Bulgaria’s Due Diligence Procedures: A Guide for Property Buyers

Buying a property in Bulgaria? Make sure you follow the due diligence procedures to ensure a smooth and successful transaction. In this guide, we’ll walk you through the essential steps to take when purchasing a property in Bulgaria.

Environmental Factors

Environmental factors are a major concern for property buyers in Bulgaria. Here’s what you need to consider:

• Property History: Check reports on the property’s history, including any potential issues or concerns.
• Current Characteristics: Inspect the property and surrounding area to identify any environmental hazards or problems.
• Permits and Reports: Review previous permits and reports related to air or water quality, endangered species, wetlands, watersheds, flood zones, or seismic areas.

Compliance with Building Codes

Before making a decision on buying a property, ensure it complies with Bulgaria’s building and life safety codes. Here’s how:

• Review Planning and Building Department Files: Check planning and building department files and records related to the real estate.
• Ensure Compliance: Verify that the property meets Bulgaria’s building and life safety codes.

Additional Factors to Consider

In addition to environmental and compliance issues, consider the following factors:

• Access to Public Streets: Ensure the property has access to public streets and parking spaces.
• Leases, Licenses, and Contracts: Check for copies of leases, licenses, and contracts attached to the property.

Starting the Permit Process

If you plan to change the property’s designation, start the process of requesting necessary permits and entitlements during the due diligence phase. This will help ensure a smooth transition and avoid any costly surprises down the line.

Conclusion

Bulgaria’s due diligence procedures are designed to protect both buyers and sellers by ensuring that properties are thoroughly inspected and investigated before a sale can take place. By following these procedures, property buyers can avoid costly surprises and ensure a smooth transaction. Remember to prioritize environmental factors, compliance with building codes, and additional factors when buying a property in Bulgaria.