03.01.2011 г.
Primary practical error upon real estate deals is the non-performance of a detailed check of the real right status of the property - subject of the transaction.
The parties under the transaction and the notary public as well, are satisfied with issuance by the Registry Agency of a certificate on the absence of burdens over the property, which may be incorrect in cases of provision of limited information (selectively chosen documents) on behalf of the seller to the application for the performance of a check.
Another error is the excessive reliance on the electronic record issued by the Registry Agency on personal docket of certain person – owner of the property, since the practice shows that in cases of technical errors and omissions a person may hold more than one docket and certain transactions the person has performed may not be established during checks made in the Property Register.
The limitation of the check of the real rights status of a real estate only for 10 years period may also turn out to be fatal, relying on the assumption for period of limitation expired and the acquired on such grounds property. If during 1993 a real estate sale was performed from a municipality to a physical person, as the transaction is corrupted and as a result invalidated, in spite of the already expired more than 17 years uninterrupted possession in favor of the person – buyer, as of the present moment she/he would not have become owner of the property, since the period of limitation for acquisition of real estate – a private municipal property – has been suspended and not subject of running. Consequently if such physical person sells the property to a third party, the latter shall not acquire the title over the property despite of paying the price under the transaction.
