off plan

Buying ‘off plan’ in Bulgaria is essentially the same as buying 'off plan' in the UK. A preliminary contract signed by all parties (similar to ‘Sold Subject to Contract’ in UK') is drawn up to cover the purchase of the property. It is known as the” preliminary contract” because both parties effectively promise to enter into a final contract to buy and sell the property. Most of off-plan developments do not require company incorporations and when you buy an off-plan apartment, you buy a section of the building. This section of the building is freehold and there is no lease, the apartment is yours forever, or until you sell.