BUY AN APARTMENT IN MONACO
Buying or selling a property in Monaco is very easy. There are no restrictions for foreigners. The transaction can be concluded quickly and our team of real estate agents is at your disposal to assist you in all stages of your project to buy, sell or rent in Monaco and on the French Riviera.
The steps of the sale and/or purchase of a flat in Monaco
The simple or exclusive sale mandate accompanied by a certificate of ownership are the essential documents to enable us to distribute the properties for sale on our sales media and through our many networks. Investors selected by our agency will have the opportunity to make an offer without risk and with full knowledge of the properties visited.
In order to be valid, the buyer's offer must be guaranteed by a cheque or bank transfer for 10% of the price offered, which will be cashed by the Notary of his choice. Within a reasonable period of time, the Notaire will draw up the preliminary sales agreement with the technical information provided by the agency, which must be signed and initialled by the Seller and the Buyer. Once all conditions precedent have been lifted the sale can proceed.
The notaire will arrange a meeting with the buyer, the seller and a representative of the agency to sign the deed of sale. The buyer will then transfer all the funds, including the agency fees, to the Notaire. The Notaire will in turn make the payment to the vendor and the agency.
However, it is possible to shorten the transaction time by proceeding directly to the signing of the deed of sale in the absence of conditions precedent.
Costs of buying a flat in Monaco
The costs of buying a flat in Monaco are divided between agency fees and notary fees. The notary's fees represent 6% of the price of the flat for a purchase in your own name or via a SCI. In the case of a new flat, the amount of notary fees is reduced to 2.5%.
In the case where the purchaser is an offshore company, he will have to pay a transfer fee of 9% of the sale price to the notary. However, upon resale, the future purchaser will benefit from an exemption from these costs, as it will be sufficient to transfer the shares of the company in order to carry out the resale.
The commission received by the agency is 3% excluding VAT of the sale price, i.e. approximately 3.6% of the amount of the sale including VAT. The balance of the sale price as well as the above-mentioned fees will be payable at the signing of the deed of sale with one of the three Notaries of the Principality of Monaco.
Buying or selling a flat under the law in Monaco
There are a small number of flats in Monaco subject to special laws governing the amount of rent and/or the nature of the tenant. Anyone can purchase these flats but it is important to be aware of these specificities before making an acquisition.