A main focus of our expertise is providing a full range of services to foreign and local clients regarding real estate transactions, incl. buying, selling, renting, making due diligence or investing in the real estate market.
We offer a complete legal assistance which includes full representation – from the stage of searching a cheap or luxury property, to the stage of the negotiations and preliminary sale agreements preparation. We fully assist you up to the finalization of the notary deeds for property acquisition and the closing up of the administrative procedures for registration of the acquired property for tax and statistical purposes.
Bulgarian Real Estate Laws – Assistance and Support
At Innovires, we know that real estate transactions in Bulgaria can be complicated and confusing. We assist clients to address a wide range of concerns, including:
- Buying, selling or renting a property in Bulgaria
- Providing professional legal advice and support in preparation of all kinds of documents related to real estate transactions
- Assistance with choosing an appropriate real estate agency/agent upon preliminary set criteria
- Complete due diligence process (obligatory in Bulgaria!)
- Tax planning
- Consultations regarding property acquisition, pricing, management, and disposition
- Negotiations and representation
- Assistance for obtaining a bank loan or giving a mortgage
- Assistance of changing the status of real estate
Our lawyers have extensive experience in the area of legal representation and court claims connected with construction defects of real properties in Bulgaria, contractor disputes, landlord and tenant disputes.
VAT rules that may apply to transactions
- If the seller is a physical person, buyer is physical person, no VAT
- If the seller is a physical person, buyer is company, no VAT
- If seller is a company, VAT is required IF the company registered for VAT, or if property value is over BGN50,000 (€25,510)
- If the seller is a company registered for VAT, and the buyer is a company registered for VAT, then the buyer can get VAT refund.
Our experience in the Bulgarian real estate market
Innovires represented and advised locals as well as foreign investors from almost all EU countries, USA, Middle East and Africa. We operate locally in Sofia and, at the same, time in all of the other regions of Bulgaria, including the well-known ski-resorts Bansko, Borovets, and Pamporovo, as well as Black Sea beach resorts – Sunny Beach, Burgas, Sozopol, Varna, Balchik and Golden Sands.