My rights in the sale of real estate!


My rights in the sale of real estate
 
 
 
I have decided to sell my real estate, and I have considered the need for the sale well, I have taken into account all the necessary factors related to the real estate market but I need bigger financial resources or I am a co-owner of real estate property acquired by heritage and together with the other heirs we want to divide the money from the sale of the property.
 
 
 
What should I be careful about?
- I have to decide whether to use the services of a consultant or real estate broker. Typically, these are long-term real estate brokers and can help me in the market orientation, the prices, the preparation of the necessary documentation, the connection with potential buyers, etc. Unfortunately, as with any occupation, and with real estate brokers there are good and not so good specialists - I can count on my luck or a familiar one who recommends me a specialist in the field that has proven its qualities.
 
It is also advisable to consult a lawyer with experience in property law. It's not expensive and it's fast and easy on this page.
 
 
 
- I have to tell the tenants of the property (if any) about their intentions for sale - the sale of a real estate suggests that potential buyers will be viewing and this is also related to the tenants' assistance. (see My Rights under a Dwelling Agreement)
 
- I have to decide whether to sign a preliminary contract for the sale of my property. For more information on the benefits of this contract, see Why sign a Preliminary Contract.
 
Attention! The sale of a real estate can be done only in the form of a notary deed, for the preparation of which it is necessary to contact a notary. The notary must have competence in the area where my real estate is located (so I can not turn to a notary from Varna to conclude a contract for the sale of my property, which is located in Sofia.) [2]
 
In order to conclude the sale of my real estate, a strictly statutory procedure must be followed, which starts with a written application in writing to the selected notary and includes the following actions:
 
Provide the necessary documents (see list of mandatory documents below);
Verification of the identity of the persons appearing before the notary, which includes, in addition to an external check for the regularity of the provided identity document, a reference in the "National Register of Bulgarian Personal Documents" and National Population Database;
Verification of the representative power of the authorized person when the transaction is concluded by such person;
Verify that the property is located in its area;
Verification of regularity on the outside of the documents provided;
Verification of the existence of a precautionary measure under the Law on counteracting corruption and for taking away illegally acquired property;
Reading of the draft notary deed;
Signature of the notary deed by the parties, which includes the handwriting of the three names and signature.
These actions must be carried out at the notary's office during his working hours. In practice, notary deeds are drawn up only in the morning so that the notary can go to the Registry Agency and enter the notarial deed made the same afternoon.
 
The order of execution of the contract and the payment of the price is negotiated in a different way in practice. I must keep in mind that, in order to preserve the interests of both parties, it is advisable first to conclude the contract, to appear before the notary and to draw the notarial deed and then to pay the price. However, the payment of the price is a consequence of a contract that has already been concluded, so it is necessary to indicate the number of the notarial act as the "ground" in the payment order.
 
Given the restrictions in the legislation and real estate prices, the payment of the price should be (in a large number of cases) obligatory by bank transfer. The law obliges payments under real estate sale contracts to become obligatory by bank transfer when the price is higher than BGN 10,000.
 
Attention! Payment of sums greater than BGN 10,000, irrespective of the reason for payment, can not be done by hand in cash, in view of the prohibitions in the legislation and the foreseeable serious fines and pecuniary sanctions for violation of this rule. A fine of 25% of the amount not paid by a bank, if the offender is a natural person, is provided in the LPOS, and if the legal person is the property sanction is 50% of the amount paid!
 
Payment can be made in several ways:
 
1) The transfer of the money to a notary's account, for which purpose we need to express an agreement with him;
 
2) The transfer of money to my current account I have provided to the other party to the contract.
 
3) Money transfer can also be done through the magazine.


«Back
 

My rights in the sale of real estate! My rights in the sale of real estate!