoun t of th e loa n fo r the

purch ase of th e pr operty.

Prelim inary checks ( land register,

adm ini strati ve permit s)

Ensur ing t hat t he buy er

kn ows a ll legal obliga tion s and

relev ant fea tur es r elat ed t o

th e pr operty .

Yes

Law yers usually hire d by p urch asers

Draft ing t he sa les cont ract and /or

dee d of conve yance

Sum marisin g the agreem ent

of the part ies

Yes

Law yers or Nota ries

Lega l ad vice or counsell ing

Ensur ing t hat t he t ransa ction

is valid and th at t he par ties

kn ow about th eir righ ts a nd

duties

Usual

Law yers u sually hir ed b y p urch asers.