Bulgaria puts off ban on cash payment in property deals
Bank transfers for all property transactions will replace cash payments as of the summer after the original proposal for a January 1, 2010 timescale has only been voted at first reading by the parliamentary legal committee.
The amendments to the Notary Act barring cash payments in property deals aim to bring out from the shadow the real property prices as well as crack down on fraud and money laundering, said justice minister Margarita Popova.
The new legislation should boost municipal revenue, shore up banks’ positions and “why not lower borrowing costs.”
Real estate transactions have more than doubled in December versus October and November. The increase from August and September is more than threefold, notaries and real estate agents told Dnevnik.
The interest was sparked by the upcoming amendments to the Notary Act as well as the highest property assessments.
Notaries complained the Registry Agency had been inundated with title deeds but processed them for more than ten days instead of three.
Bank transfers for all property transactions will replace cash payments as of the summer after the original proposal for a January 1, 2010 timescale has only been voted at first reading by the parliamentary legal committee.
