Selling to a mortgage buyer in Bulgaria: plan the payment

Start with “When do I actually receive the price?”

The seller needs to know how the price will reach their account, not merely whether the buyer has applied for a mortgage. The bank may impose documentary, registration or security conditions. The actual sequence must be clarified with the financing bank.

Identify the required documents, expected stages and conditions for drawing down the loan. An initial assessment of the buyer’s ability to borrow does not guarantee approval of the particular property or every transaction term.

Put the payment into one clear schedule

The agreement should connect the total price, payments already made, the buyer’s own funds and the loan. For each part, specify the amount, recipient, deadline and payment condition. If the seller has an existing mortgage, repayment and discharge must be coordinated with the banks involved.

Do not confuse signing before the notary with receiving all funds. If the dates differ, the legal arrangements need to address the interval and protection of the seller. There is no universally safe payment structure suitable for every bank and transaction.

Plan for a lower valuation too

Illustrative example: the agreed price exceeds the valuation used by the bank to determine financing. The buyer must provide additional funds or the parties must discuss a change. The seller should not assume the shortfall will necessarily be covered.

Agree a deadline for evidence of finance and a procedure for delay or refusal. Extending a deadline, terminating the agreement and deciding what happens to money already paid are separate issues that need express answers.

Handover is part of the transaction

Specify when possession, keys and documents are handed over and how this relates to payment. A handover record can include meter readings, items delivered and arrangements for expenses.

For an initial legal assessment, prepare the draft agreement, available financing information and title and encumbrance documents. The lawyer coordinates the legal conditions; the lending decision remains with the bank.