Purchasing a property in Montenegro (how to)
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:
- Once you decide which property you wish to buy, we help negotiatingthe price acceptable to you and the vendor.
- Then we recommend to appoint a lawyer (licensed in Montenegro) to act on your behalf. The lawyer will check the deeds of the property and advise if there are any problems. We are happy to provide a list of recommended lawyers.
- 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 for the foreign buyers to buy properties in Montenegro. Only if you are buying the agricultural land you would need to set up a company for the purchase.