Purchasing a property in Montenegro (how to)
Purchasing a property in Montenegro is a simple process.
We there to ensure your purchase runs as smoothly as possible.
How to purchase the property in Montenegro step by step:
- Once you decide which property you wish to buy, we help negotiating the price acceptable to you and the vendor.
- Then we recommend to appoint a lawyer (licensed in Montenegro) to act on your behalf. We are happy to provide a list of recommended lawyers or you can check the official site of the chamber of lawyers in Montenegro which can be found here.
- The lawyer will check the deeds of the property and advise if there are any problems.
- Usually at this point a deposit is placed to take the property off the market and a reservation agreement is signed by both parties.
- The deposit is held either by the vendor, his lawyer or the agent.
- 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 purchase price 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, the notary sends the purchase Contract to the land registry for the change of the title.
- 3% purchase tax or title transfer tax is paid. (The value of the property is determined by the Inland Revenue office).
- The property is then registered in your name
There are no restrictions on foreign buyers from EU buying properties in Montenegro. However, non-EU buyers need to set up a company for the purchase of the agricultural land.
Related text to this topic: The cost of buying property in Montenegro