Title Deeds advice

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thefox
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Title Deeds advice

Postby thefox » Wed Dec 28, 2011 11:17 pm

I'm the proud owner of title deeds for a one bed apartment in a Bulgarian SKI resort

Not really very proud but being honest devastated !
The fact is after lots of legal battles between owners and builders and obviously money it it 80% complete and has been like this for the last 3 years.

My lawyer advised me to claim the title deeds for the property through the Notary which would at least give me a hold on the property following monies paid out so far.
The question is do the title deeds mean the apartment is legally mine no matter who the owner of the building is and worst nightmare the owner's company goes into liquidation.
Also I have been told the lifespan of the title deeds are only 5 years and I would need to apply to renew them in 2 years.

Any help from you experts out there would be much appreciated

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Postby Anni » Thu Dec 29, 2011 1:42 am

My understanding is, that with the title deeds in your name, the apartment is yours and if the building company/developer goes into liquidation, it remains yours.

I have never heard of title deeds only having a lifespan of 5 years. Did your lawyer tell you this?

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Postby gimlet » Thu Dec 29, 2011 2:23 am

Your lawyer is the one to tell you. If you don't understand, ask him again. Also try and read the Notarial Act (if it is one) or legalisation for yourself.

But a "hold on the property" doesn't sound like ownership to me. The reference to 5 years might be to the period of time after which an innocent possessor can apply for a title based on prescription (Art 79 Ownership Act). But whether you are in possession is debatable. Act 16 might be a prerequisite for that. Alternatively it could be some limited form of title because if the building is not completed within 5 years it becomes illegal and liable to be demolished, so they say. I've no idea what the reference to two years might indicate.

It is possible to apply unilaterally for the contract to be performed and you to be granted ownership of the flat under Art 19 of Obligations and Contracts Act but the price must have been paid in full. Anyway that needs a court application not just a trip to the notary. My guess is that all that has happened is that your preliminary agreement has been legalised.

If the owner actually turned up at the notary and signed the Act your lawyer should have made sure you have priority over any mortgagee and that you had an indefinite title.

If you find out what happened it would be nice to let us know :)

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Postby leedarkwood » Thu Dec 29, 2011 12:19 pm

If the property is in Bansko there is a specialist forum for property owners that has thread dedicated to different developments and you might find some more info or support from there. Do a search for talk bansko for a link.


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