If you want to buy a house in Montenegro, it can be a simple process if you follow these steps:
- Choosing a property: Define your location, size, and budget preferences. Consider whether an apartment or a house is more suitable for you, considering maintenance costs and potential rental income.
- Hiring a real estate agent: It is recommended to work with registered and experienced agents who know the market and can help you find the right property. They will guide you through the process and ensure the transaction is safe and secure.
- Legal representative: Hire a local lawyer, yourself or with our help, who will check the legal status of the property, including title deeds and any encumbrances. This is key to ensuring that the property is free from legal problems.
- Reservation agreement: Once you have found a suitable property, a reservation agreement is signed that defines the basic terms of the purchase, and a deposit is made. This deposit is usually held in an escrow account until all checks are completed.
- Purchase agreement: After the lawyer confirms everything is in order, the main purchase agreement is signed by a notary. The notary verifies the contract and ensures that all parties agree to the terms.
- Payment: Payment is made according to the agreed terms, often via bank transfer. It is recommended that payment be made through an escrow account for added security.
- Transfer of ownership: After payment, the lawyer files a request to register the new owner in the real estate cadastre. This process can take a few weeks, after which you become the official owner of the property.
- Costs: Besides the property’s price, you should count on additional expenses such as real estate transfer tax (3% of the value), notary and legal services. The agency commission is received from the property owner (3 to 5%), so you, as the buyer, do not have extra charges from the agency.
