Any individual or corporate entity has the right to set up business in Monaco. No special arrangements are necessary and the Monegasque market offers a number of advantages to residents and businesses alike.
The Bollati Agency team, thanks to its experience, network and knowledge of the market, is at your disposal to help you find the ideal property.
We work with the majority of estate agencies and developers based in Monaco, which enables us to offer you a wide selection of properties to suit your needs and to organise viewings. You’ll have a single point of contact with an overview of the property market. You’ll also have access to a large number of off-market properties.
Initially, we will need to gather as much information as possible to understand your search and help you find the right property. It will be crucial to clearly define your needs, your expectations and the budget you want to allocate to the acquisition.
Our team will then offer you a wide selection of properties on the public or off-market market.
We will organise visits to the properties selected and begin discussions on the one or ones that interest you.
Your expression of interest must be set out in writing in the form of an offer to purchase. In Monaco, if this offer is accepted and signed by the seller, you are bound by it without any right of withdrawal other than the conditions precedent mentioned. This offer must include:
- Identity of the buyer
- Designation of the properties concerned
- Prices and method of payment
- Period of validity of the offer
- Terms and conditions of sale
- Any conditions precedent, such as financing, works, etc;
- Expenses and fees
- Deadline for completion of the notarial deed
If this offer is accepted, Bollati Agency will take care of depositing the deposit cheque with one of the notaries in Monaco, unless you prefer to make a bank transfer directly into their account within 48 hours. You can no longer withdraw from the offer, and neither can the seller.
It is possible, but not obligatory, to sign a preliminary sale agreement in Monaco. It is strongly recommended in the presence of special conditions. The compromis completes the offer to purchase and is necessary if you need financing from a lending institution or if the flat is subject to the State’s right of pre-emption.
If any conditions precedent have been agreed, these must be fulfilled by the agreed deadline. A few days before you sign the deed of sale at the notary’s office, you will be sent a statement of account and you will be asked to pay the balance by the day of signing at the latest.
The signing of the deed of sale, either before a notary or by means of a power of attorney, will confirm the contents of the sale and the agreement between the parties, which will be legally binding. This deed establishes the new property on a date certain. The keys will be handed over to you at the end of this solemn occasion.
Acquisition costs vary according to the type of property purchased and the method of acquisition. In addition to these costs, the buyer will have to pay the estate agent’s fees, set by the Monegasque Real Estate Chamber at 3% + current VAT (currently 3.6% of the sale price).
If the purchase is financed by a mortgage, a registration fee of 0.92% on the amount of the mortgage assignment will be payable. Other costs may apply depending on the type of financing.
If the property you wish to buy is rented, the tenant has no right of pre-emption unless this is provided for in the lease. In the absence of an amicable agreement, you must respect the expiry date set out in the tenancy agreement before taking possession of the property.
If the flat is under Law no. 1.291, you may exercise your right of repossession with 6 months’ notice, provided that you are establishing your personal residence or that of one of your children.
Don’t hesitate, contact us in complete confidentiality to discuss your project and we will be delighted to help you make it a reality by guiding you through the various stages.
