Advice On Buying Monaco Property
- Date: 2007-07-23 - Word Count: 268
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The Principality of Monaco is an independent sovereign state set in the heart of Europe on the "Cote d'Azur" between Cannes and the Italian border. It has a resident population of 35000 and occupies just over one square mile on the Mediterranean coast.
Having found the property you wish to purchase in Monaco this is a general guide of what to do next.
Both parties having agreed upon the price usually sign an agreement to purchase (compromis de vente).At this stage you are required to pay a 10 of the value of the loan for this service.
At this stage you could need advice on taxation, depending on circumstances it might be to your advantage to purchase the property in a companies name rather than an individual's name.
After all conditions relating to the property sale agreement have been met, both parties meet at the Notary's office to go through the documents (in French) before the property transfer document is signed, the balance of the property sale price, the property sales
Tax 5, the 1% fee for signing the mortgage agreement (if required) are paid to the Notary at this point.
You will get a receipt for the purchase price plus receipts for taxes and fees paid and a document confirming your purchase (attestation de propriete) and the keys to what is now your property. Later you will receive an exemplified copy of the property purchase deed, the original is held by the notary.
These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.
Having found the property you wish to purchase in Monaco this is a general guide of what to do next.
Both parties having agreed upon the price usually sign an agreement to purchase (compromis de vente).At this stage you are required to pay a 10 of the value of the loan for this service.
At this stage you could need advice on taxation, depending on circumstances it might be to your advantage to purchase the property in a companies name rather than an individual's name.
After all conditions relating to the property sale agreement have been met, both parties meet at the Notary's office to go through the documents (in French) before the property transfer document is signed, the balance of the property sale price, the property sales
Tax 5, the 1% fee for signing the mortgage agreement (if required) are paid to the Notary at this point.
You will get a receipt for the purchase price plus receipts for taxes and fees paid and a document confirming your purchase (attestation de propriete) and the keys to what is now your property. Later you will receive an exemplified copy of the property purchase deed, the original is held by the notary.
These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.
Related Tags: property, mortgage, monaco, advice, directory, purchase, properties, guides, legal, notary, fees, sale, taxes, buyers, seller, property search, deposit, portal, countries, estate agents, resident, globespan, monaco property, purchaser
John Everitt is a consultant to Globespan European property portal. Please visit our estate agents directory and this Monaco buyer's guide Your Article Search Directory : Find in Articles
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