What is mortgage? “Mortgage” - A mortgage is created on the basis of a notary deed. Mortgages on real property, flats or non-residential premises are subject to registration with the localrecordation office. The mortgage… Read

What is VAT? “VAT” - The VAT rate is 20%. According to the VAT Act transactions involving development land are VAT taxable except when the transaction concerns land adjacent to used buildings. In general, land… Read

What is Notary Deed? "Notary Deed" means the notary deed for the sale-purchase of the Apartment between the Seller and the Buyer, which the notary shall deliver for registering before the Registry Agency immediately… Read

What is Stage of completeness? "Stage of completeness" means the stage of construction, installation and finishing works, accomplished in the Apartment, including the class of interior, furnishing and equipment, as agreed… Read

What is the meaning of Latent defects according to the Bulgarian law? “Latent defects” means the defects, which cannot be detected by the Buyer by way of a regular inspection of the Apartment. Read

What is Act 16/Operation permit? "Act 16/Operation permit" means the certificate for entering into exploitation of the Development issued by the competent authorities after examining the completeness of the construction papers.… Read

What is Protocol (Deed 15/Act 15)? "Protocol (Deed 15/Act 15)" means the conclusive deed, drawn up and signed by the participants involved in the construction works: the designer of the Design, the constructor, the engineer,… Read

What is Protocol (Deed 14/Act 14)? "Protocol (Deed 14/Act 14)” means the conclusive deed, drawn up and signed by the participants involved in the construction works: the designer, the constructor, the engineer and etc., which establishes… Read