Real estate law
Purchase of real estate
The first step when buying real estate is choosing a property, with the help of our agency and our agents who are well acquainted with the offer and prices on the market. When you choose a property, the next step is to check the documentation, legal status and legal status of the property. The legal status of real estate implies that before concluding a real estate purchase agreement, it is important to check whether there are third parties who have rights to the real estate, whether it is encumbered with a mortgage and whether there is a court dispute over it.
Documentation and ownership
Before concluding and certifying the contract, it is necessary to obtain evidence of ownership of the real estate that is the subject of sale (real estate certificate, contract of purchase of socially or state-owned apartment, the decision on inheritance, previous contracts…), as well as check whether real estate encumbered with any encumbrance or prohibitions, and by inspecting the identity card of the seller to be convinced whether the seller is the person who declares himself for it or it is a proxy or a third party.
Contract, contract verification, payment
If all the obligations of the parties have been agreed, the signing of the real estate purchase agreement with the competent notary is started. The next step is to go to a commercial bank, where the money is transferred from the buyer's account to the seller's account. After the purchase price is paid, the Seller has the obligation to issue a certificate to the Buyer. The buyer does not become the owner of the purchased real estate by a certified contract, nor by the amount of money paid. According to the legal provisions, the buyer is considered the owner, ie acquires the right of ownership, only by registration in the Real Estate Cadastre. Therefore, it is important that the buyer as soon as possible from the certification of the contractor submits a request to the competent Cadastre or notary, to register as the owner in the records of the Real Estate Cadastre. The buyer is obliged to pay all invoices for the use of the real estate. contract, translate in his own name, and submit a tax return for tax on the transfer of absolute rights within 15 days. If this is the first real estate purchased for the buyer, he is exempt from paying the tax on the transfer of absolute rights in the area of 20m2, provided that he must submit all the necessary documentation in order to be exempt from it.
Instructions for foreign nationals
A large number of foreign investors have recognized us as highly competent to be able to meet the best and proven real estate offers on the market. In accordance with the legal changes in Montenegro for foreign investors in the last few years and with the help of our Real Estate Agency, you will find the desired real estate in the easiest possible way.
A few more important items for all investors:
• The real estate tax is 3%
• The income tax in Montenegro is 9%.
• According to the 2018 White Paper of the Council for Foreign Investors, net foreign investment in Montenegro in 2016 amounted to 755 million dollars, and investments per capita were one of the largest in Europe.
• The fact that Montenegro is one of the countries with the fastest development is also proven by the MONSTAT report for 2017, which shows an increase in the number of foreign tourists of 10.3% compared to 2016 (with a total number of overnight stays of 11,953,316).
• According to the World Bank, Montenegro has improved its position by six places in the Doing Business Report and is currently ranked 71st out of 183 countries.
After all the information, which we hope was useful, we recommend that you contact our agency and calmly step into your home!