How to buy an apartment in Monaco?
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 organized around 3 stages: the purchase offer, the signing of the sales contract, then the legal transfer of the property.
The purchase offer: a process specific to Monaco
Once the apartment has been chosen by the future buyer, the negotiation process with the seller can begin. Negotiations are based on a written offer by the buyer, presented to the seller by the real estate agency. Indeed, oral offers are not part of the Monegasque buying process. The purchase offer must contain several pieces of information, namely:
● A detailed description of the property;
● The purchase price proposal and its validity period;
● Information about the identity of the buyer, as well as proof of address;
● The amount of the commission of the real estate agency and the notary fees.
In order to confirm his intention to purchase, the purchaser 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
When the written offer 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 sales contract: a signature before a notary approved in Monaco
The notarial deed of sale is drawn up following the agreement between the 2 parties. It must be signed in front of the notary. The buyer must, at this stage, pay the following sums:
● Notary fees, the average equivalent of 6% of the value of the property;
● The commission of the real estate agency, 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.
The legal transfer of the property: the finalization of the transaction
This last step in the purchase of real estate in Monaco is carried out by the public notary. The latter authenticates the documents related to the sale by affixing his seal and signature. The notary is thus the guarantor of the will of the buyer to buy, and of 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 of the signing of the contract of sale of the real estate. From there, the buyer can therefore take advantage of his new property, as well as the advantages of real estate investment in Monaco.
Both Monegasques and foreign nationals can buy property in Monaco simply by following the Principality's own purchasing process. Entrust your real estate search to Piras Immobilier and let yourself be guided by professionals in the sector.