Buyers Guide

INTRODUCTION AND CONSULTANCY

At the beginning of your trip allow your agent to discuss your ideas, expectations and goals. Your agent will pick up the properties which could be the most suitable option for you from our portfolio. We reccommend viewing of 5-6 (maximum 10) properties per day .

VIEWING TRIP

Our sales agents will organize the viewings and the whole trip for you. They are experienced in it and will at the same time offer you all other information regarding the areas of interests as well as any other questions you might have related to the purchase process.

NEGOTIATING

Our agents will help you negotiate the final price with the owner. They will coordinate all of the communication between the owner, yourself and the lawyer/lawyers. Our agents can provide you with advice and help you in every step of purchase process i.e. negotiating the price, establishing the purchase terms and conditions of payment.

ATTORNEY AT LAW

You would have to choose the attorney to represent your interests. We would be happy to present you the list of reputable lawyers to whom we work. Final decision of choosing the lawyer is yours.

POWER OF ATTORNEY

If you do not intend to stay for a long term in Montenegro you would have to give Power Of Attorney (POA) to the lawyer. Lawyer will act on your behalf througthe preliminary agreements, sales contract, purchase tax and change of ownership. POA has to be signed at court (working hours from 9.00-14.00) and has to be translated by a court translator. Allow at least one day for preparation of it.

BANK ACCOUNT

It will be necessary for you to open a bank account in Montenegro and to give your lawyer authorization to make the transfer for the property purchase from your bank account on your behalf. Your sales agent will reccommend the bank and assist with all the necessary details regarding it. We suggest depositing a sum of 2.000 Eur for fees involved in the purchase process such as court taxes, costs of court translator, lawyer fees...

CHECKING OF THE TITLE

Your lawyer will perform the check on the property title. Therefore it is necessary to get an independent lawyer who can perform it on your behalf and approve that all necessary paperwork is obtained from the original owners.

ATTORNEY FEES

Attorney fee varies and it is usually 700-2000 depending on the work involved. Some lawyers do not charge fixed fee but 1-1.5% of the purchase price.

SURVEY

If you request we can put you in contact with reputable architects, engineers...who can do the independent assessment of the property for you and provide you with the quotation of their services.

RESERVATIONS AND DEPOSITS

Reservation is usually 5-10% while deposit is 20%.

PRE-CONTRACT

Pre-contract is drawn by your lawyer and the deposit paid on signing it is usually 20%. Conditions usually include the clause that if the buyer pulls out of the purchase, he/she loses the deposit. If on the other hand seller pulls out he/she is obliged to return double amount of deposit. It is the same with reservation fee, with a difference that it is usually 5-10% of the purchase price.

MAIN CONTRACT

It is signed usually one month after the purchase contract and at the same time the whole amount of the purchase price is paid. This can be done by your lawyer, coordinated by the agent.

PURCHASE TAX AND CHANGE OF OWNERSHIP

Purchase tax is around 3% from the purchase price agreed.. Once the Main Contract is signed and purchase tax is paid change of ownership is done in the cadsastre (it usually takes 2 months).