Purchasing property in Bulgaria from a bailiff by participation in an auction procedure
Organising a viewing of the property – contact with the bailiff;
Checking the documents for the sale – mandatory done by an attorney;
Drawing up and submitting a bid – 10% of the price has to be paid into the account specified by the bailiff. In a sealed envelope the client indicates the price that they offer for the property, and it cannot be less than the initial selling price.
On the day and in the place indicated as those for the public tender the bids will be opened. The person who has offered the highest price will be declared as the buyer, after which the people present at the auction are entitled to offer to purchase the property for a higher price. The person who has offered the highest price after the bidding will be declared as the buyer.
Within two weeks after the auction the buyer has to deposit the price offered by them after deducting the 10% deposit paid. In case the client refuses to pay the selling price, the deposited money is not refunded. The bidders who have not been declared as buyers receive back the 10% deposit money.
After all, has been paid and after the periods for appealing the actions of the bailiff before court have expired, or if there have been appeals which have not been honoured, the bailiff will issue an order for assignment and this document shall be registered in the respective registry department; thus it will be shown that the property has a new owner. Apart from the selling price the buyer has to pay municipality tax for the acquisition of the property, the fee of the bailiff, as well as a registration charge to the Registry Department. If the order for assignment is not appealed and when it takes effect, then the process for acquisition of the real property at a public auction organised by the bailiff shall be completed.