With regards to purchasing a property in Montenegro, the process is fairly quick and easy especially compared to the process in the UK.
The process is as follows –
- Agree on the price with the seller and then check all of the necessary documents such as property deeds etc. and negotiate the terms of the contract.
- The agent will then take a deposit to take the property off the market.
- The contract will then be signed at an agreed upon notary. Both the buyer and the seller must be present or if one is unable to be then the contract can be signed by someone who has Power of Attorney.
- Once the contract has been signed the rest of the purchase price needs to be paid either directly to the seller or in some cases to the notary’s ESCROW. This will depend upon what has been agreed in the contract. There will also be an agreed period of time in which you have to finalise the payment.
- Once full payment has been received by the seller, the documents will be sent by the notary for the change of title to begin being processed.
- A 3% purchase tax will then need to be paid within 15 days. (stamp duty)
- You can then change all of the utility bills etc. into your name.