Bulgarian Contracts

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leesider29

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Signing a contract with a Bulgarian estate agency but they are an unregistered company. I am presuming this does make a big difference if something goes wrong and is there comeback if it does go wrong??
 
Hi leesider29,

I think extreme caution is required, you need to get impartial legal advice before you do anything else and I would suggest you sign nothing until you do so. Without knowing all the details it is hard to give any advice other than the above, one question that does spring to mind is why go with an unregistered company when there must be plenty of registered options?
 
Whats the contract about? is it just a reservation contract for a unit? or is this with a developer and a preliminary contract of sale?
 
Slim said:
This was in today's paper signed by a John Timewell, Wigan, Lancashire. Not doubting it but what is Clancy's Strand, Limerick?
Click to expand...
Saw the letter in the paper.....clancys strand only shows up on web. Thats a nice part of limerick beside the river.
Scary letter though! AS this is 'ask about money' I am asking does everybody think that I have lost the money I spent on property in bulgaria or will the market get back on track if we hold out.
 
Without knowing when, where & what you bought and at what price it's impossible to be certain about the wisdom of your purchase. However, if it's the bog standard 'luxury' apartment in Sunny Beach, Bansko et al, then based on people's experiences on here & other forums, the chances are you paid way over the odds and will find it difficult to rent and even more difficult to sell.
 
BUBSY said:
Saw the letter in the paper.....clancys strand only shows up on web. Thats a nice part of limerick beside the river.
Scary letter though! AS this is 'ask about money' I am asking does everybody think that I have lost the money I spent on property in bulgaria or will the market get back on track if we hold out.
Click to expand...

In latest mgazine, the Hobbs advises a couple to get out of their Bulgarian purchase even if they lose the deposit!
 
Contemplated buying an Irish property 2-3 years ago for approx 225k for investment.

Instead opted for Bulgaria coast and paid all in 85k.

Yes I am down approx 30k if I tried to sell now but I reckon if I had bought the Irish property
I would be down approx 20% i.e 45k. The outlook for Irish property is'nt hectic and most pundits agree that the prices will fall further. I do not believe the prices in BG will continue to drop as fast as Ireland - so although losing money if now selling in BG (never the intention for approx 10 years) I would be facing a lot of anxiety if going the Irish property route with a 225k investment.

The credit crunch is affecting all markets.

I have received 2 years rental guarantee and have 2008 and 2009 to come.

I am hoping naturally for a new rental agreement in 2010.
 
bit more info on this they are not an unregistered company as I first thought but they are unregistered for VAT. It's a strange situation there re VAT. Anyway I am not buying but working for an agent for this guy in Bulgaria.

Out of interest what would any of you think is good value per sq m for a very well located apt in Sunny Beach and Bansko??
 
Strange post leesider!

This section is overseas property investment so to put a post on about signing contracts with a thread title called 'Bulgaria Contracts' is misleading to those who take the time to write a response.
 
That is the interesting question: "what would any of you think is good value per sq m for a very well located apt in Sunny Beach and Bansko??". I'm contemplating a purchase and spoke to an undependant law firm. They told me about prices collapsing. He claimed one can buy in Bansko for 500-600e per sq meter! The area is apparently nice but hugely over built. I could not find such low offers on the web, though. what is the real situation price wise? Thanks, T
 
well, ttrigui, prices in Sunny beach and Bansko are really collapsing and yes, you can get a nice apartment for 450 - 600 E/sq.m., extremely well finished from a well known developer. Actually with my husband we are considering bying a studio of 65 sq.m. for 35000EUR, firnished, A/C, top location in Sunny Beach for our own use. We spoke to the owner and decided to postpone the purchase for october when we expect prices to drop slightly (as the season will be over) and to get it for 30 000 EUR. If he sells it by then (which I highly doubt), we will find another studio ot 1-bed apartment - there are plenty there.

My husband works in real estate and he told me that prices in Bansko are also dropping. I cannot give first hand information, as I do not ski and am not interested in these area. Moreover, as most Bulgarians, for me Bansko is overcrowded and I just do not like this place even for my winter vacation.

As to the initial question: what you refer to an unregistered company is actually a company who is not registered according to the VAT law. This means that when issuing an invoice this company will not charge VAT. Therefore, you will not pay VAT. There are certain requirements for companies to register according to VAT law (in terms of annual turnover and etc.) which some companies do not meet (because they re newly established or are too small).
 
Thanks, could you add where did you find offers at those price levels? I could not find any on the web. I just intend to keep an eye for now.
 
Me too interested to know where in sunny Beach I can pick up an extremely well finished
apartment for 450 to 600 euro / sq. metre. Please enlighten us. These prices I am familiar with way back from the sea front and by that I mean in excess of 500 meters.
 
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