Buyers Guide

Advice on buying Monaco Property

You have found a Monaco property you wish to purchase what next?

Monaco Property Buyer's Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure.
Purchasing property in Monaco.

The Principality of Monaco is an independent sovereign state set in the heart of Europe on the "Cote d'Azur" between Cannes and the Italian border.
It has a resident population of 35000 and occupies just over one square mile on the Mediterranean coast.
Having found the property you wish to purchase in Monaco this is a general guide of what to do next.
Both parties having agreed upon the price usually sign an agreement to purchase (compromis de vente).
At this stage, under Monaco Law you are required to pay a 10% deposit to secure the property sale, this is held by your Estate Agent in Monaco.
This agreement to purchase can be prepared by either your Monaco agent,legal advisor or the Monaco public Notary.
(If your knowledge of the French language is not good its best to go with one of the above who speaks your language, as well as French, as they can protect your interests throughout the Monaco property transaction)
The "compromis de vente "is a legally binding agreement between the Monaco property purchaser and the seller.
Under French law the purchaser has a eight day "cooling off" period and can withdraw from the property purchase and get their deposit returned in full.
However after the eight day "cooling off" period if you change your mind and withdraw from the property sale agreement you will loose your deposit.
When the seller signs the agreement he is committed to sell the Monaco property to you.
Any conditions of sale should be entered into the property sale agreement now i.e. if you require a mortgage in Monaco the agreement should read "subject to the mortgage being approved".
An accurate description of the property being sold, plus any items of furniture included in the sale should be entered into the property sale agreement at this time to avoid any problems later.
Properties in Monaco constructed after a certain date requires to be inspected and a report prepared to confirm the absence of termites lead, and asbestos.
Now that the property sale agreement has been signed, your Monaco agent will check the properties title deed.
Any mortgage applications will be dealt with by a Public Notary who will charge an additional 1% of the value of the loan for this service.
At this stage you could need advice on taxation, depending on circumstances it might be to your advantage to purchase the property in a company name rather than an individual's name.
After all conditions relating to the property sale agreement have been met, both parties meet at the Notary's office to go through the documents (in French) before the property transfer document is signed, the balance of the property sale price, the property sales Tax 5%, the Notarios fees plus any minor expenses 2%, the 1% fee for signing the mortgage agreement (if required) are paid to the Notary at this point.
You will get a receipt for the purchase price of the Monaco property plus receipts for taxes and fees paid in Monaco and a document confirming your purchase (attestation de propriete) and the keys to what is now your property in Monaco.
Later you will receive an exemplified copy of the property purchase deed, the original is held by the Monaco notary.

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These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.

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