Terms of service

I.Subject

 1.The General Terms and Conditions for Real Estate Intermediation by MyVision Real Estate LTD, intermediation with clients or assignors for real estate transactions on the territory of the Republic of Bulgaria.

2.The correspondence address of MayVision EOOD:office@myvision-bg.eu

Sofia, 21A Kozyak Str., entrance A, floor 1, office 2

3.The General Terms and Conditions clarify the relationship between the client or assignor and MyVision Real Estte providing funding, collecting of and the updating of documents, conducting inspections, that define mediation as a long-term contract. In the process of this activity many words and expressions are used in the contracts for mediation or in the implementation of the transaction.

II Meaning of words, expressions and terms used:

 1.Intermediary contract- in summary mediation in real estate transactions is a contract under which a person engaged in a commercial activity is remunerated by parties to the real estate transactions (for sale, establishment of limited real rights, exchange, rent, lease, real estate).

2.Professional broker- in Bulgaria there is no law to regulate the activities of real estate agencies. The legal framework for real estate agencies are extremely vague. Real estate is defined as "a person (natural person, association of partners or company) who acts professionally as a broker in real estate transactions or assets on behalf of a client or as an intermediary".3.

3.Client / Assignor - in relation to the client / assignor as a party to the mediation contract there is a legal understanding that he must meet the requirements for conducting the real estate transaction. Foreigners must be allowed by law to transact in real estate in Bulgaria.Terms set out in the intermediation agreement are legal and binding for all parties. All clauses of the agreement should be specific and agreed to upon entering the agreement.

They can be summarised in two groups:

a / receiving information from the client by the agent - true professionals - brokers advise the client on the state and trends of the market so that he can make a decision for a successful transaction. Next, the broker should assist his client to determine market-oriented price either for sale or for renting the property. He usually does this after assessing the individual characteristics of the site and comparative analysis after researching similar properties on the market.

b / assistance through actual actions.

4.Transaction - mediation by MyVision Real Estate of a preliminary and / or final contract for the sale of real estate (insured property in the sense below) or Real Estate Rental Agreement (insured property), between two parties, one or both of which is a customer of MayVision. Under the agreement, there there will be a commission based on the value of the transaction.

5.Commission - the consideration under the terms of the agreement with MyVision Real Estate for services provided. If no other amount is explicitly agreed, the fee due by the client is in the amount of:

•  3% (three percent) of the sale price of the property upon purchas
• 50% (fifty percent) of the monthly rental price of the property in residential property rental transactions
• 50% (fifty percent) of the monthly rental price for commercial rental transactions

In the event that MyVision represents both parties to the transaction, the brokerage fee is due in the above amounts from each of the parties to the transaction.

6.Inspection - viewing of the property prior to purchase or rental transaction. The document contains details of the property, personal data of the clients and the persons present at the inspection.

7.Deposit - a partial sum as a down payment for either rental or purchase of a property. After agreeing to and paying a deposit, the parties are obliged and committed to the agreement. Pulling out of the agreement without the approval of the other party will lead to the defaulting party compensating the opposite party with double the amount of the original deposit.

 8.OBLIGATIONS OF THE INTERMEDIARY IN A REAL ESTATE TRANSACTION:

8. Informing of the transaction process: - -stages; - -necessary documents;
9. Advising the client on: the price, the location / for buying or renting /, the transaction time line.
10. Preparation of a market value assessment, including location, type and values of relevant properties.
11. Identification of possible properties based on the client’s selection criteria.
12. Organising inspections.
13. Providing information about the counter party to the transaction.
14. Proposing a draft preliminary contract with mandatory clauses or a standard lease.
15. Organising the notarial transaction or the signing of a notarised contract.
16. Protection of private information.

The intermediary does not assume liability for actions or advice that should be taken from a qualified legal representative.

 9.Contract for exclusive representation- contract between a client and a broker, for a definite period, during which only this broker for the property specified in the contract has the right to advertise, organise and implement inspections, meetings, negotiations and participate as an intermediary in making contracts between the client and potential counter parties of the property subject to this contract. Regardless of who is involved in the transaction exclusivity means that the client agrees to compensate the intermediary in full and in accordance to the agreement. Next, it is common practice for inspection reports to be drawn up at the time of the inspection and to be signed by the relevant broker - agent working for the real estate agency, and not by the manager or another person who is a legally authorised representative of the real estate agency.

10.Protection of personal data-

In order to carry out its activities, MyVision Real Estate collects, processes, analyses and provides information related to the demand and supply of real estate in order to carry out real estate brokerage transactions.

 In connection with its activities as a professional real estate broker, MyVision Real Estate collects and provides users with information that may include: a unique offer number and / or request, the exact location of the offered properties, photos and videos of the property, information about the ownership of the properties, regarding the documents for ownership of the properties and other documents necessary for the transaction, personal data of the users such as: three names, number, date of issue, place of issuance of ID card, PIN and permanent address.