Real Estate Law
In the field of real estate law Dimitrov, Petrov & Co. has been providing a full range of services to foreign and local clients for more than 10 years. The firm maintains partner relations with several carefully selected reputable real estate agencies nationwide and works closely with several large estate companies from UK, Ireland, Finland and USA. Thus, the Real Estate Law Practice Group successfully provides professional legal advice and support in preparation of all kinds of documents related to real estate transactions, selection of appropriate real estates upon preliminary set criteria, negotiations and representation, investigation of ownership, legal regime and possible burdens on real estates (a full due diligence process), tax planning and other consultations regarding property acquisition, management and disposition, obtaining of bank loans for purchasing real estates and advice on mortgages, assistance in the process of changing the status of real estates from agricultural to urban land, etc.
Dimitrov, Petrov & Co. represents and advises several British, Irish, Portuguese, Russian and Israeli private investors in the purchasing of complexes and parts of buildings in the alpine skiing areas of Bansko, Borovets, Pamporovo and Chepelare, and in the surroundings of the medieval capital of Bulgaria – Veliko Tarnovo. The firm has developed an effective network to support investors in property acquisition and currently represents about 1,200 individuals purchasing luxurious apartments and blocks of flats in Sofia and in the Bulgarian seaside resorts of Sunny Beach, Golden Sands, Nessebar, Pomorie, Kavarna, as well as in the alpine ski resorts of Bansko, Borovets and Pamporovo. The legal assistance includes full representation – from the stage of negotiations and preliminary sale agreements preparation up to the enactment of the notary deeds for property acquisition and the closing up of the administrative procedures for registration of the acquired property for tax and statistical purposes.
The law firm also advises corporate clients on lease of offices, industrial plants and large buildings in Bulgaria, on different tax issues involving real estate, and provides representation before courts as well.
Dimitrov, Petrov & Co. has advised subtantial transactions in the real estate sector, inter alia, the acquisition of 100% of the shares of two companies which own plots around the city of Sofia with a total size of 182,000 sq.m., the acquisition of 100% of the shares of a company owning a number of plots at the Black Sea coast with a total size of 90,000 sq.m., the acquisition of a number of properties in the centre of the city of Sofia estimated at over 4 million euro, the acquisition of 100% of the off plan apartments in the St. John Park holiday complex in Bansko estimated at 16.9 million euro, the acquisition of 80% of the off plan apartments in the Alpen holiday complex in Bansko estimated at about 4 million euro, the acquisition of 70% of the off plan apartments in the Apolon 3 holiday complex in Nessebar estimated at 2.9 million euro, etc.
In 2008 and 2009 Dimitrov, Petrov & Co.’s team of experts represented a Gibraltar investment fund in all their real estate and M&A deals in Bulgaria. The lawyers handled the fund’s claim against a local real estate developer following the acquisition of a receivable by the fund against the developer.
On behalf of a Norwegian real estate investor, Dimitrov, Petrov and Co. successfully accomplished the acquisition of a portfolio of holiday apartments at the Black Sea resort of Aheloi.
In 2010 one of the largest Italian construction companies assigned to Dimitrov, Petrov & Co. the protection of its interests with regard to their relations with the developer of one of the most significant projects in Sofia, Sofia Airport Center, and with their subcontractors, respectively.
In the same year, acting for a Romanian real estate investor, the law firm’s experts successfully reached an out-of-court settlement in the legal dispute with the second biggest construction company in Bulgaria.
The law firm was engaged to defend the interests of one of the leading local real estate developers in several lawsuits against construction companies - contractors to the developer.
In 2011 Dimitrov, Petrov & Co. Law Firm was entrusted by a leading hypermarket chain to revise the whole set of leasing agreements concluded by the company for office premises in Bulgaria.
The law firm is permanently involved in litigation related to various real estate matters both in the capital Sofia and in the courts throughout the country.
On November 15, 2019 the amendments to Ordinance No 2 of 2003 on Commissioning of constructions in the Republic of Bulgaria and minimum warranty periods for completed construction and installation works, facilities and construction sites (the “Ordinance”) entered into force. The adopted amendments aim at standardizing the administrative services for the commissioning of fourth and fifth... view more
The constant combat of the EU against money-laundering has resulted in the Fifth Anti-Money Laundering Directive (EU) 2018/843 (the Directive). All Member states are obliged to implement it no later than 10 January 2020. Among the main achievements of the Directive are: broadening the list of obliged entities; covering more activities exposed to money-laundering risks; introducing measures... view more
A Bill for a new Agricultural Land Act ("Bill") was published on 5 November 2019 for public consultation and comments. The draft legislation seeks to systematize and consolidate the legislation regarding the ownership and use of agricultural land. The Bill reproduces and further develops much of the current legislation while introducing some new provisions arising from the dynamics of the... view more
Enforceability of Rental and Lease Contracts in Public Sale of Real Estates
Subject:Real Estate Law. Construction Law
Published at:Дайджест "Собственост и право", 2018 г., кн. 11, стр. 37
* This publication is in Bulgarian.
Guide to Real Estate in Europe – Central, Eastern and Southeastern Regions
Subject:Real Estate Law. Construction Law
Edition:Guide to Real Estate in Europe – Central, Eastern and Southeastern Regions