Property Purchase guide
Purchasing real estate in Monaco is an exciting opportunity, whether you’re looking for a luxurious residence or a sound investment. At Groupe SMIR, we ensure a smooth and secure property acquisition process, handling every detail with professionalism and expertise.
Our Step-by-Step Process
1. Written Offer
The purchasing process begins with submitting a written offer to the seller. This document includes:
- Your personal details.
- A detailed property description.
- The proposed purchase price.
- The validity period of the offer.
- Information on solicitor’s fees and agency commissions.
Typically, a 10% deposit of the sale price is required at this stage, securing your interest in the property.
2.Preliminary Sales Agreement
Once the offer is accepted, a preliminary sales agreement (also known as the “compromis de vente”) is prepared. This agreement outlines all terms and conditions of the sale, protecting both the buyer and the seller before finalizing the transaction.
3. Authenticated Deed
The final stage involves signing the authenticated deed (“acte de vente”) in the presence of a Monaco solicitor. This document officially transfers ownership to the buyer, completing the transaction.
Associated Costs
Purchasing property in Monaco involves additional costs, which are essential to consider:
- Registration and Solicitor Fees: Approximately 6% of the sale price.
- Agency Fees: Set at 3% of the sale price, plus 20% VAT on the agency fee.
- Deposit: A 10% deposit is typically required upon submitting the offer.
Official Rates
| OPERATIONS | SELLER | BUYER |
|---|---|---|
| SALE OF REAL ESTATE completed or terminated by the seller or buyer | 5% | 3% |
| SALE OF BUSINESS ASSETS AND INDUSTRY | 6% | 3% |
| SALE OF BUSINESS ASSETS UNDER RIGHT OF FIRST REFUSAL | 6% | - |
| EXCHANGE OF REAL ESTATE OR BUSINESS ASSETS | 5% | 5% |
| MANAGEMENT OF BUSINESS ASSETS AND INDUSTRY (for the duration of management - maximum 3 years) | 5% | 5% |
Why choose groupe SMIR?
With years of expertise in the Monaco real estate market, Groupe SMIR offers:
- Market Insights: Comprehensive knowledge of market trends and property values.
- Legal and Administrative Guidance: Expert assistance with all legal and administrative aspects of purchasing property.
- Tailored Support: A dedicated team to answer your questions and guide you through every step of the process.