Stages in the sale of real estate

If you have decided to sell a property you must go through the following stages:

1. Certification of property ownership.
   It is impossible to sell real estate without certifying ownership of the property,
   by means of a deed or contract of sale from the municipality or the state, which replaces the deed.
   Apart from a title deed, you will need at least:

• Property tax assessment;
• Cadastral scheme and/or cadastral sketch from the Agency for Geodesy, Cartography and Cadastre (AGCC);
  In many cases you will need to obtain other documents necessary for the transaction such as:
• Certificate of heirs;
• Certificate of marital status;
• Declaration of waiver of right of use, if any
  If you use the services of a professional intermediary, he will advise you what documents you need for the sale of the property. From him you will get the necessary assistance for the preparation of the complete package of documents.

1. Determination of the market price of the property Your intermediary will assist you in determining the market price of the property. Important criteria for its determination are: location of the property, type of construction, area, purpose, status, year of construction, condominiums, exposure, interior layout, furniture, equipment, transience, infrastructure of the area, condition of common areas, proximity to public facilities, elevator, parking spaces, etc.
   When determining the market price of the property, it is extremely important that your intermediary knows the property market well, has information about similar transactions actually concluded, and does not use
   information from the Internet, which can be quite misleading. The pricing methods are comparative, value and estimated return methods. If the price determined is not adequate in relation to market conditions, the sale may be delayed and may have to be
   Correction. NCRI member companies have the necessary resources and experience, as well as professionally trained consultants and evaluators to help you determine
   the fair market value of your property.
2. Property marketing - the necessary tool for an effective sale. There are many marketing channels through which you can reach potential
   Clients. The modern information exchange environment is dynamic, people use different ways and
   channels of communication. Advertisers and media professionals are constantly looking for ways to provoke and attract the attention of consumers to certain goods and services. It is not easy to achieve quick and efficient results without knowledge of communication channels, advertising methods and customer psychology.
   NSNI member companies have advertising specialists, knowledge, experience and financial
   a resource for marketing your property.
3. Making inspections
   Once the property has been advertised for sale, viewings with potential clients are arranged. Conducting viewings is an extremely important process that requires organising viewing time and taking into account the capabilities of potential buyers. Presenting the property in a professional manner is essential for a successful sale.
   An experienced intermediary will show all the advantages of a property, but will not hide any disadvantages of which he has been informed.
4. Commercial negotiations - one of the most important elements for a successful sale. Negotiations usually focus on price, terms, payment of transaction costs,
   transfer of possession of the property, furniture and equipment that will remain in the property, etc.
   The participation of a professional mediator in the negotiations will protect your interest to the maximum.
5. Preliminary Purchase and Sale Agreement
   Once the seller and the buyer have agreed on a transaction, the Preliminary Purchase Agreement is signed on the basis of Article 19 of the PPA. It contains the main elements of the final contract (legitimation of the seller and the buyer, description of the property, price, terms, etc.). The preliminary contract for the sale and purchase of immovable property does not transfer the title. It commits to the future conclusion of a definitive contract, in notarial form, which transfers title to the property. The LPA requires
   Preliminary contract to be in writing to have weight in Court. On signing it, the buyer pays the seller a deposit, usually 10% of the agreed price of
   property. There are other specific clauses and conditions in the lease, so consulting a specialist is advisable.
6. Final Contract - Notarial Deed.
   Bulgarian law presupposes that the final contract of sale and purchase be concluded in the form of a notarial deed before a notary public. Usually, in the deed the seller declares that he has received the entire sale price, except in cases where the transaction is with a mortgage or other payment arrangement. Ownership is transferred at the time the deed is signed by the persons (owner and buyer) and the notary. The Bulgarian legislation requires that the payment of the sale price must be made by bank transfer, except in cases where the sale price is lower than 15 000 BGN:

• Local Council Tax - set by local authorities and ranges from 0.1 to 3% of the sale price;
• Notary fee - determined in accordance with the Tariff for Notary Fees to the Notaries and Notarial Activity Act
• Registration fee in the Registry Agency - 0.1% of the sale price. The notary is obliged to register the deed with the Registry Agency on the day of signing. Only then does the Deed become public and has binding effect on third parties.