Contracts

When a client buys off plan in Bulgaria this is similar to buying a property from drawings and plans in the UK.

When interested in purchasing a property you will initially sign a “reservation contract” and pay a small deposit of approximately 1,000 euros.  The property will then be withdrawn from the market for a few weeks.  Please note that in most cases this fee is non-refundable should the client choose to withdraw.

After this point the developer will then issue the client with a “Preliminary contract” which both parties are required to sign as a commitment to buy and sell the property.  It is advisable at this point that client’s seek advice from a reputable solicitor prior to committing themselves to any financial contract.

The “Preliminary contract” will illustrate the developer/builders obligations in terms of completion/timescales/design etc.  Any additional requirements are agreed at this point and signed for, which then form part of the contract.

For the client the contract will highlight their obligation for payment and will highlight the stages in which they are required to submit payments up to and including the completion date in front of the Notary.  It will also highlight any penalties that they may incur should they have any late payments or decide to withdraw.