Foreign individuals and legal entities can purchase a property in Montenegro. Houses and apartments are easy to acquire by foreigners, but they have to register a company in Montenegro if they want to purchase land in this country. The Law on Proprietary and Ownership Rights in Montenegro is the legal framework to regulate the conditions for purchasing a property in Montenegro by foreigners. If you want professional experience in property conveyance, our lawyers in Montenegro are willing to assist you.
Several steps have to be fulfilled for buying a property in Montenegro:
• Find a property that fits your budget;
• Make an offer for it;
• Hire a solicitor and a surveyor;
• Confirm the offer/mortgage;
• Sign the buying/selling contract;
• Complete the transaction.
Our law firm in Montenegro can provide real estate due diligence services to anyone interested in buying a property in this country. Having the property investigated and assessing eventual risks attached to it is highly recommended before purchasing a property in a foreign country. Once you choose a property of your liking, a buying contract is drawn and signed by both buyer and seller. Our lawyers in Montenegro can write a legally bounding contract that suits the buyer`s needs and prevents litigious situations. Their signatures have to be authenticated by a court in Montenegro.
The Local Council Offices have to confirm the ownership and establish the value of the property. A transfer tax of 3% of the property value has to be paid by the buyer. After this tax is paid, the contract has to be registered with the Area Property Registry. The payment of the buying price is the final step in owing a property in Montenegro. If you need legal help with the property acquisition process, our attorneys in Montenegro are ready to represent you.
The total costs of selling and purchasing a property in Montenegro range between 6% and 9% of the property value. The 3% transfer tax is paid by the buyer and the real estate agent`s commission is shouldered on the seller. The Value Added Tax (VAT) tax of 19% has to be paid for the transfer of newly built properties. Notarization is compulsory for buying-selling contracts; the notary fees reach 0.01% of the property value. The common practice in Montenegro requires a hired lawyer to prepare the transaction papers. If you want honest and affordable legal services, please contact our law firm in Montenegro.
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