In Monaco since 1976
+377 93 25 30 00
+377 93 25 30 00
In Monaco, the acquisition of an apartment is not subject to any restrictions. It is therefore easy to buy a Monegasque property. The purchase of a property in Monaco is organised around 3 stages: the offer to purchase, the signing of the sales contract, and then the legal transfer of the property.
Once the apartment has been chosen by the future buyer, the negotiation process with the seller can begin. Negotiations are made on the basis of a written offer from the buyer, presented to the seller by the real estate agency. Indeed, oral offers are not part of the Monegasque buying process. The offer to purchase must contain several pieces of information, namely:
● A detailed description of the property ;
● The purchase price proposal and its period of validity;
● Information on the identity of the buyer, as well as proof of address;
● The amount of the real estate agency's commission and notary fees.
In order to confirm their intention to purchase, the buyer must pay a deposit. The amount is, in most cases, 10% of the sale price. However, both parties can agree on another amount.
A written offer synonymous with commitment
Our team regulates the offer to purchase by entering the details of the potential buyer, the description of the property for sale (number of rooms, floor, building, address, etc.) as well as the purchase price you are proposing, then we send it to the seller of the property. When the written offer to purchase is accepted by the seller, there is a commitment between the 2 parties. On the buyer's side, if he wishes to withdraw from the transaction after acceptance, he loses the deposit paid, kept by the seller. On the seller's side, in the event of default, damages must be paid to the buyer.
The notarial deed of sale is drawn up following the agreement between the 2 parties. It must be signed before the notary. The buyer must, at this stage, pay the following sums:
● Notary fees, the average equivalent of 6,25% of the value of the property;
● The real estate agency's commission, i.e. on average 3% of the purchase price + 20% of the VAT of the purchase price;
● The balance of the purchase price of the apartment.
This last step in the purchase of a property in Monaco is carried out by the notary. The latter authenticates the documents related to the sale by affixing his seal and signature. The notary is thus the guarantor of the buyer's desire to buy, and the seller to sell his property.
This step certifies the sales contract, its content and its date.
The legal transfer of the apartment takes place on the day the contract for the sale of the property is signed. From there, the buyer can take advantage of his new property, as well as the advantages of real estate investment in Monaco.
Monegasques and foreign nationals can buy a property in Monaco by simply following the Principality's buying process. Entrust your real estate search to Piras Immobilier and let yourself be guided by professionals in the sector.
