Our entire team is at your disposal to assist you in all stages of your project to rent, buy or sell in the Principality.
Various stages of the acquisition or sale process
Beforehand, we will gather as much information as possible, defining your needs, your expectations and your budget. This will allow us to target your search as much as possible and enable you to find the ideal property.
You will then be offered a selection of publicly marketed or "off-market" properties that are likely to best meet your expectations.
Once the selection has been made, we will organise visits to the properties you have selected.
If you are interested in one of the properties visited, we will formalise this by means of a written offer to purchase, in which various elements will be mentioned. In particular, your identity, the designation of the property and its annexes, the amount of the offer, as well as the method of payment, the period of validity of the offer, any suspensive conditions (financing, etc.), the various expenses, and the date of the compromise or the signing of the deed of sale.
This offer must be accompanied by a deposit cheque or a transfer of 10% of the proposed price, made out to one of the official notaries of the Principality.
It is important and necessary to inform you that in the Principality, in the event of acceptance of this offer by the seller, you will be committed without any possibility of withdrawal other than the possible suspensive conditions mentioned, at the risk of losing the deposit paid.
If the offer is accepted, the estate agent will hand over the offer and the cheque, if applicable, to the chosen notary. The cheque will then be cashed.
If the offer is subject to conditions precedent or if the property is subject to the State's right of pre-emption (buildings constructed before 1947, flats subject to laws 1245, 1291, 887), a preliminary sales agreement must be signed. Once this has been signed, you will have to wait 30 days for a return from the State, which may, if it makes use of its right of pre-emption, come and substitute itself for the purchaser. If this is the case, the deposit will be returned. The conditions precedent must be fulfilled or lifted within the set timeframe.
Prior to the signing of the deed of sale, a statement of account will be sent to the agency or to the purchaser by the notary. The balance must then be paid by the day of signing at the latest.
The signing of the deed of sale will confirm the contents of the sale and the agreement between the parties as legally binding. The new property will then be established and the keys handed over to the purchaser.
Costs of buying a flat in Monaco
The costs of buying a flat in Monaco are divided between agency fees and notary fees.
Notary fees differ according to the type of purchase:
Acquisition by an individual or by a civil company registered in Monaco: 6% of the value of the property (1.5% notary fees + 4.5% registration fee).
Acquisition of a new property or property in the future state of completion :
2.5% on the value of the property (1.5% notary fees + 1% registration fee).
Acquisition through the property dealer regime (professionals only): 1.5% of the value of the property (notary fees only). The property must be resold within 4 years, otherwise a penalty of 6%, in addition to the transfer duty of 4.5%, will be applied to the value of the property.
Acquisition of shares in a non-trading company registered in Monaco and holding a property: 4.5% registration duty calculated on the value of the property + notary or lawyer's fees.
Acquisition by an offshore or foreign company: 7.5% registration duty on the value of the property.
Life annuity purchase: in principle, the costs are calculated on the value of the bouquet + on the sum of 10 years of annuity. They represent 6% (1.5% notary fees + 4.5% registration fees).
The real estate agency fees are established by the Monegasque Real Estate Chamber, and amount to 3% + VAT, i.e. 3.6% of the sale amount.
In the case of a mortgage-financed acquisition, a registration fee of 0.92% on the amount of the mortgage assignment is required. Other costs may be added depending on the type of financing.
PRINCIPAL SALE
Putting a property up for sale follows the same process as buying it. The only difference is that the sale mandate, although not compulsory, is strongly recommended.
You will find below, the steps of a sale with our agency:
One of our sales representatives will come and visit your property, in order to be able to estimate its selling price as accurately as possible.
Constitution of the sales file with :
The certificate of ownership,
Identification of the seller(s). If the seller is a legal entity, all documents relating to the legal entity,
Latest minutes of general meetings,
In case of rental, the complete rental management file,
In the case of work that has been carried out: the complete work completion file.
Signature of a simple, exclusive or co-exclusive sales mandate, in which several pieces of information will be notified, in particular those linked to the owner(s), the description of the property(ies) for sale, the administrative information linked to the latter, the sale price, the agency's remuneration, the duration of the mandate, as well as the various conditions of the latter.
Photos will then be taken by the agency or by a professional in order to be able to distribute the property officially through our various means of communication (Internet, agency window, press, distribution to our active prospects, intermediaries etc.).
Setting up visits by our agency and reporting on them.
Transmission of the offer to purchase, which we will have received from one of our clients or colleagues, where all the information about the property, the potential buyer and the conditions of the purchase will be included. This offer must be accompanied by a deposit cheque of 10%. The buyer also has the possibility of making a bank transfer within 48 hours, if he so wishes.
If you agree to the offer to purchase, the file will be sent to the notary mentioned on the offer, together with the deposit.
In the event of a suspensive condition, in particular when the purchaser calls on financing from a credit institution, it will then be necessary to go through the stage of the preliminary sale agreement.
If the property is located in a building constructed before 1947, the State will have the possibility of exercising its right of pre-emption within 30 days of the signing of the agreement. If it does so, it will then substitute itself for the buyer. The sale will then take place within one month.
If any conditions precedent have been agreed by the buyer, these must be lifted within the set timeframe in order to proceed with the sale.
The signing of the deed of sale will confirm the agreement between the two parties and will be legally binding. The new property will then be established and the keys will be handed over. The funds will be forwarded to you within a short period of time by the Notary's office.
The agency fees can be paid directly by the Notary's Office, as a deduction from the amount of the sale. These are 5% excluding VAT, according to the scale set by the Monegasque Real Estate Chamber. However, if the property is mortgaged at the time of the sale, it will be necessary to provide for the payment of the release fee which amounts to 1%. You will not be charged any other fees.
