Bulgaria Buyer - Bulgarian property payment schedule and completion dates


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PAYMENT SCHEDULE AND COMPLETION DATES

Payments for off-plan apartments are usually paid for in three stages, and there will always be a timescale and payment schedule set out in advance. Beware the timescales though! They are rarely realistic, and in our experience you can expect to add up to six months to any given completion dates.

As a rough guide, the first stage payment is usually paid between 14 days and a month after signing the preliminary contract or within two weeks of reservation depending upon the agent, the second stage payment after completion of the roof, and the third at completion of the building when Act 15 or Act 16 is obtained (See Acts 15 and 16 and final payment.)

A typical payment schedule would be:

25% within 2 weeks of reservation

35% upon completion of the roof

40% upon completion of build

The preliminary contract should contain a compensation clause should the property not be completed on time, but this is open to interpretation, as what Bulgarians consider 'complete' is very fluid. (See Acts 15 and 16 and final payment.)

Page last updated: 29th January 2007