Property Purchase Process

Acquiring property in Monaco is a smooth and quick process, but certain rules and obligations must be followed. Below are the main stages described.

1. Written Offer

The purchase process begins with the submission of a formal written offer. In Monaco, verbal offers are generally not made. The offer includes buyer information, a description of the property, the desired purchase price, and the transaction deadline. A financial payment must accompany the offer, which serves as proof of the buyer’s seriousness in making the offer.

2. Deposit

To confirm the offer, a deposit, typically 10% of the property’s price, must be paid. The deposit is made into the notary’s account. If the buyer withdraws from the deal after the sale is confirmed, the deposit is forfeited to the seller.

3. Preliminary Agreement

The preliminary sales agreement (“Compromis de Vente”) is a legally binding document that protects both parties. Signing this agreement provides assurance that the transaction will be completed according to the agreed terms.

4. Final Contract and the Notary's Role

The notary is a state official who certifies the sales agreement and ensures that all legal requirements are met. The notary’s role is to formalize the sales contract in accordance with the transaction. The final step of the transaction involves signing the final contract, after which the property ownership is transferred to the buyer.