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 look at offical site of chamber of lawyers in Montenegro which can be founded 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 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.
Related text to this topic: The cost of buying property in Montenegro