Participants:

-       Rumen Velichkov - Senior Consultant Residential Properties, Colliers International, Bulgaria

-       Yosif Geron, deputy chair of the Lawyers Union, Bulgaria

-       Valentina Blagoeva - Notary


Discussion:


-    How frequent is it to have a real estate fraud on the market?
-    Which are the most frequently used tricks?
-    What legal steps should  a person who is a fraud victim undertake?
-    How can people prevent real estate frauds?
 

Key messages:

-       The real estate frauds happen more and more often on the market, especially in the capital city of Sofia.

-        The usage of fake ID card, submitting documents with incorrect or partially filled in data are among the most common fraud techniques. It is also a common practice to use false stamps and false lawyers signatures.

-       One can easily be a subject of a fraud unless he or she uses the specialized services of consultants - both real estate and legal.  The consultants will check the accuracy and the validity of all the documents presented during a real estate transaction.

-       The fist thing a fraud victim has to do is to get in contact with a good lawyer.

-      In order to be protected against real estate frauds, people have to choose professional consultants with significant track record who can assist the client before and throughout the entire transaction process.