Installment plan

Question

Installment plan

Yana Zaitseva asks:

Hello! I saw that there is an installment plan for apartments and business facilities. How is the procedure of buying in installments going? What documents are handed out?

15.01.2019

BULGARIA. Consultation

The purchase procedure

Expert answers (7)

Eva Samarskaia (Grand Estates Group) · Answer 1 · 2019-01-19T15:33

Hello.
When buying in installments is a preliminary contract of sale. After the final settlement (the last installment), a notary transaction is executed and a notary deed is signed. It is desirable, of course, not to stretch the final payment for a long time. The preliminary contract is not notarized, only the notary deed.

Natalia Zavalishina (Distant Property) · Answer 2 · 2019-01-16T09:44

Good day. It all depends on the degree of readiness of the object, on the plan, at the construction stage or on an already finished object (now there are installments for already completed, handed over objects).

Stefan Stefanov (СТЕФАНОВ ИНВЕСТ) · Answer 3 · 2019-01-15T13:56

Hello ! In installments are usually sold new buildings under construction. A preliminary agreement is signed, which clearly indicates the dates of payments and the obligations of the parties. Registration in the property occurs at the end, when the amount of the cost paid at 100%. There is also the opportunity to acquire ownership of Act 14 / box / a and sign a construction contract. Stefan Stefanov

Evgenia Tsibizova (Ваша Болгария) · Answer 4 · 2019-01-15T13:21

Good day!
When buying in installments signed a preliminary agreement of intent, according to which the buyer makes payments. And already at the end of the transfer of property from the seller to the buyer is made, the Notary deed is made out. Only from this moment the buyer becomes the owner.
Based on the above, it is clear that in addition to the convenience for the buyer, such a purchase option carries with it certain risks. This scheme, in fact, is designed for a favorable outcome of events. Otherwise, it will be possible to solve something only through the court or not at all. It is very important to know from whom to buy by installments, what is the information about the seller.
Sincerely, Eugene.

Sergey Gritsan (Azimuth Realty) · Answer 5 · 2019-01-15T13:05

Installments are given as mostly only in the primary market by developers. For developers, in contrast to the secondary market prices are often higher. In installments you will only have a contract. The document of ownership (notarial deed) you receive on your hands only when you make the last payment. That is, the notary registration of ownership by the notary only after 100% payment. And at the first stage, everything will be reduced to signing the contract and making the first payment. One more thing - you need to clarify after making what percentage you can use the object for your own purposes ... formally before the notary, it is not yours.

Pavel Maklygin (Sherlock Homes Bulgaria) · Answer 6 · 2019-01-15T12:52

Good afternoon, Jana!

I propose to consider 2 options:

1) Builder installment plan. You buy an apartment in construction or ready, the builder gives you installments (often 1, at least 2 years). You make a deposit, the remaining contributions are prescribed in the preliminary contract. Sometimes you have the right to use the apartment right away. But the design will be after 100% payment. On hand - a preliminary contract. On the last installment - notaries.

2) Seller’s installment plan (secondary market). I must say, this is a relatively rare phenomenon. You buy a finished apartment. You make a deposit, the remaining contributions are prescribed in the preliminary contract. Using the apartment is often impossible. Registration will also be after 100% payment. On hand - a preliminary contract. On the last installment - notaries.

In both cases, you have a preliminary agreement (if you wish, a notarized certificate), and the notary will be after 100% payment.

Glad to help in finding the best solution!

Evgenia Prokazova (Bulgaria Avenue) · Answer 7 · 2019-01-15T12:48

Good afternoon, dear Yana, thank you for your question. Apartments in installments are offered, as a rule, by developers (at the construction stage) or already in finished objects for a period of up to 3 years. It is important to take into account that if the object is ready and is given a long period of interest-free installments, then the object is not liquid and difficult to sell. On average, interest-free installments are offered up to a year in finished or under construction up to 2.5 lev. In the secondary market, it is also possible to get interest-free installments, for an average of 3-12 months.
The procedure for buying property in installments:
1. After the selected property, you need to book.
You pay 2,000 euros of reservation fee, the contract is signed, the property is removed from sale.
2. On the basis of the contract you pay for the property, according to the scheme described in the contract. In the payment scheme section, all payment terms are described. For each payment, you receive a confirmation of payment. In the contract there will be a section on the obligations of the two parties, the sanctions should be spelled out the same in relation to the Seller and the Buyer.
3. After signing the preliminary contract, open an account in a Bulgarian bank. To open an account, a person needs the following documents:
passport and TIN number (tax number);
4. After all payment, the day of notary registration is appointed. Registration can be both remote and on the spot. After registration, you receive a Notary Property Act and Bulstat - the identification number of the alien.