Bulgaria New Property Sale Rules Said to Benefit Banks, Notaries

Bulgaria New Property Sale Rules Said to Benefit Banks, Notaries

New rules that envisage that all property transactions in Bulgaria must be carried out via bank transfer have been attacked by opponents, who say they serve the interests of banks and notaries.

"The law will trample on the interests of a large number of Bulgaria to the benefit of banks and notaries," comments Nikolay Pehlivanov from the nationalist Ataka party as the legislative amendments are about to be moved to parliament for their conclusive approval.

According to him the new rules mean more fees for the clients without any guarantees for their safety.

The rules that envisage that all property transactions in Bulgaria must be carried out via bank transfer were proposed in the hope that they will help reduce property fraud and money laundering, as well as ensure that all fees and taxes owing to the state are paid.

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