How To Purchase Property in Monaco

How To Purchase Property in Monaco

The approximate cost per square meter of housing in Monaco is €36,000-44,000. But, despite such high prices, there are more and more people willing to buy property in the heart of the French Riviera. To do this is much easier than it seems at first glance. The main thing is to find a reliable partner in the person of a real estate agent in Monaco, and he will guide you step by step through all stages of the transaction.

The stages of purchasing real estate in Monaco

Each case of buying property in Monaco is individual. Somewhere, to begin with, one will need to open a bank account, someone needs to raise additional bank funds, and another person cannot decide on the object and he takes time to think over the options. However, in most cases, the plan for realizing the big dream of buying an apartment or house in the principality is as follows:

  1. A buyer should open a personal account in any bank of Monaco.
  2. A person selects property from those that are for sale.
  3. A formal offer for purchase is sent to the seller in advance. Such a document spells out the main terms of the transaction (date of transaction, cost of the object and other information).
  4. The terms of sale are agreed upon.
  5. Technical diagnostics of the property is carried out (equipment condition, risks, noise level, materials used during construction, etc.).
  6. A deposit of 10% of the total cost is paid. Here, the buyer does not transfer money to the seller’s account, but to a special account of a notary or real estate agency.
  7. A preliminary contract is signed.
  8. The transaction is checked by a notary for legal cleanliness (absence of debts, arrests, easements, etc.).
  9. The mortgage is being issued. This opportunity arises for the buyer only at the time of the preliminary contract function.
  10. The sales contract is concluded directly. The day before its signing, the buyer transfers the remaining amount to the account of a notary or agency.
  11. A notary registers a new owner of residential real estate by posting transaction information on Service de publicit fonciere.
  12. A certificate of ownership of real estate is transferred to the buyer.

To complete the transaction, the buyer of real estate in Monaco must have the following documents on hand:

  • passport;
  • marriage certificate;
  • documents confirming the address of residence.

If the apartments are bought in the name of the company, then constituent documents are additionally required.

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