Buying Guide
BUY OR SELL A PROPERTY
WHAT ROLE DOES YOUR REAL ESTATE AGENCY MARSAN IMMOBILIER MONACO PLAY?
We act at the request of the seller, who has entrusted us with finding a buyer for the property for sale and negotiating the sale.
And we act at the request of a prospective buyer, who has entrusted us with finding a property in Monaco.
SIGNING THE MANDATE
The mandate is the name of the contract concluded between our real estate agency and the person who entrusts us with the mission of acquiring or selling a property in Monaco.
WHAT IS THE AMOUNT OF THE AGENCY COMMISSION?
For the sale of real estate, commissions for real estate agents in Monaco follow the official rate of the Monegasque Real Estate Chamber, namely:
- Seller 5% excl. VAT + VAT
- Buyer 3% excl. VAT + VAT
For the sale of business assets and industry or transfer of lease rights:
- Seller 6% excl. VAT + VAT
- Buyer 3% excl. VAT + VAT
PURCHASE OFFER (THE PRE-SALE CONTRACT)
There are several types of preliminary contracts: purchase offer and/or sales agreement.
In practice, the sale of a property in Monaco takes place in two stages.
Signing a preparatory contract, the purchase offer and/or sales agreement, then signing the actual sale at the notary's office, the authentic sale.
This preliminary contract allows the parties to specify the conditions of the sale.
It also allows the notary to collect the necessary elements for the final sale. The clauses of a preliminary contract are of utmost importance, and any subsequent modification requires the agreement of both buyer and seller, so it is advisable to entrust its drafting to a professional familiar with legal terminology.
PAYMENT AT THE PRE-CONTRACT STAGE:
WHO SHOULD RECEIVE THE MONEY?
Whatever the preliminary contract signed, the buyer will generally be asked to pay 10% of the sale price. This amount will be paid to a Monegasque notary to be deposited in a special account, called an escrow account.
HOW MUCH SHOULD YOU PAY?
The conclusion of a sales agreement is accompanied by the payment by the buyer of an amount generally representing 10% of the sale price, as a deposit.
It will be deducted from the price upon signing the notarized deed and will be refunded to the buyer if one of the suspensive conditions is not met.
AT THE SALE WITH THE NOTARY
WHO CHOOSES THE NOTARY?
In practice, the notary who drafts the preliminary contract is the one who drafts the authentic sale.
Most often, the parties agree to choose the buyer's notary, but the choice of notary is completely free. Buyer and seller can, at no extra cost, ask their respective notaries to assist them during the sale; in this case, the two notaries will share the fees.
PAYMENT OF THE PRICE
In practice, the balance of the price is paid in full on the day of signing at the notary's office; payment can be made by bank transfer or by certified bank check.
NOTARY FEES
WHAT IS MEANT BY NOTARY FEES?
The sale of a property entails the payment of additional costs, which will be paid on the day of the final sale in addition to the sale price, acquisition costs (commonly called notary fees because they must be paid to the notary).
Acquisition costs include the notary's remuneration, reimbursement of expenses incurred by the notary to obtain the necessary information for the sale, and registration duties established in the Principality of Monaco on property sales.
When a sale is made to persons meeting the transparency criteria set out by law (a natural person or a civil company registered in Monaco), the acquisition costs amount to 6.25% of the value of the property (proportional duty of 4.75% and notary fees of 1.5%).
