As from 1st of July 2011 the Notaries’ Act introduces new rules in real estate transactions. When the price of the respective real estate exceeds the amount of BGN 10 000, the money must be transferred into notary’s special bank account or to an account selected by the buyer and the seller.
According to the changes above upon transactions that establish, transfer, amend or terminate property rights over real estates, the parties declare that the amount stated in the notary deed is the actually agreed payment for the transaction. The agreed sum shall be transferred via bank account only if it exceeds BGN 10 000.
In case the payment shall be made through the notary, before the transfer both parties – buyer and seller, must agree in writing on the terms and conditions under which the sum will be transferred and about the payment orders.
The law explicitly states that no foreclosure procedures are allowed with respect to these accounts for the notary’s obligations.