Looking to Sell Property in Bulgaria? You’ll Need to Know About the ‘Skitsa’
Just like selling property anywhere in the world, there is a formal process which has to be followed when you sell property in Bulgaria. And as you go through the process, there are various formal documents which have to be registered in order for the sale to be legal and valid. Here, leading property experts House Sales Bulgaria (http://www.housesalesbulgaria.com/) looks at one of these important documents: the ‘skitsa’.
Once you have agreed a purchase price with the buyer of your property in Bulgaria, you will take a deposit (normally at least 10% of the agreed sale price). At this stage (or before) you will have had your legal representative draw up a formal preliminary contract between yourself and the buyer which will detail the new Title Deed and the payment terms of the agreed sale price. Then, your lawyer will help to arrange the draft of the new Title Deed and other documentation such as a tax evaluation of the property.
It’s then that you will need to appear at the Notary Public for the execution of the new Title Deed and to receive the remaining balance of the property sale price from your buyer (although if you are not in the country at the time you sell property in Bulgaria, you can appoint your lawyer in Bulgaria to appear on your behalf). This is where you will need the skitsa, which is a document that the notary will insist is registered upon transfer of the Title Deed.
The skitsa contains all the detailed information about the property in Bulgaria you are selling – it’s general location, particular address (note that both of these are noted down in Bulgarian property documents, whereas the address is sufficient in the UK), even details about neighbouring real estate and its owners. In effect, the skitsa is all about the geographical positioning of the Bulgarian property which is being sold. Indeed, this document is issued by the ‘Geodesy’, which is the Cartography and Cadastre Agency in Bulgaria which deals with geo-locations of real estate across the land.
It’s simple to receive the skitsa – the owner of the property simply requests one from the local Cartography and Cadastre Agency and it takes around 7 to 14 days to arrive. Note that the skitsa is only valid for 6 months after issuing, to take into consideration any changes in location or surroundings of the property. The reason the skitsa is important is that the notary is required by law to describe the property exactly as it is detailed on the official skitsa. Once the notary has checked the skitsa, the seller has to sign before the buyer sends it to the district court for it to be filed along with the notary deed.
If you would like further information on the process for selling and buying property in Bulgaria, or find out how to list your property for sale, go to http://www.housesalesbulgaria.com/.
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