LEGAL FRAME LAW FIRM: WHEN YOU NEED HELP WITH PROPERTY

Buying real estate, writing a will or defending your inheritor rights – the only way to guarantee the best outcome for you in such circumstances is to consult with an experienced lawyer in the field. Why? Bulgarian law has its own intricacies that only local practitioners with years of experience are aware of, and property deals are too serious to be signed lightly. Legal Frame is a law firm that has established as its core priority the mission to help clients navigate the Bulgarian law and protect their best interests. The practice specialises in different fields of civil law, including property law. The founders of Legal Frame Law Firm, attorneys at law Georgi Chobanov and Lachezar Vesov, share more.

Why should we not "save money" from consulting with a good lawyer experienced in property deals when we are in the process of buying real estate?

The purchase of property is an important and exceptionally expensive step for every buyer. In their desire to save some resources, consumers skip the services of a lawyer and trust too much the other side of the deal. The greater part of sellers are honest, but there are always risks connected to the condition of the property. The job of the lawyer is not just to secure and guarantee that the deal was finished successfully, but also to protect in the best possible way the money that you have invested. The experienced lawyer will advise you during the entire deal – from signing of preliminary contract to taking mortgage to the final certifying at the notary office. All the time, they will take care to identify hidden faults in the property, will help you obtain the needed documents, will secure the work with the notary and will coordinate the deadlines for this. In this respect, it is by far cheaper and smarter to use the services of a specialised lawyer before purchasing a property.

What potential problems can be avoided with the help of such professionals in this type of deal?

Property deals often hide problems and risks that people do not register or underestimate. The most important and first condition when buying a property is to examine it. This is a complex procedure that includes verification of the ownership documents, checking for burdens and third parties rights on the property, whether the real estate is a subject of a lawsuit, how reliable is the developer and many more. The detailed check-up is a prerequisite for signing a preliminary or final contract. This is why we advise buyers to not rush into the deal and to consult a lawyer before signing any document.

How do you help the sides in the deal to sign a bullet-proof contract that protects their interests?

The well made contract is the best protection. Its preparation is a multilayered activity that includes not only writing legally impeccable texts, but also tuning them to the arrangements between the parties. Or, to put it another way: the parties lay the foundation and the lawyers put a legal frame on it.

Is it a good practice to sign a preliminary contract for purchase of property? What should we know about this type of contract and why it should be composed by a professional?

As we already said, in order for a property to be sold and bought, some documents have to be provided and then a number of verifications should be performed. This takes time and delays the signing of the final deal. Then comes the fact that in big part of the deals the buyers do not know the full sale price. They need to take out a mortgage and the banks require a preliminary deal to lend the money. Last but not least, the signed preliminary contract brings security between the parties. On the one hand, the buyer is guaranteed that the property is "reserved" for them, and on the other hand, the seller is guaranteed that they will get the money set in the preliminary contract. Thus, before signing, it is good to contact a lawyer who, after considering all preconditions, will prepare a contract that protects your interests to the highest degree.

What are the most common mistakes people make when writing a will for property?

First and foremost, people should be aware that wills are two types: notary and self written, and each of these has its own specificities. The rules about will writing are defined in the Inheritance Law, and through the years a solid case-law has been established. The most common mistakes are connected to the properties that any self written will should have. It, for example, should be written by the testator legibly by hand, it should be signed by them and should have a date of creation. If the will contains requirements that are impossible to realise or if it was made in contradiction to law, it is declared null and void. The notary certified will is made by a notary in the presence of two witnesses. As the process is done before a notary, it is by far the safest way to leave property by testament.

What are the particularities of the Bulgarian law in inheritance cases and property testaments?

The main peculiarity is that you cannot give your entire property to one person, if you have inheritors. Every inheritor has a token part of the property of the legator. The calculation of the token part is made depending on how many inheritors there are. For example, if there is a single child, or the children of this single child, they have the right over half of the property. If the children are two or more – of two thirds of the property. The surviving spouse also has right over half of the inheritance. Thus, if the legator makes a will about part of the property that belongs by law to their inheritors, it can be legally returned to the legal owner or owners by the court.

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