How to sell your property in Monaco?
Our expert team guides you through every step required to carry out your sale project in Monaco.
Estimate the value of your property
A good valuation of your property will help secure a quick sale because the true value of your property will attract the right buyers. To assess the true value of your property, one of our negotiators will come to visit it in order to gather as much information as possible to estimate the fair price. Here are the methods we rely on to value your property.
We handle the entire administrative side of the sale
We take care of everything so that your experience is as pleasant as possible.
We gather from you all the documents needed to sell your property, that is to say:
- your title deed for the property to be sold,
- a copy of your identity documents (valid passport and identity card and/or residence permit)
- a copy of a proof of address
- the last three minutes of the co-ownership general assembly,
- the co-ownership regulations,
- all the legal documents relating to your company, if you are carrying out the sale as a legal entity,
- the rental management file if the property you are selling is subject to a rental lease,
- the works completion file in the case of projects subject to a permit.
Once your file is complete, our team will propose entering into a sales mandate. This is a contract setting out the sale price, our remuneration, its duration and its conditions. It is a bilateral contract that binds us mutually.
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 sales mandate
This type of mandate allows you to entrust the sale of your property to several real estate agencies (more legally referred to as mandataries). It also leaves you the opportunity to sell your property yourself. The mandatary who has managed to put you in touch with a buyer and to lead the negotiations will be the only one to be remunerated for its service.
This type of mandate leaves you a great deal of freedom of action, but nevertheless has negative aspects. The strong competition between providers correspondingly reduces their chance of being remunerated. This often tends to limit the involvement of our competitors. Moreover, it is common to see the same property advertised with differing information such as the sale price, the 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 over the sale of your property, but one that can nevertheless be particularly counterproductive.
The exclusive mandate
The exclusive sales mandate entrusts the sale of the property to a single real estate agency. The communication carried out on the property is much more consistent here. In addition, the real estate agency, knowing it is the only one in the running to sell the property, will devote all the necessary financial and human resources to maximise the sale within the best timeframes and conditions.
The strategies relating to the sale of the property will be decided by one and the same team, which will allow buyers to see a coherent offer. The sense of reliability is decisive in the later stage of negotiations. Indeed, trust between the parties during negotiations is the main ingredient of a successful sale.
As this mandate is exclusive, you must choose your mandatary with care. Indeed, you will lose the freedom to sell your property 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 to maintain perfect control over your property and the information disclosed.
The co-exclusive mandate
The co-exclusive mandate can be the hybrid solution in the case where neither the conditions of the simple mandate nor those of the exclusive mandate satisfy you. This mandate is based on the same principles as those governing the exclusive mandate we have just presented. However, it allows you to entrust the sale of your property to two real estate agencies.
It offers exactly the same advantages, which are a greater allocation of financial and human resources on the part of the agencies and a better harmonised communication strategy than in the simple mandate.
When it comes to choosing between these different types of mandates, particularly if you are hesitating between an exclusive or co-exclusive mandate, it is best to get in touch with the agency you favour. In this way, it will be able to direct you towards a mandatary with whom joint work can be carried out so that a synergy takes place. You thus multiply the forces to achieve better results.
How do we sell your property?
Our teams produce a sales pitch that will accompany the visual content (HD videos and 360° HD photos) across all the channels we master (website, social media, press reviews, etc.). Once a buyer is interested, we have them visit the property accompanied by one of our negotiators.
Following this process, if the client is interested in the property, we draw up a purchase offer setting out their conditions, accompanied by a cheque for an amount of 10% of the sum proposed, payable to the notary, to prove their genuine willingness to acquire the property. Note that we are in constant communication with the seller and the buyer throughout the duration of the sale process. In the event that there is agreement on the price and the property, we make an appointment with a Notary of the principality for the signing of the preliminary sales agreement. The cheque is cashed as a deposit to be credited against the sale price of the property.
As we highlighted in our buying guide for settling in Monaco, the signing of a preliminary sales agreement is not mandatory, but may be necessary, in particular in the context of the Monegasque State's right of pre-emption. This right applies to all buildings constructed before 1947.
Finally, after all the conditions precedent have been satisfied within the allotted timeframes, it will then be time to meet again at the Notary's office for the signing of the final deed of sale, the date on which the buyer must pay in full the amount corresponding to the price of the said property, less the deposit, as well as the notary fees amounting to 6% and the agency commission amounting to 3% excluding tax on the price of the property, according to the scale of the Monegasque real estate chamber. In the event that one of the conditions precedent is not satisfied, the deposit cheque will be refunded to the buyer and the sale will be deemed cancelled.
The disbursement of funds
Once the documents are signed before the notary, the funds will be paid to you by the notarial office within 15 days, less the seller's agency fees, set according to the scale of the Monegasque real estate chamber at 5% excluding tax on the sale price.
We hope you now know more about our process for selling a property in Monaco. For any information on the purchase, sale, rental, management and valuation of your properties in Monaco, our team awaits you with pleasure and remains at your disposal.
Thinking of selling?
Would you like to entrust us with the sale of your property? Fill in the form below and one of our property transaction advisors will get back to you as soon as possible.