Innovires Law Firm highly recommends a complete property due diligence in Bulgaria no matter if it is a purchase deal or renting.
Both property transactions can lead to significant complications, which could cost thousands of euro in case of non-performed property check. The service often is offered with a check of the seller or the landlord. Property due diligence is done for the purpose to have a better and brighter picture before investing in the specific deal.
A property due diligence in Bulgaria is made by our experienced team. In the end, you obtain a due diligence report which provides a factual explanation and professional opinion concerning the relevant legal implications while involved in a contract with the other party. The statement could contain different checks on the property, but under the label “full due diligence” we offer a detailed report based on inspections in public and attorney accessible registers. Upon the results from the checks, we provide legal statement whether is this property clear from any risks and can you proceed with a deal or there are some hidden problems that you have to pay attention to.
One of the main risks when buying a property is having a mortgage on it, distrains or other third party’s rights on the property. The construction permit/building permit, as well as additional permits and licenses, can be revoked, if they are illegal. Illegality can result from a violation of construction law and regulation. The examination of existing permits for compliance with the law is an essential part of the due diligence process.
Once a full property due diligence is made, the next important step is preparing a notary deed. (when it comes to buying or selling) We highly advise always to use professional services of a Bulgarian lawyer as the notary deed is the official document, which transfers the ownership of the property, and sometimes it could contain some articles, which can harmfully affect the usage of the property.
The critical power of the law firm’s real estate due diligence report does not need to hide behind unclear wordings, vague results, and broad caveats.
It is self-understood that the property due diligence requires much more than the title search. Ask Innovires lawyers for the particular scope of tasks needed for your property investment in Bulgaria.
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Reach out to us in case you want to order a property due diligence report or you need additional information.