Bulgaria Wants to Oblige Developers to Inform Buyers About Future Expenses
June 27, 2022
137
Talking about contributions to the owners' partnership for real estate maintenance.
Buyers should have preliminary information from the developer on how much the monthly maintenance costs will cost when buying a property during the construction phase in a closed complex. The National Real Estate Association (NPRI) suggests amendments to the relevant law. This was stated in an interview with BTA by the chairman of NPRI Dobromir Ganev.
Problems. One of the examples of constant conflicts on the topic of contributions to the owners' partnership is observed in closed complexes by the sea. The problem there is complex. There are mutual accusations between the two sides of the conflict, and, of course, the blame for the situation is bilateral," Ganev commented on the problem with collecting contributions.
He pointed out that in this case, the state should intervene by amending the Law on the Management of Condominiums (ZUES), which will allow settling these relations.
Decision. The National Association "Real Estate" proposes, with amendments to the Law on the Management of Condominiums, to provide for the possibility for the construction of a closed complex by the developer to have an obligation to inform buyers about how much real estate management will cost in the future. In addition, it is necessary to sign an initial purchase and sale agreement to agree on the management of the complex.
The goal is to make the future owner of the apartment aware of his future financial obligations related to the monthly payment so that he can make an informed decision when buying a property.
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