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snail Senior user
Posts : 134 Join date : 2010-09-19
| Subject: Re: Buying a House or Property in Bulgaria Wed Sep 22, 2010 5:43 pm | |
| Here comes another one of my jaw dropping questions. l have been told that if a property is bought with regulated land then if the owner of that property wishes to sell it to a developer.Then the property owner can pocket the money from the developer that bought the land for development. But!,if a foreigner buys the property with the regulated land already in place,does not mean he owns the land because of what the legal system states a company must be set up before purchasing the property.Really the owner of that land is a company,but not the sole owner of the land.Does that mean the owner is really the company and can therefore profit from selling the regulated land.
Sorry for the prolong waffling.l do have a habit of saying something that takes time to get to the point :Tease: |
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Carmen Super user
Posts : 714 Join date : 2010-03-19
| Subject: Re: Buying a House or Property in Bulgaria Wed Sep 22, 2010 6:46 pm | |
| I don't think I'm following what your saying but I would agree that its the company that owns the land and not you! however you are the director of the company but still your not the owner, I'm not to sure what it is exactly your asking so maybe some will be along to answer you better than I can |
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Chris Moderator
Posts : 2299 Join date : 2009-09-14 Age : 61
| Subject: Re: Buying a House or Property in Bulgaria Thu Sep 23, 2010 7:23 am | |
| - snail wrote:
- l have been told that if a property is bought with regulated land then if the owner of that property wishes to sell it to a developer.Then the property owner can pocket the money from the developer that bought the land for development.
I'm not quite sure what you're asking, but I'll try to clarify things. If you buy a property with land, and some of that land is regulated, then yes, the regulated land can be 'split off' and sold for development. However, as you are a foreigner, you do not 'own' this land, your Bulgarian Company owns the land. Therefore, its the Bulgarian Company that sells the land to the developer, not you as an individual. The money raised from the sale then has to be paid into the company bank account (which you have to set up when the company is created in order to buy the property in the first place). |
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snail Senior user
Posts : 134 Join date : 2010-09-19
| Subject: Re: Buying a House or Property in Bulgaria Thu Sep 23, 2010 7:49 am | |
| That's the key answer l was after.Thanks ChrisQBG Now l know the company owns it and not the owner.But is the company the authorities and the profits from the developer goes to the council
Say for instance the foreign buyer bought a property that stipulates a large regulated plot with the property.Does the foreign buyer have any say in whether he can stop the developer from building on that land since he will not profit from it.
lf that is the case then would you agree unregulated land is more beneficial to the foreign buyer then the regulated land.l cannot see what the benefits are to the foreign buyer if he has no say in it, and will not profit from it.
l was told buying a property with regulated land will benefit the foreign buyer.How so easy it is to be dupe when ignorant of things. The members are helping me a great deal from the knowledge l need to avoid a financial nightmare |
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BGTRAVELLER Super user
Posts : 1074 Join date : 2009-09-07
| Subject: Re: Buying a House or Property in Bulgaria Thu Sep 23, 2010 8:34 am | |
| Can someone please explain all this in simple terms I'm completely lost as to what is being discussed here I'm getting passed it or out of my depth |
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ABC Property Surveyors.BG Senior user
Posts : 163 Join date : 2009-09-06
| Subject: Re: Buying a House or Property in Bulgaria Thu Sep 23, 2010 8:54 am | |
| This is not Spain.I have not heard of land grab going on here by developers.Regulated land is more valuable than unregulated land as you can do something with it i.e Build on it subject to plans being approved.If you sell assets i.e land or a house you get the money as the company bank account is in your name.It get's a little tricky when you have multiple properties and you are selling at a declared profit. |
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BGTRAVELLER Super user
Posts : 1074 Join date : 2009-09-07
| Subject: Re: Buying a House or Property in Bulgaria Thu Sep 23, 2010 8:58 am | |
| I understand what your saying ABC but I'm no sure what the op is asking? I don't think he is asking such a simple question or am I reading this all wrong? |
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bigsavak Super user
Posts : 756 Join date : 2009-09-16
| Subject: Re: Buying a House or Property in Bulgaria Tue May 10, 2011 12:29 pm | |
| I would say snail has some doubts about a property he is interested in if thats the case its best to walk away because you may live to regret it? buying a property in Bulgaria is very simple compared to most other countries and if something is nagging you about it and your not sure then look elsewhere |
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nu2bg Super user
Posts : 870 Join date : 2009-11-17
| Subject: Re: Buying a House or Property in Bulgaria Tue May 10, 2011 5:28 pm | |
| Thank you for the update Admin, Its important to keep on top of these things especially for the new members who may not know. |
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itchyfeet Mega user
Posts : 2268 Join date : 2010-09-10 Age : 68 Location : Paskalevets
| Subject: Re: Buying a House or Property in Bulgaria Tue Sep 06, 2011 9:29 pm | |
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gazzy Junior user
Posts : 34 Join date : 2011-09-18
| Subject: Re: Buying a House or Property in Bulgaria Mon Oct 03, 2011 9:50 pm | |
| Thanks for the update Chris |
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silky4015 Junior user
Posts : 89 Join date : 2011-12-26
| Subject: Re: Buying a House or Property in Bulgaria Sat Sep 21, 2013 6:47 pm | |
| What is today’s law for purchasing property in Bulgaria. Do you still need to have a company?
Thanks |
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Andy Super user
Posts : 555 Join date : 2010-02-11
| Subject: Re: Buying a House or Property in Bulgaria Sat Sep 21, 2013 7:17 pm | |
| No as far as I know you no longer need a company, this was only set up in the past in order for the company to own the land, however this has all changed see below. The real-legal regime of the acquisition and exercise of ownership right on real estate in the Republic of Bulgaria by foreigners is regulated by the Constitution of the Republic of Bulgaria (Art. 22), the Property Act (Art. 29 and Art. 29a) and a number of other regulations containing specific rules - the Ownership and Use of Agricultural Land Act (Art. 3, Art. 3a, Art. 36, Art. 10a), the Forestry Act (Art. 23 and Art. 24), the Succession Act (Art. 5), the Protected Areas Act (Art. 10), etc. The nationals of the member states of the EU or member states under the Agreement on the European Economic Area may acquire ownership right over land in accordance with the requirements specified in the law pursuant to the Treaty of Accession of Bulgaria to the European Union. By the end of 2011, foreign individuals have been restricted to possess the land of their second home. On 1 January 2012 this restriction dropped out and foreign investors are allowed to acquire the land on which their homes are built. However, the restriction is still valid in terms of ownership of agricultural land. It is expected to drop out on 1 January 2014.[You must be registered and logged in to see this link.] ... e_Property |
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silky4015 Junior user
Posts : 89 Join date : 2011-12-26
| Subject: Re: Buying a House or Property in Bulgaria Sat Sep 21, 2013 10:08 pm | |
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weasle Junior user
Posts : 37 Join date : 2013-10-15
| Subject: Re: Buying a House or Property in Bulgaria Wed Oct 16, 2013 9:20 am | |
| How long does it actually take to buy a property in Bulgaria? I seem to keep coming across different time scales - not least in that sellers can stay in the property up to 1 month after completion. |
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