One of the stages of the property buying process in Bulgaria is the signing of the preliminary contract of purchase and sale.
As practice shows, many suffered due to the fact that he was not aware of any "pitfalls" can be at the conclusion of the preliminary contract. That's why in this article we look at some clever "tricks" unscrupulous realtors and sellers!
What "pitfalls" at the conclusion of the preliminary contract?
First...
The reality is that many realtors do not hurry to register their obligations and responsibilities in the preliminary contract. As a consequence, the agent will not bear any responsibility in the event You have problems with the seller in the future. That's why You should ensure at least that in the preliminary contract stipulates the participation of a specific agent, which then may I ask for any "beef" with the seller.
Secondly..
As practice shows, the sellers tend to specify in the preliminary contract favorable to them conditions of the property, completely "forgetting" to detail their responsibility for non-fulfilment of the contract. For example, in many cases, in the preliminary contract the Buyer's obligation to contribute to 80-90% of project cost prior to the actual transfer of ownership. In practice it looks as follows: Buyer in time pays, and the Seller is not building or behind schedule and any claims from your side to the Seller are meaningless. Moreover, the failure to pay contributions on time can result in You deprivation and money and hope on getting real estate. Here such trouble can turn into an incompetently drawn up a preliminary contract of sale.
Third...
In most cases, the agent deliberately does not specify in the preliminary contract is very important nuance. For example, who will be responsible for the formulation of the purchased housing with tax authorities and registration BULSTAT or who will be responsible for renewal of accounts for public utilities? In the end, perhaps You will have to spend time on registration of the property in Pulstate and Municipal Tax Inspections, as well as on the actualization of the object in the State service for Cadastre and Geodesy. Are You ready for this? That is why it is important to carefully refers to the preliminary contract of sale!!!
Do I need to certify the preliminary contract by a notary?
The answer is simple – Yes! Although the current Bulgarian legislation does not require it, let's list t��reason why you need to notarize the preliminary contract of purchase and sale.
Upon the certification of the preliminary contract by a notary, they will check the seller he had the right to participate in the transaction of purchase and sale. Why is it important? When making a transaction by an unauthorized person, it shall be deemed invalid!
The responsibilities of a notary includes verification of the preliminary contract for compliance with the requirements of current legislation of Bulgaria, so that upon detection of contract terms limiting your right he will ask you if you understand them and agree with them.
In practice, after signing the preliminary contract can take months before signing a "final" agreement. During this time the Seller may want to change the terms of sale. But if You have a pre-contract, certified by a notary, the Seller will not be able to change the terms of the sale of real estate and to sell it to you at a higher price!
