Legal services to clients involved in the Bulgarian Market
We act for developers right from the conception stage through to construction and then ultimately to sale in connection with both residential and commercial projects .We assist in all aspects of a property-related transaction by: advising clients on the acquisition and leasing of property interests (both land and buildings); assisting with the re-zoning of land and buildings; assisting in the application process for obtaining planning permission; and negotiating mortgage documentation with lenders.
We are also adept at drafting and/or negotiating the plethora of agreements connected to a development project from inception to completion. These include: construction services contracts; construction supervision contracts; bank loan agreements (or other financing instruments) and related guarantee mechanisms (including mortgage agreements' review); contracts for architect's and civil engineers' statutory supervision services; contracts for architects' 'author's supervision' services; supply contracts (for valuable equipment installed by the investor); preliminary contracts for sale of units (as a standard form contract); property management and maintenance contracts; subcontractor agreements; and project management agreements.
In addition to these pieces of specific documentation, we can advise in relation to the administrative aspects of the development including the implementation of the Bulgarian Spatial Development Act (SDA) and related secondary legislation; both of these can affect the formal construction completion mechanics, the certification process and the launch of administrative procedures in the event of required amendments to the 'investment designs'.We also have experience advising on the contribution of real property as company capital ('aportirane') and on the use of land as collateral in commercial and investment transactions.
Off-plan acquisitions are increasingly common in the Bulgarian market and we specialise in assisting sellers/developers on the various legal aspects involved. This type of work often involves advising the seller/developer on the effects of off-plan situations on preliminary contract drafts, security of title, parties' identities, maintenance, management and guaranteed letting clauses/agreements. We are well suited to this work as we have extensive experience in negotiating such documentation, a well-developed due diligence procedure and a history of settling fair and acceptable terms which guarantee a problem-free acceptance by both parties. In addition to these services, we also provide a one-stop service for developers/land owners in preparing for the sale of their developments.
We provide a range of legal services concerning security. We can check and/or impose security over a client's property interests through an investigation of the title to the assets which should show whether there are any mortgages, charges, pledges, liens or some other form of security/encumbrance over the assets. We can also assist clients in registering and perfecting security over land and other assets.
The construction work conducted by us typically involves advising on greenfield projects and redevelopments where we provide a comprehensive service that follows the administrative and business cycle of the project. We provide advice on: the acquisition of sites; planning and zoning issues; the arrangement of financing where we have represented developers and investors; and on the process of ensuring full compliance with the requirements of the Territorial Development Act.
Our team has expertise on the diverse statutory contractual arrangements under the Territorial Development Act — between investor and architect; investor and project supervisor; and investor and construction undertaking — and as such they are ideally placed to advise when contention under these arrangements arises. In addition, we have strong experience in structuring project companies and setting up their legal relationships with development and marketing entities in a construction operation.
We advise Bulgarian engineering groups on their participation in international projects where their services are subcontracted to those of the general contractor. We have experience in a number of standard arrangements as well as expertise on the process of securing work authorisation for Bulgarian workers and workers permitted to work in Bulgaria who are being seconded to another EU member state site and we can offer assistance in supervising the administration of this process.
As part of our real estate practice, we provide legal services concerning the sale/purchase of sites for development and advise clients in relation to any changes of zoning status required by development needs. We also liaise with the relevant authorities empowered to act under the Territorial Development Act and advise both new and existing owners in the due diligence process during the pre-acquisition stages of such property transactions.
We advise all manner of clients on the implications of environmental legislation for development; our experience extends from acting for clients who favour such development through to acting for non-governmental bodies aspiring to restrain changes of status and alterations to the general character of the land.
We advise financiers, borrowers, real estate investment trusts and funds on a wide range of property investment and development financings.
New Balkans Law Office' lawyers are qualified to practise in Bulgaria, England and Wales and the Land of Berlin, Germany. They are Bulgarian advokats or Bulgarian lawyers and are regulated by the Bulgarian Bar of their registration.
New Balkans Law Office is a member of the British Bulgarian Chamber of Commerce.
© New Balkans Law Office 2011