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HOW TO BUY AN APARTMENT IN MONACO

Monaco Properties aim is to help you buy, sell, or rent an apartment in Monaco. There are no restrictions for foreigners, therefore, our multilingual agents will be at your disposal to assist you in all stages of your project in Monaco and on the French Riviera.

As an official member of the Monaco Real Estate Chamber, we can ensure professionalism for our clients. From apartment search and price negotiations to mortgage offers and legal paperwork, our agents will assist you in meeting your objectives with ease.

 

Define your apartment search criteria & viewings

  • You should begin by establishing your primary criteria for your apartment search and you should define a purchasing budget. When you've made your decision, your real estate agent will offer you a selection of apartments matching your criteria that you will be able to visit. Common search criteria that you can take into consideration include: sea view, 2 bedrooms, parking, central location.

Make an offer & negotiate the price

  • Once you've found a suiting apartment, your real estate agent will prepare a purchase at the price and terms you’ve agreed upon. Important conditions to define in the offer: offered price, validity of the offer (usually 48 hours), credit condition, completion date, the notary of your choice.

  • Upon seller’s acceptance of the offer, the buyer will pay a deposit to the notary (usually 10% of the overall price) to demonstrate his commitment to purchase the apartment. The offer becomes a legal document once it is accepted and accompanied by the payment of the deposit. The deposit is forfeited if the buyer decides not to proceed with the deal.

Fees related to the purchase of an apartment in Monaco

  • On top of the apartment price, the buyer is responsible for the payment of the notarial fee (1,5% of the apartments' price) and registration fee (4.5% to 6.5% of the overall price) as well as an agency fee (3.6% incl. VAT of the overall price).

  • The total of fees and the purchase price must be transferred to the notary before the date of completion to ensure a friction less transaction of the signature of the deed of sale between the buyer and the seller.
  • The Monaco Notaire is an institution with the exclusive right to prepare the Deed of sale. The notaries also guarantee that the purchased apartment Is free of any pledge on the date of completion. There are three Notaries in Monaco: M. Henry Rey, Me. Nathalie Aureglia-Caruso, Me. Magali Crovetto-Aquilina.

Completion of the deal 

  • In the presence of the Notary, both buyer and seller read the Deed and agree upon any adjustments. Once the deed of sale Is signed, the Notary provides an attestation to both parties and credits within two weeks the seller with the sale price discounted by the agency fees.

  • Two weeks later, the Notary receives the confirmation of registration from the Land Registry and provides the buyer with a copy of the deed of sale as a proof of ownership.

 

For further information, please contact MONACO PROPERTIES : 
 

Tel : +377 97 97 33 97 

Whatsapp : +33 6 40 62 65 76

Email : info@mpmonaco.com 


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Issue 05 | 2023

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