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Follow on Google News | Sure-Fire Property Purchase Formula – Part 3Alongside the underlying strategies discussed in Part 2, we now look at the key steps involved in the purchase process
By: MovetoBG.com Your step-by-step guide to a successful property purchase ... Step 1: Plan and prepare funding sources and set your budget ------------------------------------------------------------ Do the numbers and make sure that your finance is in place - eg: private finance, savings, arrangements for stage payments or a mortgage facility. Set your budget and don't be swayed from it by promises - no matter how attractive - of how easy it will all be as values rise in the future Step 2: Identify preferred locations and type of property ------------------------------------------------------------ Are you looking for: city, coast, mountain, countryside, a holiday base, an investment property, a long-term or permanent home, a new-build villa, an off-plan apartment, or a village house? Decisions made at this stage can save time and money later Step 3: Select Agent(s) and shortlist properties for viewing ------------------------------------------------------------ Conduct background research, check client recommendations, review property websites and communicate with several agents. Narrow down the options but identify a number of possibilities so that you have sufficient flexibility of choice Step 4: Arrange viewing trip ------------------------------------- Your agent should organise airport pick-up, transfers, accommodation and scheduled viewings - but should not tie you down to a full and fixed programme that leaves you little or no time to visit other agents or explore other options Step 5: Select property and negotiate terms ----------------------------------------------------------- Your agent should advise and assist in negotiations in order to establish an agreed purchase price, details of what is and what is not included in the sale, the timescale for completion and any other matters that may require clarification Step 6: Property with land ----------------------------------- Set-up a business: either independently or with your agent's lawyers acting on your behalf or - Property without land Business set-up is optional Step 7: Confirm validity of title and all relevant documents ------------------------------------------------------------ This should already have been done as part of your agent's due diligence pre-sale checks on the property but, at this stage, either your agent's legal team or your own independent lawyer should confirm again that everything is in order Step 8: Pay deposit --------------------------- Normally set at 10% of the purchase price or a minimum sum of, say, 1000 euro. Deposits for the purchase of off-plan properties may be set at a lower percentage of the price but the buyer might also be required to make the first stage payment at the same time Step 9: Sign Preliminary Contract ---------------------------------------------- This sets out the details and specifications of the property, together with the legal status, rights and responsibilities of the buyer and the seller. Must be written in Bulgarian but should have a translation in English (or your native language) Step 10: Await completion process ------------------------------------------------ Although the usual timescale is around 8 weeks, purchase of a re-sale property can sometimes be completed within as little as 3 to 4 weeks. Completion time for new-build properties and off-plan apartments, on the other hand, can extend for a period of up to 1 to 2 years Step 11: Make final payment --------------------------------------- The balance of the purchase price for re-sale properties, or the final stage payment for off-plan properties - plus State taxes, local taxes and Notary fees totalling around 4% of property value, plus your agent's commission, if applicable Step 12: Sign Notary Act (title deed) in front of Notary Public ------------------------------------------------------------ Ownership of the property is legally transferred to the buyer at the time of signing in front of the Notary - an experienced Lawyer with defined responsibilities for legalising contracts and documents and for protecting the interests of individuals in legal matters Step 13: Register new ownership details with utility companies ------------------------------------------------------------ This is normally done as part of your agent's after-sales service - but when purchase has been completed it is important to double-check that the utility companies are aware of the new property ownership details or the supply of services may be terminated Step 14: Organise lifestyle & living arrangements ------------------------------------------------------------ This is where the better agents really come into their own by working with you after the sale is completed to help you organise all the things that are important to you, such as: property management, furnishing, insurance, renovations and so on And a final thought ... Provided that you ask the key questions when selecting your agent, check and confirm the full costs of your property and focus on the facts, rather than the rumours, you will be well on your way to making a successful purchase and to joining the thousands of people already enjoying their home in Bulgaria. See all five parts of this article at .. http://www.movetobg.blogspot.com # # # About MovetoBG: We provide information about Bulgaria, together with a portfolio of related services and comprehensive local knowledge gleaned from five years of living and working here. Our aim is to provide a single source of information, advice and practical help for everybody visiting Bulgaria. So, whether you are planning a relaxing holiday break, a travel adventure, a fact-finding trip for your property purchase - or if you are thinking of moving here permanently, we can offer the ideal starting point for your Bulgarian experience. For details, see our websites at http://www.movetobg.com and http://www.bulgariagateway.net You can also follow us on Twitter at @MovetoBG and @BulgariaGateway End
Page Updated Last on: Oct 19, 2011
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