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A guide for customers
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APPOINTMENT AT MAGNAT REAL ESTATE
The appointment is scheduled through authorized mediation agents via contact phone, email or chat.
-Initial conversation includes acquainting the buyer with a wide selection of real estate, visiting real estate with Magnat Agents, and talking with Magnat experts (lawyers, architects, economists, and other experts.) Regarding the possibility of purchase, legal rights and obligations, investment opportunities, construction, etc.
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BUYER'S NEGOTIATIONS WITH SELLER
Magnat Real Estate practices to establish direct contact between the buyer and the seller of a particular property, and allows the buyer to negotiate smoothly in terms of achieving an acceptable price and payment dynamics.
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DEPOSIT
If the price and the dynamics of payment are agreed, our recommendation is that the buyer leaves a deposit in the amount of 10% of the achieved price. In this case, the parties sign certain deeds of deposit with our lawyer or notary. The deposit is usually kept with the seller or in the safe of the Magnat Real Estate lawyer until the final realization of the contract. After the final realization of the contract, the deposit is returned to the buyer or, with his consent, is included in the agreed purchase price.
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PREPARATION OF THE DRAFT CONTRACT
Lawyer Magnat Real Estate, in accordance with the agreement of the parties, is preparing a draft contract. After the parties get acquainted with the content of the draft contract, the lawyer makes an appointment with the competent notary.
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NOTARY
The contracting parties shall start concluding the sales contract on the day when the appointment is scheduled. In the event that they are prevented from concluding the contract on the scheduled date, the parties may authorize the proxy to purchase the property instead. In this case, our legal team will prepare a power of attorney in the appropriate form necessary to conclude the contract.
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PAYMENT OF PRICE
The agreed price can be paid at once or in installments, depending on the agreement with the seller. The price is paid through a giro account, with no obstacles to paying a smaller amount in cash. For payment details you can consult with experts from the Magnat Real Estate Team.
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REGISTRATION
The notary undertakes to register the property in the name of the buyer. The notary sends the contract to the cadastre immediately after the conclusion of the contract. The registration process on behalf of the customer takes up to 60 days from the date of submission of the application. However, if the buyer pays the property in installments, the registration in the name of the buyer is made after the payment of the last installment, with the seller being obliged to sign a statement for permission to register the property. For details on registration, you can consult with experts from the Magnat Real Estate Team.
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FOREIGN CITIZENS
Foreign nationals have the right to purchase and register in their name any real estate except in the following cases:
• agricultural land
• non-urbanized land or land of special importance to the state
• land that is less than 300m from military premises
• a plot larger than 5,000 m2.
Note: Foreign citizens can also buy agricultural (non-urbanized) land, but in that case they must open a company in Montenegro. Experts from the Magnat Real Estate Team will take care of opening the company. The process of registering a company takes about 10 days.
For details on the rights of foreigners regarding the possibility of purchase, you can consult with experts from the Magnat Real Estate Team.
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EXPENSES AROUND THE PURCHASE OF REAL ESTATE
Sales tax
The buyer pays 3% real estate transfer tax (the market value of the property is determined by the municipal real estate appraiser).
The buyer is exempt from real estate transfer tax if he buys the property directly from the investor.
Notary services
The buyer pays for notary services, which depend on the value specified in the contract.
Sales tax can be paid immediately after signing the contract. Our recommendation is to pay the tax within 15 days from the date of receipt of the invoice, because interest is charged for each day of delay. In certain cases, sales tax cannot be paid for complexes whose construction has not yet begun.
Lawyer services
The lawyer guarantees maximum security when buying real estate.
The buyer pays for legal services, which depend on his requests, except for services related to the preparation of acts regarding the payment of deposits.
Interpreter services for a foreign language
The lawyer guarantees maximum security when buying real estate.
If the buyer is a foreigner, he is obliged to pay a fee for the presence of a licensed foreign language interpreter (35eur / each started class).
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BUYER'S DUTIES AFTER REGISTRATION OF REAL ESTATE
Annual tax
The lawyer guarantees maximum security when buying real estate.
When you become a registered property owner, you will also pay an annual real estate tax. The amount of tax depends on the size of the property and its location. In addition to the annual real estate tax, a tourist tax is paid once a year. Experts from the Magnat Real Estate Team can calculate the amount of payment of taxes for the annual tax and tourist tax, just before you decide to buy.
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PURCHASE OF LUXURY YACHTS
For details regarding the possibility of buying yachts from the MAGNAT NAUTICA PROGRAM, you can consult with experts from the Magnat Real Estate Team.