Signing a preliminary contract

A preliminary contract will be signed by and betweenthe buyer (or their attorney) and the seller arranging all terms and parameters as to finalizing transaction (settlement date, price agreed, etc.)
Upon signing the preliminary contract buyer will pay a deposit to seller thus establishing their commitment to purchase the property. In Bulgaria such deposit usually rates at 10% of the cost of the property to be purchased. Upon signing the preliminary contract and paying a 10%-deposit the real estate agent's fee will have to be paid as well.

Time period is necessary in order for certain final property and legal checks to be made.