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Judybaby
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PostSubject: House buying   Wed Jan 27, 2010 8:49 pm

Hi everybody

Just a thought I had today about the buying process

What happens if after you have paid a deposit, and you commission a survey, this throws up some major structural problem that makes it unrealistic to proceed with the purchase? Are you entitled to your deposit back?

Also, how can you check if the house you have chosen lays in the path of the next airport, motorway, 30 hole golf course etc before you commit?

As always, looking forward to some great advice

Judy
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NOPUS
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PostSubject: House buying   Wed Jan 27, 2010 10:08 pm

Hi Judy, let me the first one to give you a hint here. There is a lot to be said about your question, but will try to be as brief as possible (do not want to get you bored after all )

When paying a deposit you will sign a preliminary-purchase agreement (always!!). The terms and conditions are veery, veeeery important as they would be the only guarantee to claim back your deposit if something is misrepresented to you by the seller. A hint - do not accept the kind offer to have the preliminary purchase agreement prepared by the broker - have it done by an independent party (solicitor), no matter that it will cost you an extra amount.

A thorough due diligence is a must - ownership docs for the past 10 years, seller's signature rights, regulation/urban zone plans, engineer's statement, etc. My advise is to have it done and have peace of mind. Here comes the interesting part - sometimes sellers want to have the prel. contract signed and the deposit paid before they start giving documents. I would not recommend it, it is better to have everything checked before paying any money. In worst case, if you really like the property and you have a stuburn donkey against you - sign the prel. purchase agreement in front of a notary (not a must in the general cases), and leave the deposit with the notary as a guarantee that if all statements of the seller are true and correct - the notary will release the money to the seller.

In case you have paid the deposit already and something does happens - like you describe above - check the prel. contract's conditions and the laws provisions (ZZD act) in such cases
. Always keep in mind that the law prevail against any contract.

Hope the above is of help to you. If still unsure - consider reviewing my website We are here to help.

regards, petar
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Judybaby
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PostSubject: House buying   Wed Jan 27, 2010 10:19 pm

Thanks Petar, that'r really useful

We have not started a purchase yet, but these niggling thoughts keep arising.

Judy
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mickhev
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PostSubject: House buying   Thu Jan 28, 2010 12:00 am

its is all good advise whether the propert is 60000 euros or 5000 lev but property is so cheap at the moment,as long as you follow all the legal requirements set down by the Bulgarian government and you follow it you will not have a problem,



mike
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oddball
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PostSubject: House buying   Thu Jan 28, 2010 12:17 am

Hi Guys

When we first looked at buying in BG we saw this lovely little place on the internet which was based in Ruse. It was lovely and the writeup was good too, so we went ahead and paid the £500 deposit - We thought when we go to BG we might stay there for a night. The agent took us to the place It was the just awful, nothing at all like the lovely pictures - It had not been lived in for years and years. I told the agent we did not want to go ahead but he said 'you will loose your deposit' It was either that or spend thousands on something we did not want.

We thought about it overnight and decided we could do somthing with it afterall. So I rang the agent early next morning and said we changed our mind, and guess what - He submitted our decision and it appears that someone in the village bought it that very day [You must be registered and logged in to see this image.] so we lost our deposit anyway, because I told him we did not want to go ahead. However, he said if we every bought in that area.we would get he deposit knocked of the price. Stitched up or what

Oddy

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http://www.bulgariaorphanagesillistra.com
krypton
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PostSubject: House buying   Thu Jan 28, 2010 2:37 pm

I'd say you were well and truly stitched up you never know maybe this is how this particular REA makes his money show some nice pictures knowing the buyer will fall in love and the get a deposit and take them to see the reality sounds like easy money to me
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sheenbg
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PostSubject: House buying   Thu Jan 28, 2010 4:51 pm

Hi Judy,

I agree totally with the information that Nopus has given you. Here is some extra advice that we tend to give to our clients that could be helpful to you.

The preliminary contract that is drawn up is in Bulgarian language. Please make sure you have it translated into English days before you sign the contract. As this will give you enough time to go through the terms & conditions of the contract.

In some cases this contract is translated to you in English infront of the notary, but this is not a good idea. You can give it to a translation agency that you know off.

Happy House Hunting :)

Regards
Sheenbg
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mickhev
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PostSubject: House buying   Thu Jan 28, 2010 5:11 pm

It was my experience when we bought our house that this was done as a matter of course,most reputable estates agents include all these little services in with the price,thats why i have no hesitation in recommending Karen from BRE,top lady






Mike
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NOPUS
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PostSubject: House buying   Thu Jan 28, 2010 9:54 pm

[You must be registered and logged in to see this link.] wrote:
Hi Judy,

I agree totally with the information that Nopus has given you. Here is some extra advice that we tend to give to our clients that could be helpful to you.

The preliminary contract that is drawn up is in Bulgarian language. Please make sure you have it translated into English days before you sign the contract. As this will give you enough time to go through the terms & conditions of the contract.

In some cases this contract is translated to you in English infront of the notary, but this is not a good idea. You can give it to a translation agency that you know off.

Happy House Hunting :)

Regards
Sheenbg

Yes, this is absolutely correct , just keep in mind that a trustworthy and capable translator is also a must *I would always recommend English speaking lawyer) as the BG version of the contract prevails, unless stated otherwise.
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