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apartment price on deeds
Posted:
Tue Jan 16, 2007 2:08 pmby gill1962
Can anyone tell me why the price we paid for apartments, is not the price fortnoks put on the deeds, it is a lower price, not sure how much lower. Only found this out through reading other forums and how people have fought through solicitors to get the full price we paid put on the deeds. Due to sign in feb. so would like to be prepared.
apartment price on deed
Posted:
Wed Jan 17, 2007 5:03 pmby jr
Hi Gill, The practice of putting a lower value on the deed is done by devlopers for tax reasons. If you want the full amount on the deed they will do so as long as you are prepared to pay the difference. They normally put a value ranging from 30% to 50% of the price you will have paid. Most of the time you can sell the property on in the same way but I agree it is quite unsettling when you find out.In an ideal world the true value would be on the deed from the beginning its up to you whether you want to pay more money now for that peace of mind or like most purchasers accept that this is the way most of the devlopers act. It is the same when buying off most devlopers in Spain.
Posted:
Wed Jan 17, 2007 9:19 pmby HeatherR
Hi Jill
We signed our deeds last May but only managed to get 48% of the price paid, on them.We will just have to hope if we sell that someone will accept a lower price.
Again like you we did'nt find out about the lower price until after we signed the prelim contract.
Have you visited the complex yet and which block are you in?
Heather
Posted:
Sun Jan 21, 2007 5:00 pmby gill1962
Hi Heather
Yes we went out june for a week and july for two weeks. We are in C2.
going out in may for two weeks and july fo four weeks this year. Hopefully get to sort out the little niggles we were having. Hope they have got a few more things up and running for when we get there, Julia said things should be. Lets hope!!!
Posted:
Sun Jan 21, 2007 5:05 pmby gill1962
Thanks JR
Think we will accept that is the norm. for BG. I think i will keep the original paperwork with the true price we have paid, just to show, if we decide to sell on.
Posted:
Mon Jan 22, 2007 12:05 amby Adam
I was told the other day my bulgarian lawyers that the laws in bulgaria now say you can sell one property per calendar without being liable for capital gains tax therefore even though you put a lower price on your deeds the apparent gains shouldn't have any tax to pay on them anyway.
I found this quoted on this website after being told this.
http://www.coralestates.com/taxes_in_bulgaria.asp
anyone got any thoughts on this?