Our involvement at the request of the seller, is to find a buyer for the property and to negotiate the terms of the sale.
We are also involved with the prospective buyer, who has entrusted us with the task of finding a property in Monaco.
The mandate is the name of the contract concluded between our real estate agency and the person who entrusts us with the mission to acquire or sell real estate in Monaco.
During the sale of property, the agency commission in Monaco is consistent with the official rate of the Chambre Immobilière Monégasque:
For the sale of a business and/or transfer of the right to lease:
There are several types of pre-purchase offers and/or sales agreement contracts.
In practice, the sale of real estate in Monaco takes place in two stages.
Signature of a preparatory contract otherwise known as the purchase offer and/or sales agreement, followed by the signing of the actual sale otherwise known as the authentic sale, which takes place at a monégasque notary. The pre-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 pre-contract are vital as any subsequent modification requires the agreement of both the buyer and the seller, it is advised to entrust the drafting of these contracts with a professional familiar with the legal vocabulary.
During most preliminary contracts signed, the buyer will be asked to pay 10% of the sales price. The money will be deposited directly at a Monegasque notary in a special account, called an escrow account.
During the sale agreement the buyer will proceed to pay 10% of the sale price, in the form of a deposit. It will be deducted from remaining amount during the final sale and will be returned to the purchaser if one of the precedent conditions is not fulfilled.
In practice, the notary who drafts the preliminary contract is the drafter of the authentic sale.
Most often, the parties agree to choose the notary of the buyer but the choice of the notary is completely free. Both the buyer and seller can at no additional cost, ask their respective notaries to assist them during the sale in which case the two notaries will share the fees of the sale.
In practice, the totality is paid in cash on the day of signing at the notary, payment can be made by transfer or by certified check
In addition to the sale, there are acquisition costs, more commonly known as notary fees. The acquisition costs include the actual remuneration of the notary, the reimbursement of necessary expenses incurred by the notary during the final sale process. There are also registration rights established in the Principality of Monaco on the sale of immovable property.
When a sale is made by (a physical person or by a civil company registered in Monaco), the acquisition costs amount to 6% of the value of the property ( proportional rights 4.5% and notary fees 1.5%).