What is the process for buying a property in Montenegro?

What is the process for buying a property in Montenegro?

Purchasing a property in Montenegro is a simple process and we do everything we can to ensure your purchase runs as smoothly as possible. An outline of the process is set out below, but each sale is different and these are only general guidelines, Please email info@montenegroprospects.com for more details

  • Negotiate a price acceptable to you and the vendor.
  • Place a deposit (between 1000 euros and 10% of purchase price) to take the property off the market, and a reservation agreement would be signed by both parties. The deposit would usually be held by the vendor, his lawyer or the agent
  • Open a local bank account – this can be useful for paying taxes and bills later on
  • Appoint a lawyer (licensed in Montenegro) in Montenegro or UK to act on your behalf
  • The contract terms are negotiated between the buyer and the seller – this is usually done by the lawyers
  • The contract is signed by you, or your lawyer (via Power of Attorney) in the notary`s office in Montenegro and the remaining balance is transferred from your bank account (in Montenegro or your home country) to the vendor according to the dynamics stated in the Contract
  • Once the full purchase price is paid to the seller, usually the lawyer or the notary applies  to land registry for the change of the title
  • 3% purchase tax is paid. (The value of the property is determined by the Inland Revenue office).
  • The property is then registered in your name
  • We do not charge a fee to buyers