Substitution of Title holders for bulgarian real estates

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Substitution of Title holders for bulgarian real estates

Postby Admin » Thu May 01, 2014 1:47 pm

The Title Deed for Bulgarian real estate lists the owner(s) who has a right of title. Same person has been registered at the local Land Register so he/she can defend their rights against any third party, who can eventually claim ownership rights over the same property.
When people want to change names in Title Deeds, this has to happen the legal way, provided by the Bulgarian Law of Contracts. Handling a title deed to somebody else won’t do enough; their name technically can not be added on the recent Deed and in any case a new one, with embedded details of the new holder of title, has to be prepared, signed and registered at the Authorities. No matter if you wish to gift your part of ownership to the other co-owner, or you wish to acquire their half of title – the above procedure should be followed. This applies especially in situations where the acquirer of the other half of property wants to ensure easy and proper re-sale on a later stage.
So, to confirm: In Bulgaria there is no option of single handling of the Title Deed itself to the new owner, and it is not possible to add or remove names on the same Title Deed. The existence of public Land Register avoids any possibility of signing new Title Deed without registering it further.
In relation to the above, many foreign real estate owners do not bear in mind that in order a new Title Deed to be signed, in advance recent documents for the property have to be obtained at the Authorities – tax valuation certificate, cadaster scheme for the property, certificate for lack of burdens, etc. This is understandable, because in most cases they have not been involved in person in the initial purchase of their property, but most likely have used a proxy or Bulgarian lawyer to deal with the documents on their behalf. The obtaining of new, recent and actual documents for their property can not be avoided; it has to be done either in person at the local Bulgarian Authorities in the area where the property is situated, or via authorizing a Bulgarian property lawyer with power of attorney /this should be notary certified and apostilled/. Obtaining documents at Bulgarian Authorities takes time and costs money, as well the signing of new Title Deed. In addition there could be legal or technical problems with the property itself – it could be not registered by its owner at the Tax Authority; or annual council property taxes may not be paid up-to-date; the real estate may not be listed on the new Cadastral Map, etc. This is why the second option (to hire a Bulgarian property lawyer) is preferable to avoid travel costs and loss staying couple weeks in Bulgaria, which in all cases are needed to solve such existing problems.
What are the options then to change names in Bulgarian Title Deeds?
1) First of all, all involved parties must show intention to cooperate to each other for signing new Title Deed to detail the new circumstances. They should agree who will cover the property transfer charges.
2) Secondly, the recent ownership documents (as well with the documents requesting change of Title, where involved) should be held in possession – these are square one of the process and on the base of these, the new Title Deed with the new details of owners should be prepared and signed.
3) In cases where the parties won’t prepare and sign the new Title Deed in person in Bulgaria, a proper Bulgarian property lawyer should be hired to perform the whole procedure on behalf of the parties. In this case parties should sign before Notary /in the region they are living/ several documents and declarations.
4) The proper status of all aspects of the property – legal, taxable, technical, should be confirmed at the related local Bulgarian Authorities, before preparing the new Title Deed.
5) Timeframes and costs should be considered – usually the process takes 2 weeks and the transfer costs are detailed in concrete rates for each Municipality of Bulgaria.
If you need help on the above procedures or have any questions on the matter, do not hesitate to contact us: support@bulgariandeals.com


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