Buying and selling real estate

This procedure is the transfer of ownership of real estate

The contract of sale of real property, the seller is obliged to transfer to the buyer ownership of this property at a price that the buyer is obliged to pay him (the sale contract is regulated by Art. 183 of the CPA, respectively - for commercial sale apply Art. 318 of the Commercial Code). The contract is bilateral, consideration, commutative, consensual. As a bilateral agreement to it should apply to all general rules on bilateral contracts (eg related to termination of the contract) as long as their application is not excluded on other grounds. The provisions of the CPA on sale between ordinary civil entities apply in the case of commercial sale, but only if the CA does not provide specific rules.

According to Art. 18 of the CPA contracts for the transfer of ownership or establishing other real rights on real estate must be carried out with the deed.

Parties to the contract of sale of real estate (seller and buyer) may be all natural and legal persons, as well as state and municipalities. Incapacitated and partially capable persons may be party to the contract only if it is represented by their legal representatives (parents, guardians, custodians) and subject to the requirements of the Family Code.

Art. 185 of the Act prohibits be buyers - either directly or through an intermediary:

a) persons who by law or by appointment from power manage or hold foreign property - on these same properties, as well as officials on the property, which their service is commissioned to sell, and

b) judges, prosecutors, public and private bailiffs, recording judges and lawyers - on the controversial rights that fall within the jurisdiction of the court to which they belong or the office of that act, unless the buyer is co-owner of the contested law.

CPA introduces another ban representative to negotiate with itself, unless otherwise agreed (Art. 38 of the CPA).

The sale of a property can be done by proxy holder of legal title or legal representative.

In this case the power of attorney must state all data individualizing the subject of the transaction (real estate), which are described in the contract for transfer and which are also entered in the deed to the seller. The property must be accurately described to be referred to its borders, its neighbors and so on..

The power of attorney should be notarized signature of the authorizing (Art. 37 of the CPA).

Procurators (art. 22, para. 2 of the Commercial Code), commercial proxies (Art. 26, para. 2 of the Commercial Code) and managers of limited liability companies (137, para. 1, p. 7 of the Commercial Code) must have power of attorney for the sale of real estate.

The parties to the contract of sale of real estate must confess deal before the notary, in whose area the property is located. The law explicitly requires deeds of transfer of ownership or to create a right in rem on real estate and certification of ownership of such property be performed by the notary in the area of the particular property. Under the same rule entries, recordings and deletions on real estate are carried out by order of the judge for the entries from the registry office in whose area the property is located (art. 570 CCP).

Notary procedure begins with the written request of the parties (within the meaning of art. 572 CCP), as according to Art. 571 of the CPC application must be written, not verbal when requested preparation of a deed of transfer or creation of rights in rem over immovable property, verify ownership of such property and registration, marking and deleting the entry.

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Attorney at law Iuila Danova

#3, Dobrotica Str., Varna, Bulgaria

Mob: +359 895 64 59 40

WWW: advokatvarna.com

Email: iulia.danova@abv.bg