Often times buying and selling of properties between relatives are carried out with a fictitious payment, i.e. without the seller actually receiving the amount in the notarial deed. This usually happens when property is transferred from a parent to a child. Although such transactions are not under the law, the fact is that they continue to happen.
However, is it possible to sell at an obviously unrealistic price - for example 1 BGN? Such a deal can go bad, warns lawyer Milena Mitkova. According to her, a better option is to write down a sales price that is close to the tax assessment. Wire the money and withdraw it afterwards.
Nowhere in the law does it say that you cannot buy or sell a property for 1 BGN. No such prohibition exists. But the law states that sham transactions are worthless, the lawyer points out. And the contract concluded due to extreme need under clearly unfavorable conditions is voidable.
When there is a simulation with the price, the court can declare the contract of sale null and void. Then there is the so-called relative semblance, with the aim of harming the interests of third parties (heirs with reserved part).
The heirs of the home can renounce the inheritance only after it has been discovered. That is, the testator must have died. A prior waiver is void. If the other heirs own common parts of the property (for example, by inheritance from one parent), they are free to transfer them.
Mitkova also commented on the issue of payment. No need to pay in advance. The notarial deed records how the payment will be made - all at once or over a period of time.
The easiest option for the "buyer" is to sign the notarial deed, to borrow the necessary amount for a few days (if he does not have it), transfer it to the account of the "seller", who will withdraw it in cash and return it to him by hand.
The expert describes the entire process. Compose notarial deed, in which it is written that the price for the property being sold will be paid within a given period (up to one year, for example). The whole goes to the seller's account selling price, paid in any installments during the agreed payment period.
The money is paid in the way chosen by the parties, and the reason for payment is very important, adds the lawyer. It should be clear what the money is for. Then they withdraw, import again, etc.
That's how it is in practice notarial deed for sale at market price, as well as full payment of this price, according to the terms and conditions described in the notarial deed - all conditions for a lawful transaction.