Buyer's checklist: from budget to notary

Financial preparation

Before the first listing. This is where the whole process is won or lost.

Work out your real budget. Official net income × 50% (the BNB limit on payments across all obligations) sets the maximum monthly payment; your savings set the deposit. Free assessment: a FinCity credit adviser.

Check your credit history. A statement from the Central Credit Register (BNB) — in person or through a bank. Arrears and forgotten credit cards get cleared up before an application, not during one.

Set aside the full amount of your own funds. A minimum 15% deposit + 5–7% transaction costs (local tax ~3% in Sofia, notary, registration, bank fees) + a reserve for moving in.

Get pre-approval from a bank. With it you know your exact ceiling and negotiate as a serious buyer. Careful: pre-approval expires (usually 3–6 months) and is not a guarantee — final approval also depends on the specific property.

Defining your search

Clear criteria save months of viewings.

Decide on 3–4 non-negotiable criteria (area, number of rooms, floor, parking) and separate them from the "nice to have" ones. A property that covers everything is usually out of budget.

Check prices in your target neighbourhoods against your budget — see the current market analysis. If they don't match, adjust the area or your expectations, not the budget.

Decide: new-build or resale. New = lower building tax for the first years and better energy efficiency, but a risk of delays and an unfinished environment. Older = ready to live in, but check the services, the entrance and the neighbours.

Set your criteria in FinHome and choose a frequency — you receive a personal selection of properties within your budget only, with no calls and no spam.

Selection and viewings

View with a checklist, not with emotion.

View the property at least twice — once during the day, once in the evening or at rush hour. Noise, parking, light and traffic only show up that way.

Inspect the building, not just the flat: entrance, roof, basement, joints and cracks in the façade, the state of the lift, whether there is a professional building manager and a repairs fund.

Ask about the real monthly costs: building and maintenance charges, heating (district heating, electricity, gas), building tax and waste charge for the property.

Compare the asking price with real transactions in the area, not with other listings. In 2026 discounts in negotiation are normal — the asking price is an invitation, not a verdict.

Checking the property

The legal check is the cheapest insurance you will ever buy.

Engage an independent property lawyer — not the seller's lawyer and not only the bank's, who protects the bank rather than you.

Check ownership through the documents: title deed, an unbroken chain of transfers, marital property regime (do both spouses need to sign), inheritance rights.

Obtain a certificate of encumbrances from the Property Register going back at least 10 years: mortgages, injunctions, claims, rights of use. The certificate should be dated as close to completion as possible — an encumbrance can be registered even a week before the notary. A repeat check on the day of completion is standard practice.

For new-build: building permit, the legal status of the land, Act 14/15/16 (permit for use), a contract with clear deadlines and penalties for delay, and the developer's reputation and completed projects.

Check for liabilities attached to the property: building tax and waste charge (a certificate from the municipality), electricity, water and heating bills, debts to the building association.

Reconcile reality with the paperwork: floor area and layout against the plan, whether alterations have been legalised, and which ancillary parts (basement, attic, parking space) are included in the price and described in the documents.

Negotiation and preliminary contract

This is where the money and the risks get fixed.

Negotiate on facts: what you found at the viewing, comparable transactions, how long the listing has been on the market. A written offer with a short validity works better than verbal haggling.

Have the preliminary contract drafted or reviewed by your own lawyer. Essential elements: the exact price and method of payment, the deadline for completion before a notary, the condition of the property on handover, and who bears which costs.

Include a financing protection clause: if the bank declines, the deposit (usually ~10%) is returned in full. Without that clause, a refused loan means a lost deposit. It is the most expensive and most common mistake first-time buyers make.

Pay the deposit by bank transfer against a signed contract — never in cash without documentation.

Financing

From pre-approval to final approval.

Submit the full file to the bank: income documents, the preliminary contract, the property documents. Approval usually takes 1–2 weeks with a complete set.

Wait for the licensed valuer's assessment. The bank finances up to 85% of the valuation — if it comes in below the agreed price, the difference is yours. Plan for that scenario in advance.

Read the loan agreement before the day you sign it: the APR, how the variable rate is formed, early repayment fees (for mortgage loans to individuals — up to 1% in the first year only, then 0%), and compulsory insurance.

Take on no new obligations before the loan is released: a new lease, a credit card or even a change of job between approval and the notary can derail the financing.

Completion before the notary

The day of the sale — by the book.

Re-check the encumbrances on the day of completion (a current certificate) and review the draft deed beforehand — the parties' details, the description of the property, the price.

Payment only through a special (escrow) or blocked bank account, released after the deed is registered with no new encumbrances. No cash payments.

After signing, the notary registers the deed in the Property Register (with a loan, the mortgage is registered too). Keep every original and obtain a certificate of registration.

Sign a handover protocol when you receive the keys: meter readings, the condition of the property, and any equipment handed over.

After completion

The administrative obligations have deadlines.

Declare the property to the municipality within 2 months of acquisition (a declaration under art. 14 of the Local Taxes and Fees Act) for building tax and the waste charge.

Transfer the electricity, water and heating or gas accounts into your name using the handover protocol.

Maintain the compulsory property insurance required by the loan agreement, and consider extended cover (earthquake, flood, liability towards neighbours).

If you are a young family (married, one spouse under 35, an only home) — claim the tax relief on the mortgage interest with your annual tax return.

A first-time buyer's checklist.