In your search for property in Monaco, our agency is by your side to guide you in your choice. We advise you throughout the entire purchasing process.

A simplified acquisition process

Entrusting your project to our agency of experts will simplify the process of purchasing your property. You will only need to provide us with the following information:

  • your needs: rental/capital investment or intended use (residential/commercial)
  • your budget for this project
  • whether you are coming with family, alone or as a couple
  • whether you have a preferred neighbourhood
  • any information you consider necessary to allow us to best support you in your project

Armed with all this information, we will propose properties that are publicly listed for sale, as well as those whose sale is much more confidential. This is where our added value lies as a local agency with mastery of the market. Indeed, our partners share "off-market" opportunities with us. A real estate market that is neither displayed in agency windows nor on websites dedicated to property in the Principality.

We will visit the properties that have caught your attention with you and help you assess their true value. We will conduct negotiations with the seller on your behalf, under your control and in accordance with your price expectations.

Once an agreement is reached, a purchase offer will be drafted by our team. On this point, we draw your attention to the fact that any acceptance of the offer countersigned by the seller constitutes a definitive commitment. Only the conditions precedent mentioned in the purchase offer could then release you from the contract.

We ensure that this purchase offer includes all mandatory legal conditions:

  • the identity of the buyer, verified against identification documents,
  • a clear description of the property targeted by the acquisition,
  • the sale price of the property as well as the payment method you have chosen,
  • the validity period of the purchase offer,
  • the charges as well as the conditions applying to the sale,
  • the well-known conditions precedent, which may take the form of works to be carried out, or financing to be obtained, and which must be fulfilled within the specified timeframes,
  • the various fees and charges applicable to the purchase of your future property,
  • finally, the deadline by which the execution of the authentic deed must take place between the seller and yourself.

Once the offer is duly accepted, we can deposit your deposit cheque with a notary in the Principality. You may also make a bank transfer directly to the notary's office account, within 48 hours. The purchase offer will then be accepted and neither you nor the seller may withdraw.

Do I need to draft a preliminary sales agreement?

The preliminary sales agreement is not a mandatory act in Monaco. Nevertheless, it is safer to draft one if you are purchasing your property through a bank loan or if the property may be pre-empted by the State.

Indeed, the Principality of Monaco reserves the right to pre-empt real estate properties whose construction predates the year 1947. The administration then has a period of 30 days from the signing of the preliminary agreement to substitute itself for you in the property acquisition process.

How does the handover of keys work?

The signing of the authentic deed takes place at a notary's office in the Principality. A key moment of your purchase, your signature on the deed gives it the force of res judicata.

Its date marks the beginning of your new status as property owner. It is at this moment that the keys are handed over to you. But first, you must settle the notarial fees related to the property acquisition:

  • The purchase of a new property or one under future completion requires payment of fees amounting to 2.5% of the total value of the property.
  • In the case where you purchase the property as a natural person, or through a civil company registered in the Principality, the fees are set at 6% of the property value.
  • A purchase made on behalf of an offshore or foreign company gives rise to fees amounting to 7.5% of the total value of the property.
  • Finally, life annuity sales are subject to fees amounting to 6% of the estimated value of the lump sum plus the sum of 10 years of annuity payments.

In addition, agency fees are set by the schedule of the Monaco Real Estate Chamber at 3% excluding tax for buyers on the purchase price; which must be settled at the latest at the time of signing the authentic deed.

You are now in possession of the keys to your new property. If it is a property dedicated to rental, we can also assist you with the rental management of your property.

Sources:

  • https://service-public-particuliers.gouv.mc
  • Loi n. 1.381 du 29/06/2011, relative aux droits d'enregistrement exigibles sur les mutations de biens et de droits immobiliers, section II, Des droits d'enregistrement et d'hypothèque.
  • Ordonnance n. 1.016 du 04/11/1954, fixant les modalités d'exercice du droit de préemption insitué par l'article 28 de la loi n°580, du 29 juillet 1953.
  • https://www.legimonaco.mc