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 Information regarding cost of buying property

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Gimp
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PostSubject: Information regarding cost of buying property   Sat Jan 22, 2011 2:49 pm

I found this on another forum and it got me wondering how acurate this information is? I can't remember much about our transaction so does anyone know if this is upto date?

Information regarding cost of buying property

Real estate agent’s fees - vary
Lawyer’s fees - vary
Upon signing the deed the buyer is obliged to pay municipality tax in the range between 0.1-3% of the value of the property to be purchased under the Law on Local Taxes. This tax should be paid to the relevant Local Municipality.
Upon signing the Notary deed the buyer is also obliged to pay Notary fee according to the Notary and the Notary Activity Act. The exact amount of the notary taxes is defined in Notary Fees Tariff as follows:
Notary fees:

Interest under 100 BGN
101 - 1000 BGN
1001 - 10 000 BGN
10 001 - 50 000 BGN
50 001 - 100 000 BGN
100 001 - 500 000 BGN
over 500 000 BGN
Fees as follows:
30 BGN
30 + 1,5 % for the amount over 100 BGN
43,50 + 1,3 for the amount over 1000 BGN
160,50 + 0,8 for the amount over 10 000 BGN
480,50 + 0,5 for the amount over 50 000 BGN
730,50 + 0,2 for the amount over 100 000 BGN
1530,50 + 0,1 for the amount over 500 000 BGN,
But less than 6000 BGN

The buyer is liable for the land registry fee of 0.1% of the price of the property under Rules on Registry and Tariff on the State fees, collected by the Registry Agency.
All above stated fees could be divided between the seller and the buyer if it is stipulated in the Preliminary contract or in an appendix, which shall be non separated part of the preliminary contract.
In relation to their ownership of property in Bulgaria, foreign nationals and foreign legal entities who acquire real estate in Bulgaria are obliged to register the transaction in the Registry Agency within seven days as of acquiring of the property under the Law on Bulstat Register . The application for registration is to be submitted at the Registry Office in the region where the real estate is located.
In addition to that they need to register the property in the Local Municipality and the Local Tax office.
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starlite
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 3:20 pm

prior to 2008 the two taxes amounted to 2% of the cost of the property, in 2007 this went up to 3% of the total cost. this is why some people have 4,ooo levs on their deeds to avoid high tax. ( a common practice in bulgaria, so i was told by the builder and the lawyer, yeah right). if you put 4,000 levs on your deeds, there will be a high rate of capital gains, so you cant win either way. g s
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mickhev
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 3:56 pm

You can put what you like on your purchase price but be very careful,Bulgarians are now starting to get clever


Mike
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starlite
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:00 pm

it is also illegal to do this. g
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mickhev
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:05 pm

Starlite its not ilegal to ask a price that you want


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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:13 pm

mickhev wrote:
Starlite its not ilegal to ask a price that you want


Mike

But it is illegal to put a lower price on the deeds than actually paid. s s s s s
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mickhev
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:15 pm

Thats not what i said



Mike
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:19 pm

mickhev wrote:
Thats not what i said



Mike

Then I fail to understand what you are saying.
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mickhev
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:26 pm

Lets get it straight you can put what you like on the deeds,from this year you have to pay for your property with a bank transfer cash is no longer an option,so all the fiddles wil now come to an end



Mike
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:31 pm

mickhev wrote:
Lets get it straight you can put what you like on the deeds,from this year you have to pay for your property with a bank transfer cash is no longer an option,so all the fiddles wil now come to an end



Mike

Don't see why - money can still be passed under the table in addition to any transfer.
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mickhev
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:37 pm

If thats how people run their business then thats up to them,but i kile to keep things legal,as i would assume you do


Mike
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:40 pm

Hi Mike,

I'm not saying either one of is operates illegally. I am saying where there's a will, there's a way. s s s s
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mickhev
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 4:47 pm

Yes Your totally right there will always be people that want to break the law,what we try to show people on this forum is that we are a positive group,and with our discussions they can evaluate some really good information,which is what a forum is all about



Mike
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davshaz
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 5:44 pm

That is the loop hole and I'm sure it will go on like that for years and lets be honest I bet there are agents who do this to this is something that can not ever be stopped and from my point of view I don't see why it should?
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Carmen
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PostSubject: Re: Information regarding cost of buying property   Sat Jan 22, 2011 6:57 pm

I think your right Dave its something thats part of the life in Bg and I can't see away of stopping it. I think we are all going off topic here and the original question which was do we think that the costs listed are right???? I don't know because things seem to be different from one municipality to another
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