What is the process for buying a property in Montenegro?
Purchasing a property in Montenegro is simple and straightforward. With the recent introduction of notaries, the whole process is safe and transparent for both parties.
- Once you have agreed on the purchase price of the property you wish to buy, we would recommend appointing a lawyer who has a licence to work in Montenegro. They would check the property deeds and negotiate the contract terms. We are happy to provide a list of lawyers.
- A deposit is usually placed to take the property off the market. This is typically held by the agent, but sometimes by the seller or the lawyer.
- The Sales and Purchase Agreement (contract) must be signed in front of the appointed notary in Montenegro by both the buyer and the seller in person, or via their representatives who have Power of Attorney. If one of the parties is not from Montenegro, and does not speak Montenegrin, it is mandatory for a licenced interpreter to be present during the signing and to translate the text of the agreement and all discussion in the meeting to the buyer or the seller.
- The Sales and Purchase Agreement contains all details and conditions of the purchase.
- The purchase price is paid via bank transfer either to the vendor directly or to the notary’s escrow account according to the dynamics stated in the Contract.
- After the Sales and Purchase Agreement is signed and the purchase price paid in full, the notary sends all documents to the land registry for change of title to be processed.
- At this point 3% purchase tax or title transfer tax is paid.
- Usually within a few weeks the property is registered in your name.
- You or your lawyer are now able to change any utility bills into your name.
Please feel free to contact us on info at montenegroprospects.com if you have any questions.