In order for foreign purchasers to complete a sale, their country of origin must have a reciprocal agreement with Serbia & Montenegro.
In the case of Britain and Ireland for example such an agreement exists.
The selling and buying of properties is without restriction in Montenegro and is regulated by law and legally secure.
Ownership is guaranteed and in that respect there are no specific limitations, the only exceptions being public property i.e. streets, squares, public objects of special importance etc of which the sale and purchase is not permitted.
The steps involved in purchasing your dream property in Montenegro are outlined below.
The contract is then signed and exchanged in the presence of a notary public.
However, if the buyer is not present, the power of attorney can be provided for the lawyer.
The buying process is very straightforward and it can take from 3 to 30 days.
Once the contract is signed and purchase tax of 2 of the valuation given by the Inland Revenue Office.
Agency fee of 4) of the purchase price (Minimum charge of 3,000euros)
Lawyer fee of 750euros
Surveys
Surveys are not typically commissioned in Montenegro.Clean Title
One of the most important aspects of your property purchase in Montenegro is establishing that the property has 'clean title' - In other words, the seller has legal authority to sell the property and there are no pending claims on the property before the courts.
Over the years, the property administration system has lacked an effective method of tracking ownership of land and/or buildings.
It is therefore important to ensure you deal with an Independent Lawyer in Montenegro when purchasing property there.
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.