From 1st July 2011 every property deal over 10000 Leva (BGN) must be paid via bank transfer. The Bulgarian parliament voted on this change to the Notaries and Notary Activities Act yesterday.
The new law requires that when buying a house, apartment or land the money will be transferred either to a bank account which the parties under the agreement have chosen or to a special account of the notary public.
The required Bank transfers will increase the cost of property purchases but it is not yet clear by how much. The other change is that the parties under the deal will also sign a special declaration in which they will have to declare that the sum transferred is the actual price of the property and that they will be liable for the information they provide. The aim of this additional requirement is to stop the practice where property deals are certified before a notary public at a much lower price for tax assessment purposes.
The new legislation extends the provisions of the long awaited law on the restriction of cash payments which was finalised on 22nd February 2011 and officially came into force three days later.
Related Articles:
New cash payment law implemented with no problems
The new law requires that when buying a house, apartment or land the money will be transferred either to a bank account which the parties under the agreement have chosen or to a special account of the notary public.
The required Bank transfers will increase the cost of property purchases but it is not yet clear by how much. The other change is that the parties under the deal will also sign a special declaration in which they will have to declare that the sum transferred is the actual price of the property and that they will be liable for the information they provide. The aim of this additional requirement is to stop the practice where property deals are certified before a notary public at a much lower price for tax assessment purposes.
The new legislation extends the provisions of the long awaited law on the restriction of cash payments which was finalised on 22nd February 2011 and officially came into force three days later.
Related Articles:
New cash payment law implemented with no problems
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