Frequently Asked Questions
Is it possible after the company is already registered to add another partner?
Once the company is registered we can always add a new partner. There is no problem a Single Person Limited Company to be turned into a Limited Company for example.
What happens with the property if the company is Single Person Ltd. and the owner dies?
According to Bulgarian law, companies are inherited as any other personal possessions. If you have SP Ltd. and something happens to you, your children and your spouse will inherit the company.
Why sometimes the price written in the Deeds is not the actual one?
In Bulgaria along with the actual price, exists also the so-called TAX ESTIMATION PRICE. Itís always lower than the actual market price of the property, because itís used for taxation purposes. The common practice is to write the TAX ESTIMATION PRICE in the deeds, because itís the best decision for sellers and buyers. Using the TAX ESTIMATION PRICE means lower governmental taxes, notary taxes and other expenses for both sides. If you insist the real price to be written in the Deeds, you have to inform our team, so we can negotiate it with the seller.
Why so many people want to buy in Bulgaria?
As Bulgaria is already a NATO member and will become EU member in 2007, the country becomes more and more attractive for rural and holiday tourism. The reasons are mainly: wonderful nature and very low property prices. However our advice for you is not to wait too long, because the prices are going up.
What are the options for rebuilding a property after buying it?
Our main goal is to serve our clients in the best way. Thatís why we provide all possible services: transport, estimation, law advices and of course building. We provide a team of specialists in estimations, architects and builders, who will be honored to assist you.
If my property is insured and something happens, whatís next?
If you possess a property and itís insured, you have nothing to worry about. In case something happens, the insurance company will send an agent to estimate the damages, and you will receive compensation corresponding to the estimation.
What is the procedure with the preliminary contract?
When you send deposit to reserve a property, our lawyers sign a preliminary contract with the owners. The usual length of a preliminary contract is 2 months (and 1 more in cases of extraordinary situations). If during these 2 months the seller decides to quit from the contract, he is obliged to give back the deposit Ė DOUBLED! If the buyer quits Ė he loses the deposit.
How can we move permanently to live in Bulgaria?
Moving permanently to Bulgaria will not be a problem after 2007, when Bulgaria will become member of the EU. If you want to do this before 2007, there is a procedure you have to follow. Our attorneys will assist and guide you step by step in the process of becoming Bulgarian.