The steps to buying a property in Monaco

Would you like to become the owner of a property in Monaco? Our estate agency will guide you step by step through the purchasing process. The Monaco property market attracts many buyers every year and offers many advantages for residents and businesses alike. To guide you in your search for the property that meets your criteria, it is best to contact a Monaco estate agent. Our House&Co. team offers its expertise, network and extensive knowledge of the market to assist buyers in their search for the ideal property.

 

1. Defining your needs

 

The first step is to gather together all your criteria: number of rooms, budget, desired area, etc. Our team will offer you a varied selection of properties, whether they are marketed publicly or more confidentially (off-market). Viewings will be organised for the properties selected

 

2. The offer

 

Once you have found your property, we formalise your interest by means of an offer to purchase. It is important to note that in Monaco, the offer to purchase is accompanied by a deposit cheque generally representing 10% of the sale price, or that a bank transfer must be made within 48 hours of acceptance. Unlike in other jurisdictions, there is generally no right of withdrawal, unless conditions precedent have been specifically mentioned in the offer to purchase.

3. Compromise

Although it is not compulsory in Monaco to have a preliminary sale agreement, it may be necessary if there are special conditions or if you are taking out finance.

4. Balance and closing of the transaction

A few days before you sign the deed of sale at the notary’s office, you will be sent a statement of account and you will be asked to pay the balance by the day of signing at the latest.

5. Signing the deed of sale

Signing the deed of sale at the notary’s office confirms the legally binding sale. The keys will be handed over to you at the end of this meeting, which closes the sale.

6. Details of costs

– Purchase of a new property: 2.5% of the value of the property (1.5% notary’s fee + 1% registration fee).

– Acquisition by an individual or a civil company registered in Monaco: 6.25% of the value of the property (1.5% notary’s fees + 4.75% registration fee).

– Acquisition by a property dealer: 1.5% of the value of the property (notary’s fees only). The property must be resold within 4 years, otherwise a penalty of 6%, in addition to the 4.75% transfer duty, will be applied to the value of the property.

In addition to these costs, the buyer will have to pay the estate agent’s fees, which are set by the Monegasque Real Estate Chamber at 3% + current VAT. If the purchase is financed by a mortgage, a registration fee of 0.92% on the amount of the mortgage assignment will be payable. Depending on the type of financing, other costs may apply.