How to sell your property in Monaco?

Share:

Our expert team will guide you through all the necessary steps for the realisation of your sales project in Monaco.

Evaluate the value of your property 

A good estimation of your property will allow a quick sale, because the real value of your property will attract the right buyers. To appreciate the real value of your property, one of the negotiators of our agency will come and visit your property in order to gather the maximum of elements allowing us to estimate the right price. Here are the methods we use to estimate your property value

We manage the whole administrative part of the sale

We take care of everything to make your experience as pleasant as possible. We collect from you all the necessary documents for the sale of your property, i.e:

• Your certificate of ownership of the property for sale,
• A copy of your identity papers (valid passport and identity card and/or residence permit)
• A copy of a proof of address
• The last three meeting minutes of the general meeting of co-owners,
• The co-ownership regulations,
• All the legal documents relating to your company, if you are selling as a legal entity,
• The rental management file, if the property you are selling is subject to a rental lease,
• The work completion file for construction sites subject to a permit.

Once your file is complete, our team will propose the conclusion of a sales mandate. This is a contract indicating the sale price, our remuneration, the duration of the contract and its conditions. It is a bilateral contract that is mutually binding.

Everything you need to know about the sales mandate

The sales mandate can take three forms. It can be simple, exclusive or co-exclusive:

The simple mandate 

This type of mandate allows you to entrust the sale of your property to several real estate agencies (legally referred to as trustees). It also gives you the opportunity to sell your property yourself. The agency who is able to put you in touch with a buyer and lead the negotiations will be the only one to be paid for their service.

This type of mandate gives you a great deal of freedom of action, but has some negative aspects. The high level of competition between service providers reduces their chances of being paid. This often tends to limit the involvement of our competitors. In addition, it is common to see the same property advertised with different information such as selling price, surface area... which is a serious handicap in negotiations with potential buyers.

It is therefore an interesting mandate for you if you wish to keep control of the sale of your property, but it can however be particularly counterproductive.

The exclusive mandate 

The exclusive sales mandate entrusts the sale of the property to a single real  estate agency.  The communication about the property is much more coherent. Moreover, the real estate agency, knowing that it is the only one in the race to sell the property, will put all the financial and human resources necessary to maximise the sale in the best possible time and conditions.

The strategies for the sale of the property will be decided by one and the same team, which will allow the buyers to see a coherent offer. The feeling of reliability is crucial in the later phase of the negotiations. Indeed, trust between the parties during the negotiations is the main ingredient of a successful sale.

As this is an exclusive mandate, you should choose your agency with care. Indeed, you will lose the freedom to sell your property by yourself or to put several agencies in competition. However, by working with our agency, you will benefit from a single point of contact to centralise all requests from potential buyers or other agencies, and have full control over your property and the information disclosed.

The co-exclusive mandate 

The co-exclusive mandate may be the hybrid solution in cases where neither the conditions of the simple mandate nor those of the exclusive mandate will satisfy you. This mandate is based on the same principles as those defining the exclusive mandate, presented above. However, it allows you to entrust the sale of your property to two real estate agencies.

It has exactly the same advantages, which are a greater provision of financial and human resources by the agencies and a more harmonised communication strategy than in the simple mandate.

When it comes to choosing between these different types of mandates, especially if you are hesitating between an exclusive or co-exclusive mandate, it is best to contact the agency you prefer. In this way, they can direct you to a representative with whom they can work together to create synergy. In this way, you multiply your strengths to achieve better results.

How to we sell your property 

Our teams create a sales pitch which will be accompanied by visual content (HD videos and HD photos in 360°) on all the networks we master (website, social networks, press reviews etc). Once a buyer is interested, we show them the property with one of our negotiators.

Following this process, if the client is interested in the property, we will draw up an offer to purchase on their terms and conditions, together with a cheque for 10% of the sum offered, made payable to the notary, to prove their willingness to purchase the property. Please note that we are in constant communication with the seller and the buyer during the sale process. In the event that there is an agreement on the price and the property, we make an appointment with a notary in the Principality to sign the preliminary sales agreement. The cheque is cashed as a deposit on the sale price of the property.

As we pointed out in our guide to buying a property in Monaco (href_blanck our guide to buying a property in Monaco), the signing of a preliminary sales agreement is not compulsory, but may be necessary, particularly in the context of the Monegasque State's right of pre-emption. This right applies to all properties built before 1947.
Finally, once all the conditions precedent have been lifted within the time limit, it will be time to return to the notary's office for the signing of the deed of sale, at which time the buyer will have to pay the full amount corresponding to the price of the property, less the deposit, as well as the notary's fees of 6% and the agency commission of 3%, excluding tax, on the price of the property, in accordance with the scale of the Monegasque Real Estate Chamber. If one of the conditions precedent is not met, the deposit cheque will be reimbursed to the buyer and the sale will be considered cancelled.

Disbursement of funds

Once the documents have been signed before the notary, the funds will be paid to you by the notary's office within 15 days, after deduction of the seller's agency fee, which is fixed according to the scale of the Monegasque Real Estate Chamber at 5% exclusive of tax on the sale price.

We hope that you could learn  more about our process of selling a property in Monaco.

Share: