What you need to know to sell your property in Montenegro
You can list the property with more than one agent at the same time In Montenegro, but it is a good idea to choose two or three reputable companies that are present both in local and international markets.
To list the property the agent will usually ask you to provide the following:
• The proof of ownership. The land registry data can be checked online so in most cases it is enough to send the land registry registration number (list nepokretnosti number) and the name of the Cadastar Municipality (KO).
• If you are not in Montenegro: Contact details of the person who has access to the property to take photos and later on for the viewings. Alternatively, you can leave the set of keys with the agent.
• Signed Contract with the agent.
• If you are selling the land you will need to provide the document from planning department that shows what can be built on the plot (UT Conditions).
Please make sure that all paperwork is in order, if there is any issue it is a good idea to solve it before you put the property on the market otherwise the potential buyers will be put off quickly.
The agent will suggest the best asking price for your property based on the other sold properties in the area.
Property photos and viewings: good photos are the best way to get many viewings so it is advisable to prepare the property to be photographed and also for visits. There are a number of things you can do at no or little cost that will help to show your property in its best light.
Here are a few simple tips:
• Clear away most personal items (clothes, displayed photos etc.) but important to leave the odd item (e.g. one coat hanging up, one photo frame on a shelf so that it looks lived in and not sterile)
• If the room looks cold, place a rug on the floor, a throw over a bed or sofa, put curtains or blinds up at the window
• Make beds up, as if you are expecting guests any moment
• Use air fresheners – ideally the plug-in type – this can do wonders if the property is not inhabited, and is especially important in older properties
• When styling photos for brochures and websites, you can increase the feel that this is a lived in, loved property by laying tables (even at the most basic level, with a couple of wine glasses and some olives)
• Place fresh colourful items, (e.g. a vase of flowers or a bowl of fruit) to convey freshness and life
• Put out sun loungers round the pool, chairs on the balcony etc.
• The idea is you want people to be able to picture themselves living there, to feel like they could move in immediately and be happy – sell life-style.
• It is worthwhile investing in cleaning and organizing outside space. The first thing a client sees is your courtyard and the first impressions are often the most important ones.
Once you have a buyer for your property, before the notary appointment and singing of the sales Contract you will need to have up to date settled and paid invoices for the water, electricity, rubbish disposal and the annual property and tourist tax.
If you cannot be present in front of the notary, we advise the sellers to hire a lawyer. Firstly – you can complete the sale without coming to Montenegro, you just send the Power of Attorney notarized in your country to your lawyer, and in addition, he/she will take care of the legal aspects, checking the Contract, organizing the documents you need for the signing of the Contract and settling the bills. The POA is specific and can be used only for one property.
In case you are married and your spouse cannot be present at the signing, you will need the notarized consent that the spouse is in agreement that the property can be sold, regardless if the property is registered only in one name.
The costs involved in selling the property:
• The agents fee,
• The lawyers fee,
• The Interpreters fee for translating the Contract, if both the seller and the buyer speak the same language the cost is usually shared.
All other fees, such as notary fee, purchase tax and legal fees are borne by the buyer unless agreed otherwise. Sometimes the buyer’s lawyer will request the original purchase Contract if you are re-selling the property.
The purchase price is always quoted in EUROs in the Contract. If you are receiving the purchase price in another currency you will need to have a foreign bank account and it is a good idea to use a currency broker who offers better rates of exchange.
The bank charges – please check what will your bank charge to receive the money to your account so that the buyer can calculate this in. Please check the link with more details on the steps involved in the purchase of the property in Montenegro