The process to buy or sell a property

AuthorHristova, Nataliya
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
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
Alt ern ative mat ching dev ices
Mat ching th e par ties
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
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 .
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
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
Law yers u sually hir ed b y p urch asers.

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