Amendments in the Notaries and Notary Activity Act stipulate that all notary transfers of properties in Bulgaria from January 2010shall be paid entirely via bank transfer
Last update: 2009-12-21 08:10:20
This was been announced by the government press service. The amendments are intended to stop money laundering and to counter real estate fraud.
If the amendments are passed it will be required both the seller and the purchaser to choose a bank account for the notary deal. Alternatively, they could use the notary public's account. The conditions for the depositing the money in the special bank account will be arranged by a written agreement between the notary public and the parties.
Before the transfer of property the notary public will be able to check if there are any injunctions, mortgages, claims or any other encumbrances over the property. Only if the property is clear from any burdens the money will be transferred to the seller.
The amendments are meant to prevent from frauds with real estates deals as there will be no doubt that the money is transferred.