How to sell share of property in Bulgaria
An apartment or a house in Bulgaria is often owned by several people or legal entities. Each of them has a share in this property, can sell it, donate it or transfer it by inheritance. The share sales process is different from a usual transaction. Apart Estate agency will help you sell a share of an apartment in Bulgaria, taking into account all the legal nuances and issues.
Share of an apartment
An apartment or a house in Bulgaria can belong to one person. However it is more often when several persons own the property at once – we are talking about spouses, children, distant relatives or even strangers.
The share can be indicated as 1/2, 2/3 of the apartment, as a clearly-defined area, for example, 20 sq. m (out of 80 sq. m), or as a well-described real estate object – a room. At the same time, if we are talking about residential property, the share usually means the living space and shared parts. As a rule, all co-owners own and can use the bathroom, corridor, and the kitchen.
The share being the property of a certain person is indicated in a notarial act.
In order to avoid confusion and interweaving of interests, you need to clearly identify property boundaries to know for sure who owns what part of real estate.
There are two ways to do it:
- Discuss the issue with other owners and sign a corresponding agreement with them. This is made on a voluntary basis.
- Make an application to the court.
Regardless of how the share is allocated in kind, a new cadastral plan will be issued, and corresponding adjustments will be made to the notarial deed.
If you are the owner of a share of an apartment in Bulgaria and want to sell it, take care of allocating it in kind in advance. This will allow you to quickly sell your property by the sea or in the mountains and to avoid buyer’s undue pressure for discounts.
How to sell a share of an apartment in Bulgaria
The process of selling a share of an apartment depends on who the co-owners are.
If the owners are husband and wife, and the property was acquired during marriage, then the presence of both spouses is sufficient to complete the transaction. If one of them is missing, the other must provide a notarized power of attorney which authorizes him or her to complete the sale.
In case when the property in Bulgaria was acquired before the marriage, this requirement does not apply.
In both situations, the deal will be completed if the seller presents a notarial deed, a cadastral plan, a certificate of absence of encumbrances, a tax certificate, as well as a declaration that the owners are not civil or state employees.
If the real estate is not a jointly acquired property, the procedure is different. Before selling a share an apartment in Bulgaria to third parties, a seller is obliged to notify other co-owners of his intention. It is them who have the advantage in acquiring the object being sold.
There are three ways to do it:
- To pass the notice to the other owners directly. It is important to get a signature on your copy confirming the fact of delivery.
- To send an ordered telegram or letter.
- To obtain confirmation from the notary that the notification has been sent.
The notification indicates the intention to sell the share, and the sales terms.
A response must be received within 30 days.
If it is not received, the co-owner is trying to significantly change the offer’s terms or refuses the proposal, you can make an offer to third parties.
To conclude a transaction in this circumstance, you need to attach a notification that has been sent to your co-owners as well as their written answer that they refuse the deal to the usual package of documents. If there is no refusal document, a confirmation of sending the offer is attached, as well as a seller's declaration that other co-owners will not apply for the share.
Risks of purchasing a share of property
If all legal nuances were observed and the sales documents were drawn up correctly, then the buyer has no risks buying a share of an apartment. Having issued a notarial act and registered it in the real estate state register and in the tax service, the buyer becomes the full owner of a part of an apartment or house.
However, if you face an unscrupulous seller, then there is a risk that the transaction will be declared void or the buyer will have to resell the newly acquired property. Apart Estate experts suggest to be especially careful in the following situations and, if you face them, always carefully check them:
The seller presented confirmation of sending a notice of the sale of a share to the real estate co-owners, knowing that one of them would not receive it or will be unable to respond being in the hospital, on a long business trip, etc.
If this co-owner wishes to purchase a share, he has two months from the date of the transaction to contest it. If the date of the transaction was unknown to him, the court may start counting from the day when he received information about the actual sale. Upon confirmation of the transaction and receipt of payment from him, the third party loses the right to the acquired share.
The share owner donates to a third party in order to avoid the requirements of the co-owners. Such a gift can be contested if there is no obvious reason for it, and other applicants can prove that in fact it is a veiled sale of real estate. In this case, the transaction will be considered void.
Apart Estate offers assistance in selling a share of an apartment in Bulgaria near the sea, in the cities of Burgas, Nessebar, Bansko, or Pamporovo. Our experts provide full support of real estate transactions of any complexity, ensuring their safety and legality.