FREQUENTLY ASKED QUESTIONS - FAQ

Company & complexes

  1. What kind of company is your company?
  2. Are there mortgages, loans or other injunctions associated with any property of yours?
  3. When will the complex be completed?
  4. Is the complex luxurious?
  5. Are the apartments fully furnished?
  6. Cable TV or satellite?

Financial stuff

  1. Do you offer an installment payment schedule?
  2. Do deposits have bank guarantee in the event of non performance by the developer?
  3. What would be the discount given to a person who buys more than one apartment?
  4. Do you provide financial assistance to clients?
  5. Are there any service charges?
  6. What does the service charge of 8 Euros per sq.m. include?
  7. Do you deal with the property management all year?
  8. Who would pay the electricity and water consumed the cable TV tax?
    Do I have to come to Bulgaria every month to pay my bills?

Rental opportunities

  1. Do you offer rental management for clients?
  2. What is your commission for letting the properties?
  3. Is the rent guaranteed?

Laws & contracts

  1. What is the procedure for booking an apartment? What is the reservation fee?
  2. Can non-residents own properties in their own name?
  3. Are there any building guarantees on the development?
  4. What is the procedure a prospective buyer would go through?
  5. Do you have or can you recommend any English speaking lawyer?
  6. What are the final completion costs for transferring a property?
  7. What taxes are payable?
  8. What is the procedure if the owner decides to sell, both before and after completion?
  9. Is it possible for the client to re-sell the apartment?
  10. What are the costs involved when someone decides to sell property, fees etc.?
    How much does the legal process cost?
  11. What about insurance on the properties?

Company & complexes

1.     What kind of company is your company?

Our company is an investor, not a property agent. We own the plots and the buildings on the plots and we sell only our own apartments.
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2.     Are there mortgages, loans or other injunctions associated with any property of yours?

No, we do not have any mortgages or other loans associated with the developments, neither have we injunction or property rights by third parties. This is described in the Sales Agreement. 
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3.     When will the complex be completed?

The Apollonia-beach complex will be completed till May, 2006. 
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4.     Is the complex luxurious?

The complex is luxuriously fitted with:

    • Aluminum - thermostat
    • Latex painted walls
    • Terracotta flooring
    • Boiler heater
    • Bathroom with luxury sanitary equipment
    • Private swimming pool with children’s section
    • Lift
    • Cafe-restaurant
    • Parking lot
    • Fences all around the plot
    • 24 hrs security and maintenance, private access 
    • Green areas with children’s playground

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5.     Are the apartments fully furnished?

The apartments will be with terracotta floors; walls and ceilings puttied and latex painted.
The bathrooms are equipped with boiler, sink, shower and mirror.
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6.   Cable TV or satellite?

Every apartment is supplied with cable TV.
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Financial stuff

1.     Do you offer an installment payment schedule?

Yes - we offer the following installment payment schedule:

    • 1000 (thousand) Euro- reservation fee
    • The Buyer should send the first payment, which is 30% (thirty percent) as a deposit, at signing a contract between the buyer and the seller;
    • 60% (sixty percent) is due to be paid in six months;
    • The remaining part of the agreed price, which is 10% (ten percent) of the total price, should be paid at the issue of the notary deed for transferring the real estate property.

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2.     Do deposits have bank guarantee in the event of non performance by the developer?

Deposits do not have bank guarantees. In case of non fulfillment defaults are due and they are stated in our contract.
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3.     What would be the discount given to a person who buys more than one apartment?

It depends on many conditions: the price per square meter, the type of the apartment, the floor, the village, the number of the apartments that the client buys, the payment schedule, etc. The price in such cases will be discussed individually for every separate client.
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4.     Do you provide financial assistance to clients?

Yes, we have financial agreement with Bank of Piraeus - London Branch, for crediting flats.
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5.     Are there any service charges?

The annual maintenance fee is up to 8 EUR per sq.m.
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6.     What does the service charge of 8 Euros per sq.m. include?

This charge is for general maintenance of the common parts - swimming pool, stairs, lifts as well as 24 hour security guard.
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7.     Do you deal with the property management all year?

Yes, that’s why there is an annual maintenance fee of about 8 EUR per sq. m.
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8.     Who would pay the electricity and water consumed the cable TV tax? Do I have to come to Bulgaria every month to pay my bills?

The owner of the apartment should pay the bills for electricity and water consumed, yet he/she can empower somebody to pay them for him.
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Rental opportunities

1.     Do you offer rental management for clients?

For "Apollonia-beach" vacation complex we signed contracts with several tour-operators for the year 2006.
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2.     What is your commission for letting the properties?

We do not receive a commission fee for letting the properties. From the rental income we intend to take a minimum percentage which has to cover the salaries for the staff, engaged to work at the vacation complex.
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3.     Is the rent guaranteed?

The rent is not guaranteed but expected. In Our opinion the rent will vary about 6% from the total amount of the particular apartment.
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Laws & contracts

1.     What is the procedure for booking an apartment? What is the reservation fee?

We book an apartment after having received a deposit of minimum 1000 EUR. We have to be opportunely informed about the chosen apartment in order to prevent double booking.
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2.     Can non-residents own properties in their own name?

Non–residents can have properties in their own name, yet they can not own land in Bulgaria up to now. The law, concerning this matter is discussed lately and is going to be changed. At the moment the only way for non-residents to own land is to register a limited company in Bulgaria.
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3.     Are there any building guarantees on the development?

The building guaranties are according to the actual law, the Bulgarian standards, as well as the anti-seismic ones.
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4.     What is the procedure a prospective buyer would go through?

After booking the apartment (minimum deposit for booking is 1000 Euro) we send the buyer 2 copies of the agreement which must be signed by the buyer and both sent back to us. Our manager must sign both of the copies on his side and one of them is being sent back to you.
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5.     Do you have or can you recommend any English speaking lawyer?

Yes we have English speaking lawyers, working with us. They prepared the contracts and translated them into English. For further information please contact us by phone or by e–mail.
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6.     What are the final completion costs for transferring a property?

The final completion costs for a property are approximately 3 % of the official price, written in the notary deed (this percentage is calculated on a 50 000 euros property and on a lawyer’s fee equal to the notary fee).
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7.     What taxes are payable?

Every owner of property in Bulgaria pays an annual real estate tax, which amount depends on the size of the property. No land tax is to be paid.
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8.     What is the procedure if the owner decides to sell, both before and after completion?

It is impossible for the owner to sell the property before completion because the notary deed is to be signed after that. After signing the notary deed the owner is free to sell her/his property.
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9.     Is it possible for the client to re-sell the apartment?

When a client buys an apartment from us, and receives the notary deed, he owns the apartment and the right to sell it from this time on.
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10.    What are the costs involved when someone decides to sell property, fees etc.?
How much does the legal process cost?

The legal process costs about 2 - 3 percent of the price, mentioned in the notary deed. All the taxes and fees are according to the Bulgarian legislation.
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11.   What about insurance on the properties?

All the developments are built according to the regulations of the actual Bulgarian law, the Bulgarian standards, as well as the anti-seismic ones. Each buyer decides whether to make insurance for forcemajeure events.
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