For buying property in Bulgaria Loans are available up to 80% to the Value of the property valuation. This valuation will be done by an evalutor on the lenders behalf. The cost of valuation would depend on the size of the property.The seller sends electronically or by fax or by floppy disk to the bank's solicitor a draft Purchase Deed, a draft Mortgage Deed, ownership documents, plans of the property and Act 16 Certificate for them to be checked and agreed. The seller has to present the signed and registered Purchase Deed to the Bank's legal department in Bulgaria.
Following the acceptance on the behalf of the Bank's legal department of the above, the buyer or the solicitor acting on behalf of the buyer must present the original Purchase Deeds to the local tax authority to register the property in the name of its new owner, paying the transfer taxes at the same time and obtain a Certificate that the buyers have no outstanding tax obligations.
The buyer or the buyer's solicitor collects from the Notary Public the registered Mortgage Deed and the Certificate of Encumbrances now showing that the Bank has first ranking interest in the property and sends these to the bank’s legal department together with the insurance policy document.
Upon receiving the above documents, the Bank's legal department notifies Piraeus bank London confirmation that all documents have been received and are in order. On receiving the confirmation, Piraeus Bank London Branch issues a letter confirming to the seller that a loan has been approved in the name of the buyer for the purchase of the specific property.
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