The procedure for buying real estate in Montenegro is very simple, it involves several phases and takes several days. A sales contract is drawn up and certified by a local notary public.
After selecting a property, it is necessary to check the documentation, to harmonize the conditions with the seller, pay the real estate tax rate in the amount of 3% of the value of the property and register the ownership right.
When verifying the sales contract, the presence of the parties included in the contract, or their proxies, is necessary. In case one of the foreign legal entities is necessary it is necessary to attach the relevant documentation. If one of the participants is a foreign citizen, the presence of an authorized court interpreter is necessary.
The costs of verifying the sales contract of the notary public depend on the value of the property, all the tariffs are fixed. The physical buyer becomes the owner of the property after payment of the total amount of the purchase price, but the Real Estate List is a document that confirms the ownership right and is issued by the Real Estate Directorate of Montenegro. A request for registration of ownership rights based on a sales contract can be submitted by a notary public, but also by the buyer himself.
When buying land, the buyer must check the boundaries with the help of authorized geodetic organizations. Also, prior to the conclusion of the sales contract, it is necessary to obtain an Excerpt from the planning documentation related to the purpose of the land in question.
