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Quick Guide for Buyers in Sunny Beach and Surrounding Area
Sunny Beach is a resort town located in the municipality of Nesebar, which is situated on the Black Sea coast of Bulgaria. Nesebar is a popular tourist destination in its own right, known for its well-preserved old town, which is a UNESCO World Heritage Site.
Approximate charges and the role of Real Estate Agent
Importance of an Experienced Agent: A real estate agent can help you navigate the local market and find properties that fit your needs and budget. They can also provide valuable advice on the buying process and assist with negotiations. The fees for a real estate agent in Sunny Beach can vary, but typically is about 3% of the sale price of the property. An experienced agent who knows the local market can help you avoid potential red flags about a property and ensure that you are making a sound investment.
Other related fees and taxes
- Notary Taxes: The notary fees for a property purchase in Sunny Beach are typically around 1.5% of the sale price, that include fee for registration, bank fees etc;
- Local Purchase Tax: The local purchase tax in Sunny Beach is 3% of the sale price or the local municipality tax evaluation document, whichever is higher;
- Maintenance Fees: Complexes with a maintenance fee are generally more well-maintained and have better amenities than those without. However, it's important to carefully consider the fees and what they cover before purchasing a property.
- After Sale Services: There are some additional charges that may arise after purchasing a property, such as changing the electricity account or obtaining a Bulstat number.
- Bulstat Number and Annual Taxes: If you are a person who does not possess a personal identity number or a foreigner's identity number and owns a real estate property in Bulgaria. You must be entered into the BULSTAT Register at the Registry Agency, Ministry of Justice, within 7 days of the purchase of the real estate. You will need to submit a standard form and bring a copy of your passport and a copy of the document certifying ownership of the real estate to the Registry Agency. Any change in the relevant information must be advised by means of a new standard form within a 7-day period. According to Art. 7, para. 2 of the BULSTAT Registration Act, the following information must be entered into the register: BULSTAT code, date of birth, personal names, reason for entering, correspondence address, telephone, e-mail address. The Registry Office keeps a file for each registered person, the number would be published in the Public Bulstat register when it is done. Foreign citizens have only one registration, irrespective of the reasons thereof, and shall submit a separate application. In addition, every foreign citizen who owns a real estate property in Bulgaria must inform the municipality of the acquisition of the property in writing within 2 months and submit a tax statement for levying an annual property tax. Pursuant to Art. 14 of the Local Taxes and Fees Act.
Act 16:
The Act 16 document is a important document that certifies a building's readiness for occupancy. It ensures that the building has met all necessary safety and construction requirements. Act 16 is issued by the relevant state committee and ascertains the suitability for use of the construction (part/stage of it). Based on Act 16, the relevant regional directorate for national construction supervision issues the Certificate of Habitation. However, when speaking of construction from IV-VI category (residential and mix-use residential buildings, villas, etc.), there is no Act 16, but a Certificate of Commissioning is issued by the relevant chief architect at the relevant municipality.
This Certificate of Habitation/Certificate of Commissioning is the final act for the construction of a building and it certifies that the building is suitable to be lived in. No Act 16/Certificate of Commissioning can be issued if there is found any disparity between the actually executed building works and the approved projects.
Once you find a property that suits you,
you will typically be required to pay a deposit to secure the sale. This can be done through a deposit agreement or mediation contract if you are using a real estate agent, or a preliminary contract if you are dealing directly with the owner. The contract should outline the conditions of the deal, including the price, time period, both parties' obligations, and any relevant information.
The next step is to sign the documents before a notary. You can do this in person or sign a power of attorney to your agent, lawyer, or other trusted person to represent you before the notary. This means that you can set up your legal representation on the spot and won't need to extend your stay to complete the transaction.
The time it takes to close the sale can vary depending on a number of factors, and can take anywhere from a week to 6 months or more. It's important to work closely with your agent or lawyer to ensure that the process goes smoothly and that all necessary paperwork is completed in a timely manner.
Overall, buying property in Sunny Beach and the surrounding area can be a complex process, but with the help of an experienced agent or lawyer, you can navigate the process and find the perfect property for your needs and budget.
Good Luck!
