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Navigating the Property Buying Process in Montenegro

Navigating the Property Buying Process in Montenegro


Navigating the Property Buying Process in Montenegro

Montenegro, nestled in the heart of the Adriatic, has emerged as a sought-after destination for property investment. With its stunning coastline, picturesque landscapes, and favorable investment climate, it's no wonder that many are drawn to purchase property in this Balkan gem. However, like any real estate transaction, buying property in Montenegro requires careful navigation through legal processes, market dynamics, and cultural nuances. Let's delve into the essential steps of the property buying process in Montenegro.

Understanding the Market: Before diving into the property hunt, it's crucial to grasp the Montenegrin real estate market. Property prices vary significantly depending on location, with coastal areas generally commanding higher prices compared to inland regions. Additionally, factors such as property size, condition, and proximity to amenities play a significant role in determining prices. Conducting thorough market research and seeking advice fr om local real estate agents can provide valuable insights into property trends and pricing dynamics.

Legal Framework: Familiarizing yourself with Montenegro's legal framework governing property ownership is paramount. Foreign nationals enjoy the same property rights as Montenegrin citizens, with only a few restrictions in certain areas deemed strategically important. However, it's advisable to engage the services of a reputable lawyer specialized in real estate transactions to navigate the intricacies of property law, ensure all legal requirements are met, and safeguard your interests throughout the buying process.

Due Diligence: Performing due diligence is a critical step in the property buying journey. This involves verifying the property's legal status, confirming ownership, and ensuring there are no encumbrances or disputes that could jeopardize the transaction. Title searches, land registry checks, and obtaining a cadastral extract are standard procedures to validate the property's legitimacy and ascertain any outstanding obligations or liabilities.

Negotiation and Offer: Once you've identified a property that meets your criteria, the next step is to negotiate the terms of purchase with the seller or their agent. While price negotiation is customary, other aspects such as payment terms, the inclusion of furnishings or appliances, and the timeline for completion should also be discussed and agreed upon. Presenting a formal written offer, outlining the proposed terms and conditions, is common practice in Montenegro's property market.

Purchase Agreement and Deposit: Upon reaching an agreement with the seller, a purchase agreement is drafted to formalize the terms of the transaction. This legally binding document outlines the rights and obligations of both parties, including the purchase price, payment schedule, and conditions precedent to the sale. It's customary to pay a deposit, typically ranging from 10% to 30% of the purchase price, upon signing the purchase agreement, signaling the buyer's commitment to the transaction.

Taxes and Fees: Similar to the buying process of many other countries, there will be taxes and fees due on your property purchase, which you’ll have to take into account when thinking about your budget, as these fees will be separate. If you are buying a re-sale property directly from an owner the property purchase tax is 3%, however, if you buy a new build from a developer or investor the tax is 0%. There is potentially an upcoming change to these charges which you should be aware of as follows: For properties up to €150k it will still be 3%, for properties between €150k and €500k there will be €4500 in fixed taxes + 5% of the difference in property value. Notary & legal fees will also be due & these will vary depending on the cost of the property – always best to confirm these with your agent before progressing. According to Montenegrin Law, a court interpreter specialized in your native language shall be present during signing of the agreement.

Completion and Transfer of Ownership: The final stage of the property buying process culminates in the transfer of ownership from the seller to the buyer. This typically occurs at a public notary's office, wh ere the deed of sale is signed, and the remaining balance of the purchase price is settled. The notary then registers the transaction with the Montenegrin Cadastre, officially transferring the property title into the buyer's name. Additional fees, including notarial and registration costs, are incurred during this stage.

Post-Purchase Considerations: After acquiring the property, there are several post-purchase considerations to address, such as arranging property insurance, transferring utilities, and familiarizing yourself with local regulations and community services. Engaging with a reputable property management company can facilitate ongoing maintenance and rental management if the property is intended for investment purposes. CMM Montenegro is well placed to help you with both the sale of the property and post-purchase considerations.

In Conclusion: Navigating the property buying process in Montenegro requires careful consideration of legal, financial, and practical aspects to ensure a smooth and successful transaction. While the allure of Montenegro's real estate market is undeniable, thorough due diligence, expert guidance, and a clear understanding of the process are essential for a rewarding investment experience in this Adriatic paradise.

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  • In period May-August 2022 we sold our flats in St-Petersburg Russia and  have bought two  ones here in Montenegro, Becici. We decided to move here and make new home and business with my husband. Our agent Milica Zugic  is really became our angel - provider here in Montenegro. She is very reliable, responsible , professional  employee of CMM Budva department. She has developed intuition and found very fast necessary properties which we needed. Also she helped us to speed up the process of registration documents in MUP.( list nepokretnosti, etc). She was our real provider here. Very appreciated her and all staff of Budva department for there assistance. Separately to lawyer Ivan and his legal team. Very recommended choose Milica Zugic as real estate manager when you search for assistant in this complicated and important field as buying property in Montenegro.

    Liudmila Nosova St-Petersburg Russia , 13.09.2022 11:20:09

  • At the beginning of April 2022, our family living in Prague bought a house in Sutomore with the assistance of your company.
    Let me express my gratitude to the management of your company for the service provided, and especially to your employees - Anastasia Zeyak, Alexei Grachev and Elena Bozhovich for their attention, patience and even care for the whole time of buying real estate and the services provided after the purchase.
    I would really like all companies to work with the same quality of service. After coming into contact with this kind of attitude towards the client, all our environment, if necessary, will refer to your company only.
    With gratitude on behalf of our family.

    A.V. Ter-Gazaryan, 12.07.2022 12:32:19

  • Based on my experience with CMM in Budva, Montenegro, I can say that they are reliable, fast, and they deliver what they promise. They take really good care of their clients. For instance, I was offered a lift from the airport, and they would take me back and forth from Tivat to Budva and Becici to see various properties. They would answer all of my questions and respond promptly. They have an excellent team: Katarina, Alexander, Natasha, Martin and some other guys whose names I don’t remember. Katarina, my wonderful agent, went to every length to help me find a perfect home. Unfortunately, my situation changed and I had to postpone my relocation to Montenegro.
    I would strongly recommend this company to anyone who is looking for a property in Montenegro.

    Val , 13.05.2022 04:18:13

  • We were introduced to CMM by friends who had already done research on Montenegro and CMM. We purchased our apartment in Dobrota, just outside Kotor, all remotely from South Africa, during the lockdown. Everything was seamless without any problems at all. All the CMM departments work together well from the sales team, head office, legal, interior design and rental department. Every detail was well communicated with an abundance of zoom meetings, videos, emails etc
    We are thrilled with the outcome and enjoyed working with the CMM team. They were incredibly professional.
    After sales service is also excellent as we move into the rental phase of the apartment and over all management of the apartment including maintenance.
    We have been directly and indirectly involved with many houses/apartments all over the world and this was the up there with the best service we have received.
    Thanks to everyone we dealt with at CMM it has been an absolute pleasure dealing with you all. We look forward too many happy years working with you on our rental.

    Mandy and Antoine, 06.10.2021 10:56:22

  • Biz Montenegroda CMM komandayla  tanish olmushug. Snejana ve Milan bize cox  yaxshi destek olublar. Artig bizim burada evimiz de var. Bize gosterdiler cox yuksek service, ve artig butun bizim senedler de gaydasindadir. Boyuk hormetle onlara Cox sagol bildiririk!

    Dilara, 01.10.2019 08:17:27

  • Last year we decided to find a new home close to the sea. It was quite difficult in the beginning to make the right choice. Once we found CMM Company was a great luck! We immediately received detailed consultation on the country and purchase opportunities. Being attracted by Kotor - one of the most amazing parts of the coast, we decided to take a family trip and maybe make our dream of new home come true. As just discoverers of Montenegro, we were accepted like at home which was a one more pleasant surprise. The most important, we received all detailed information about country regions and procedure of buying property during the first few days. And how beautiful the car journeys were! Difficult choice, but when you find the home you want you can't refuse it. CMM did best to help us with this finding! All the purchase procedure passed well with CMM professional work! Now we are happy owners of a wonderful house with a Kotor bay view, being perfectly served by CMM Management company (of course, we've chosen CMM as professional house manager). Hope our friends and relatives would also move to Montenegro with the CMM help soon !!!

    Kate, 22.03.2019 13:06:21

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