A separate segment of the real estate market in Bulgaria is the property confiscated from the insolvent legal entities and individuals and put up for public auction. So if You plan the purchase of residential property in Bulgaria, you can consider this option.
The advantages of buying real estate at public auction is quite obvious. This is, firstly, gives the opportunity to buy items at quite attractive prices, and, secondly, serves as a guarantee that the property is not encumbered by any debt.
The sale of property confiscated from the defaulter, deals with a group of judicial officers. All announcements of sale of such property in Bulgaria can be found in the registry at public auction “of the Chamber of private bailiffs” on the website: http://sales.bcpea.org/.
Every object offered for sale by a bailiff assigned to the initial price. The website also stated date of auction. Applications for participation in public auction are accepted within the period specified in the listing, usually within a month and submitted to the Secretariat of the district court at the location of the residential facility.
The procedure of purchasing property at public auction
The procedure for acquisition of real estate at public auction, includes the following stages:
- Submission of the price bid. Pricing application shall be in the statutory form, the district offices of the court. The application shall state the price, which must be greater than the initial price specified by a bailiff.
- Security Deposit.According to the regulations for participation in public auction, the applicant shall transfer to the court by the Deposit of 10% of the initial value of the object. A copy of the payment order about Deposit payment along with the filled in price bid in a sealed envelope also served in the Secretariat of the district court.
- Bidding. At the appointed day trade is. Auction open court by the unsealing envelopes and announcement of price proposals of all bidders. Further, participants verbally call their price in ascending order. The item goes to the person who offered him the highest price. In the case where several participants said the same price, the winner is chosen by lottery.
- The remaining payment. According to (CCP, article 492 par.3) the winner of auction within 30 days of transfer to the court by the remaining amount of funds. If within the specified period or the buyer refuses to purchase or does not pay, then the right to purchase this ��present be conveyed to the applicant who offered the highest compared with other participants in the price. The new buyer is also obliged to make a payment in 30 days.
- Refund of security Deposit.If You have not declared the buyer, you is fully refundable security Deposit after full payment for the property the successful buyer (CCP, article 492 par.2).
- Loss of security Deposit. The Deposit is lost in case of refusal by the winning party from the purchase or non-payment of the remaining amount in the stipulated time.
- Possession acquired at public auction the property. After the procedure of the auction and full payment with a court representative, the buyer receives at the hands of the decree which is entered into the state register of immovable property. Simultaneously, between buyer and judicial agent prepared the deed of conveyance of real estate. As a buyer can act as his proxy (CCP article 496 pairs.1). Received a document certifying the right of ownership purchased at public auction the property.
In a public auction can participate both Bulgarian and foreign natural and legal persons or their authorized representatives.
If You are interested in purchasing contemporary property, the company “BolgarskiyDom” is ready to offer mediation services on its acquisition. The terms of cooperation You can get from our managers.
