Buying Property in Montenegro

Buying Property in Montenegro: A Comprehensive Guide for Clients

Introduction

Buying property in a foreign country can be both exciting and challenging. As a prospective buyer in Montenegro, understanding the process is essential to ensure a smooth and successful transaction. In this guide, we’ll walk you through the steps involved in purchasing real estate in this beautiful Adriatic gem.

1. Market Research and Property Selection

Begin by researching the Montenegrin real estate market. Understand property trends, pricing, and demand.

Work with a reputable real estate agency to explore available properties. Local expertise and international network will be invaluable.

2. Negotiation and Reservation Deposit

After finding your dream property, consult your agent to determine a fair value.

Negotiate the price with the seller.

Leave a reservation deposit (typically 5% to 10% of the agreed price) to secure the property. You can place the deposit with the notary, lawyer, owner, or your real estate agency.

3. Due Diligence and Legal Checks

Consult the cadaster books (available online) to verify property ownership and boundaries.

Engage an lawyer ( if there’s need ) to participate in the transaction. They’ll ensure legal compliance and protect your interests.

4. Buying Property in Montenegro, Notary and Contract

The notary oversees the contract execution. They ensure compliance with regulations.

Draft a purchase agreement that includes all relevant details (property data, price, payment terms, etc.).

5. Costs and Fees

Factor in additional costs:

Notary fees
Legal fees
Property transfer tax
Agency commission (in our agency is paid by the seller)
Registration fees
Translator fees (if needed)

6. Finalizing the Purchase

Sign the contract at the notary office.
Transfer the remaining funds to the seller.
The notary registers the property in your name.

7. Post-Purchase Considerations

Register your ownership with the local authorities.
Settle any outstanding taxes and fees.
Consider ongoing maintenance costs and property management.