From 1st of July every property deal over 10 000BGN will be payable via bank transfer. This was voted on 18th of May in the Bulgarian parliament and change to the Notaries and Notary activities Act.
Bank transferring the money will increase the cost of the deals but is not yet clear how much.
When buying an apartment, land and house the money have to be transferred to a bank account which the parties under the agreement have chosen. It can be personal bank account or to a special account of the notary public.
The other change in the Notary activities that have been accepted is that the parties under the deal will also sign a special document-declaration. In this document they have to declare that the sum that was bank transferred is the real price of the property and they will be liable for the information they provide. The main aim is to stop the practice where the property deals to be certified at a much lower tax assessment.