Selling a Property with Multiple Owners – What You Need to Know

Selling a property with multiple owners can be more complicated than a standard property transaction. This is particularly true for inherited houses, apartments, plots and other properties that have passed over the years to several heirs or co-owners. In some cases, all owners live in the same town and can easily coordinate their actions. In others, one owner may live in Sofia, another in Samokov, while a third may live abroad. In such situations, even if finding a buyer is not a problem, organizing the actual sale may require more time. That is why, when selling a property in Samokov, Borovets, Bansko and areas near Sofia, it is important to clarify the ownership, documents and participation of all owners from the very beginning.

First, it is important to establish who owns the property

Before a property is offered for sale, it is important to check the title deed and establish which persons have rights to the property. For an inherited property, for example, ownership may have passed to several heirs. In such a case, it is necessary to establish who they are and what undivided shares each of them owns. This is particularly important with older houses and plots where inheritance, donations, partitions or other changes in ownership may have taken place over the years. Sometimes the owners know who owns the property but are not familiar with all the documents related to it. In other cases, older documents and current property records may differ and require additional clarification. That is why the first step when selling a property with multiple owners is to establish who has rights to the property and on what basis.

Agreement between the owners makes the sale easier

When the entire property is being sold, it is essential to clarify the position of all owners in advance. Before the property is advertised, it is useful to establish:

• who all the owners are;
• what undivided share each owner has;
• whether they agree to the sale;
• what price they expect;
• who will communicate with the agency;
• whether any owner will need to be represented by a power of attorney.

This helps avoid one of the most unpleasant situations when selling co-owned property – a buyer is found and a price is agreed, but the transaction is delayed because the owners have not reached the necessary agreement or one of them is not prepared to participate. When there is clear communication between all co-owners from the beginning, the entire process is usually much more organized.

Inherited property requires more careful preparation

Inherited properties are among the most common cases in which a property ends up being owned by several people. For example, a house in Samokov or a nearby village may have been inherited by several heirs. One may live in Sofia, another in Samokov and a third abroad. All of them may have rights to the property, but organizing the sale can be more complicated. With such properties, it is important to review the documents at the very beginning and establish how ownership was acquired. Particular attention is needed with older inherited properties that have passed through several generations. There may be more heirs, older documents or changes in ownership that need to be clarified before the sale begins. Where a property certificate is required, the Bulgarian Registry Agency states that it reflects registrations, annotations and cancellations concerning encumbrances and rights relating to the property as of the time it is issued. The earlier any ownership-related issues are identified, the lower the risk that they will delay the transaction after a buyer has been found.

Selling the entire property is different from selling an undivided share

With co-owned property, it is important to distinguish between selling the entire property and selling only an undivided share. If all co-owners agree to sell the entire property, the sale is organized as a single transaction involving the persons who have rights to the property. However, when one co-owner wants to sell only their undivided share to a third party, special rules apply. Article 33 of the Bulgarian Ownership Act provides that the co-owner must first offer the share to the other co-owners under the same conditions and provide the notary with written evidence of this offer. This is an important distinction that owners should consider before they begin looking for a buyer. Therefore, when only an undivided share is being sold, it is advisable to discuss the specific situation with a notary or lawyer in advance so that the applicable legal requirements can be properly followed.

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If one owner lives abroad, the sale needs to be organized in advance

It is not unusual for one of the owners of a property in Bulgaria to live in another country. This does not mean that the sale is impossible, but it requires better advance planning. If the owner will not be present in person, it should be clarified in good time how they will participate in the transaction. In certain cases, this may be done through a power of attorney. Bulgarian law provides specific requirements concerning the form of a power of attorney when the underlying transaction itself requires a special form. The exact way in which the documents should be prepared depends on the specific transaction and should be agreed in advance with the notary. Therefore, if one of the owners lives outside Bulgaria, it is advisable to mention this when the sale begins rather than immediately before the transaction.

Check the documents before finding a buyer

One of the common reasons for delays in a property transaction is insufficient preparation of the documents. Depending on the particular property and the way ownership was acquired, different documents may be required – for example, a title deed, certificate of heirs, an up-to-date cadastral scheme or sketch, tax valuation and other documents depending on the specific case. The Bulgarian Registry Agency states that property certificates reflect registrations, annotations and cancellations concerning encumbrances and rights relating to the property at the time of issue. This is another reason why the documents should be reviewed in advance rather than having a problem discovered only after a specific buyer has already been found. This preparation can be particularly important for inherited houses, plots and older properties.

Good communication between the owners saves time

Even when all co-owners agree to the sale, differences may arise concerning the price, timing or communication with potential buyers. That is why it is useful to clarify several basic questions from the beginning:

• what price the property will be offered at;
• who will communicate with the agency;
• who will provide access for viewings;
• how offers received from potential buyers will be discussed;
• how communication between all owners will be organized.

This is particularly important when the property is located in one town while the owners live in different places. For example, when selling a house in Samokov or the surrounding area, an apartment in Borovets or Bansko, or an inherited property in Razlog, communication may be required with several owners who cannot meet in person every day. When roles and the main conditions are clarified in advance, communication with potential buyers becomes much easier.

The right real estate agency can help organize the sale

When a property has multiple owners, the role of the agency is not limited to publishing an advertisement. Good organization begins with clarifying the property information and determining how it will be presented on the market. This is followed by advertising, communication with potential buyers, arranging viewings and coordinating the next steps when genuine interest is received. When one owner is in Samokov, another in Sofia and a third lives abroad, clear communication between all parties can make the process considerably easier. For the seller, it is also important to know whom to contact with questions about documents, viewings, offers and preparation of the transaction. During the actual transaction, the notary and other professionals involved carry out the actions falling within their respective areas of responsibility.

Conclusion

Selling a property with multiple owners does not necessarily have to be complicated, but it requires good preparation, clear communication and properly checked documents. The most important thing is to establish from the beginning who owns the property, what rights each owner has and how their participation in the sale will be organized. With inherited properties, it is particularly important to review the documents in advance because ownership often has a more complicated history. Whether it is an apartment in Bansko or Borovets, a house in Samokov and areas near Sofia, good organization from the beginning can make the sale more predictable and prevent unnecessary delays.

If you own a property with multiple owners and are considering selling it, SkiPropertyBG can help you prepare the property for the market, present it to potential buyers and coordinate the process through to the transaction.

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