Offer for legal services re real estate transaction
Thank you for choosing ==== Adv for your legal adviser in Bulgaria. We are happy to assist you in your transaction by providing all necessary information and representing your interests. In what follows we would like to inform you of the further steps necessary to formalize our relations, the information we will need from you, the documents you will be required to issue for the execution of the transaction, as well as some preliminary information on the costs associated with the transaction and details on the actual conveyance process. At the end there is also some information concerning some practical issues such as manner of forwarding documents to us, Apostille, Our Address for Correspondence, etc.
- Retaining ==== Adv
In order to become your authorized representative and legal advisers in Bulgaria we shall need the following:
- Retainer Letter Signed by You
- Transfer of the Advance Payment
- Power of Attorney Issued by You
After we receive your personal data and a copy of the Preliminary Contract, we will prepare and forward to you a Retainer letter and a Power of Attorney.
1. Retainer Letter
We need to receive a signed by you copy of our Retainer Letter as attached hereunder. It specifies all the terms of our services. Please, sign this document and send it back to us by fax, by courier or by registered/priority mail оr scan it and e-mail it.
2. Advance Payment
After signing and forwarding to us the Retainer Letter you will have 10 days to order(?) the necessary advanced payment for our services as stipulated in the Retainer Letter. Please, use the following bank details for the transfer of the advanced payment:
3. Power of Attorney
So as to be able to represent your interests and act on your behalf before the Seller, all relevant authorities and for the Notary Transfer, we will need a Power of Attorney issued by you. The Power of Attorney will specify the names of the individual ==== Adv attorneys who will be responsible for your transaction.
When you receive the Power of Attorney, please print it on paper, sign it and have it with Apostille. After you have the Apostile please, send the Power of Attorney back to us by Courier or by registered/priority mail to our address.
Please note that for the purposes of preparing and forwarding to you the Retainer Letter and Power of Attorney we well need you to provide us in advance with your personal details and a copy of the Preliminary Agreement as specified in the following section.
B. Necessary Information
In order to be of your best help, we shall require some personal data and documents to be provided to us:
In order to prepare the above specified Retainer Letter and Power of Attorney as well as the other documents in the course of our services, we will need the following personal details concerning you (please fill in and forward to us via e-mail):
- Full Name:
- Date of Birth:
- Place of Birth:
- Permanent Address:
- Personal Telephone Number:
- International Passport Information:
· Number of International Passport:
· Issuing Agency:
· Place of Issue:
· Date of Issue:
· Validity through:
· Personal identity Number (if Applicable):
Copies of Documents:
In addition to that, you will be required to forward also copies of some relevant documents as a prerequisite for our services:
1. Copy of Your International Passport (scanned and e-mailed);
2. Copy of the Preliminary Agreement between You and the Seller (scanned and e-mailed);
3. Copies of any notifications or other official correspondence with the Seller (scanned and e-mailed, or faxed);
Please, where applicable advise us of the following:
1. whether You intend to use Bank Financing (please provide details);
2. any delayed payments due to the Seller so that we can consult You;
3. wheteher you intend to personally take part in the notary conveyance.
C. Documents for the Transaction
For the execution of your transaction Bulgarian law requires that you issue and forward to us the following documents:
1. Declarations for the Notary Conveyance
We will forward to you the text of these together with the Power of Attorney via e-mail. Please print them on paper, sign them and have them with Apostille. Having done so, please send them back to us by Courier or by registered/priority mail to our address.
D. Transaction Costs
Under Bulgarian Law the fees charged for the Notary Conveyance are as follows:
1. Municipal Tax
The Tax levied on the transaction is 2% of the purchase price of the Property.
2. State Fee
For the registration of the transaction with the Registry a fee equal to 0.1% of the purchase price is collected;
3. Notary fee:
The Notary fees are calculated as a ladder-like decreasing percentage on the basis of the purchase price, as follows:
From 5,000EUR to 25,000EUR 60EUR plus 0.5% for surplus over 5,000EUR
From 25,000EUR to 50,000EUR 160EUR plus 0.2 % for surplus over 25,000EUR
Over 50,000EUR 210EUR plus 0.1% for the surplus over 50,000EUR, but no more than 1,500EUR
After we receive a copy of your Preliminary Contract specifying the price of your apartment we will provide you with a calculation of the actual amounts due as per the above-mentioned fees and taxes.
In case you indend to attend in person at the notary conveyance, the notary fees could be paid by you to the Notary public in cash. Otherwise, the fees should be paid via bank account managed by ==== Adv free of charge. You shall receive further information depending on your intention.
E. Details on the Notary Conveyance
Under the Bulgarian law, the final transfer of the title in your apartment to you is done in the form of a Notary Deed executed before a Bulgarian Notary Public and certified by him/her. After that, the transaction has to be registered with the Public Registry in order to be perfected vis-à-vis all third parties. During the process of registration, the notary deed shall be in the custody of the Notary Public. We will receive it after the registration process is completed and afterwards hand it over to you.
The draft Notary Deed will be prepared by us as to ensure the fullness and stability of your title.
The execution of the notary deed will be done before a Notary Public competent for the location of the property to be transferred. In the case of Bansko, competent are the Notaries Public located in the city of Razlog.
The Notary Deed can be executed by you personally or by the ==== Adv's Attorney authorized by you for the purpose in the Power of Attorney. For the seller, we will ascertain that the deed is executed by a representative with a proper authorization.
Please, note that due to the great number of Notary Deeds for the town of Bansko currently processed in the Public Registry, the Your Notary Deed shall be received by us at least a week following the date of the title conveyance.
F. Other Practical Considerations
We have indicated for each document or piece of information the advisable form of transfer. Please, follow these instructions. Where you opt for regular mail, please use reliable courier services or registered/priority mail so as to speed up the process and to guarantee the confidentiality of Your personal Information.