Buying an apartment in Montenegro

Montenegro is a European country with beautiful nature, warm climate and friendly people. Not surprisingly, many foreigners want to move into it, including Russians. This dream can easily be realized by buying an apartment in this country. Below, we'll show you how.

Limitations and opportunities

Foreign citizens have the right to purchase real estate in Montenegro. Restrictions are imposed only on a number of objects put up for sale. Among them:

• cultural and historical monuments;
• real estate on the islands;
• sites belonging to national parks;
• objects located near the border;
• Objects of strategic importance for the country.

A foreigner can purchase land with an area of ​​less than 5000 m², and only with the building on it. If a land plot is purchased without construction, it must necessarily enter the DUP.

Preliminary search

Buying an apartment in Montenegro is through local realtors. They either conduct construction themselves, or directly cooperate with developers and sellers.

To see Montenegrin real estate, you can find its catalog on the Internet. As a rule, in all the catalogs there are photographs and detailed descriptions of objects. Prices must be indicated in them.

Before a trip to Montenegro to conclude a transaction, it is desirable to view at least a few of these catalogs and contact real estate agents. After this, you can purchase tickets for the plane and go to solve all the formalities and financial issues.

Purchase algorithm

The process of buying an apartment consists of several mandatory steps. We describe each of them:

• 1. Visit to the office of a realtor. The buyer and the seller inspect the apartment and discuss all the details of the forthcoming transaction.
• 2. Opening a bank account. Most often, payment is made in a non-cash form. Some realtors agree to cash settlement. It takes about 10 minutes to open an account, only a foreign passport is required from a foreigner.
• 3. Drawing up a preliminary contract. For its registration, the buyer must have a valid passport, from the seller - a certificate of ownership. The preliminary contract specifies the rights and obligations of the parties, details the acquired object, details its price. After drawing up this document, the buyer deposits a deposit of 10% of the value of the apartment. If in the future he refuses to purchase, the pledge will not be returned. If the seller refuses the transaction, the buyer will receive back the entire amount paid. Some contracts provide for the return of a security at double the amount as a penalty.
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• 4. Conclusion of the contract of sale. Before the transaction, the buyer is recorded to a notary who confirms the cleanliness of all documents. Most often it takes 3-5 days. The contract of sale and purchase, like all other documents on the transaction, is certified by a notary. All documentation is written in Montenegrin language, so foreigners have to use the services of certified translators.
• 5. Payment. Payment is made only after drawing up the contract. On average, it takes a month. Some realtors practice installments.
• 6. Receiving confirmation of payment. After transferring funds to the seller's account or cash payment, the buyer receives an appropriate receipt.
• 7. Payment of tax. One copy of the contract of sale is filed with the tax receipt together with a receipt. According to these documents, employees of the tax inspection determine the amount of tax. The fixed rate is 3% of the cost of purchased housing. When buying a primary property from the developer tax is not charged. In all other cases, it takes 15 days to pay for it.
• 8. Obtaining a document transferring ownership. After tax payment, all information about the buyer is entered into a single cadastre. After 8-10 days he becomes the official owner of the apartment. This is confirmed by the relevant docume