Buying a property is the biggest investment of a lifetime for many people. Sometimes, people get carried away by the euphoria of the moment and make mistakes and omissions that stem from inexperience. In order to prevent you from making a mistake at the very beginning of the buying process, in this article we bring you some important tips for real estate buyers in Montenegro.

After clearly defining your budget and finding a property that suits you, negotiate a price with the seller and adjust it so that it is acceptable to both parties.
It is advisable to hire a lawyer during the purchase and sale process. When you make a final decision on which property you want to buy, secure yourself by leaving a deposit. The deposit is usually 10% of the agreed sales price. In such cases, a reservation contract is signed, the items of which you define with a lawyer, while the deposit remains with the seller of the property, a lawyer or an agent who mediates the sale. All conditions are defined in the purchase and sale contract. And after paying the entire purchase price to the seller of the property, a notary or lawyer sends a request for registration of the new owner in the Cadastre. We remind you that the notary who verifies the purchase and sale contract must be registered in Montenegro.

It is necessary that the property is registered in the name of the buyer. As a rule, after receiving the registration request, the Cadastre should register the new owner in the real estate register within 60 days. However, in practice, deviations from this rule often occur for several reasons, such as holidays, changes in law and procedures, or overloading of the cadastre service.

Once the process is completed, you receive a real estate register with your name on it.
When you become a registered owner of real estate in Montenegro, you are obliged to pay an annual real estate tax. The amount of this tax varies depending on the municipality, location, and size of the property.

For which immovable properties in Montenegro the immovable property tax is paid

Real estate tax in Montenegro is prescribed by the Law on Real Estate Tax and is paid at a proportional rate of 0.25% to 1.00% of the market value of the real estate. According to this law, real estate tax in Montenegro is paid for:
• land (building, forest, agricultural and other),
• construction facilities (business, residential, residential-business, facilities under construction, ancillary, immovable temporary facilities and others),
• special parts of residential buildings (apartments, office spaces, basements, non-residential spaces, garages, or garage spaces).
Amfora real estate is here to guide you and be your guide when buying real estate in Budva, that is, in the territory of Montenegro, so that you can go through this entire process with as little stress as possible, with a reliable partner you can rely on.
Contact us now and clear up any doubts!