The procedure for buying property in Monaco

After discussing the final cost of buying the object you like, the agreement must be sealed with an official written offer. In Monaco, an offer to purchase is made only in writing, it contains the following mandatory points:

• detailed description of the property;
• offered price;
• the name of the real estate agency;
• the period during which the offer is valid;
• personal data of the buyer and place of residence;
• agency commission (paid by the buyer);
• conditions under which the transaction may be delayed.

The buyer signs the offer in the presence of an agent who hands over the document to the seller.

In case of agreement with the described conditions, both parties sign a preliminary agreement - compromis de vente. It prescribes the terms of the transaction and the data of the parties. At this stage, the presence of a notary is required.

At the conclusion of the preliminary contract, the buyer must pay a deposit of 10% of the value of the property. Money is credited to a separate account of a notary office or a real estate agency.

After signing the preliminary contract, within two to three months, the notary collects all the information on the object, checks its legal purity and forms a package of documents. The future owner will need:

• identification documents: copy of passport, marriage/divorce certificate, birth certificate, etc.;
• confirmation of the country of residence;
• a copy of the residence permit or visa, on the basis of which the buyer is in Monaco;
• if the deal is with commercial real estate, you also need a license from the administration.

After checking the object and preparing documents in the presence of a notary, a contract of sale (acte de vente) is concluded.

At the same stage, the buyer transfers the remaining amount. He becomes the owner only after the receipt of the entire amount to the notary's account, after which the notary transfers the money to the seller.

Immediately after signing the final contract, the notary proceeds to register the ownership at the registration office. After that, the new owner must insure the object. Comprehensive insurance cannot be waived.

If housing in Monaco is purchased jointly with relatives or friends, the most beneficial option for the buyer is the creation of a civil society (societe civile immobiliere).

The whole transaction, from viewing the object to signing the final contract, can be carried out remotely by drawing up a general power of attorney for the real estate agency with which the investor works.

Mercury Estate specialists take care of the entire process of buying real estate in Monaco, mprehensive turnkey document package, all while extending the support to our investors through a wide array of concierge services.