Buying Real Estate in Monaco
Monaco is a small city-state on the Mediterranean, and the vast majority of this country’s population is wealthy foreigners. Most of the dwelling in Monaco is in apartments, and buying real estate is a straightforward process.
Attorneys and Real Estate Agents
A real estate attorney can be helpful in the process of acquiring property in Monaco, but is not necessary.
Foreigners will likely end up working with a real estate agent in this process. The buyer and seller are both responsible for paying the agent’s commissions.
Rules, Regulations and Restrictions
There are no restrictions against the foreign ownership of property in Monaco.
General Process
First, the foreign buyer must make an offer to the property’s seller and have this price approved. A sales contract must then be drawn up and signed by both parties in the presence of a notary. The buyer is usually responsible for putting down a deposit to secure this property, which is generally 10% of the final purchase price.
After this is signed, the buyer is responsible for arranging the funds to pay the seller. The documents must also be prepared for the transfer of property. Once everything clears, the transfer deed must be prepared and executed before the notary.