You have decided to sell your property, what’s next?
When choosing a Real Estate Broker to represent you and help you sell your property it is very important that you choose a reputable Agent with a record of selling the properties in the area where your property is.
In order to list your property, the Real Estate Agency will ask you to provide the following:
- Floorplan/layout of the property.
- Property ownership documentation (Title Deed). In case you do not have this document in your possession, this information can be obtained online,
- Access to the property. It is very important for Agents to be able to access the property when they need to. Often it happens that the Client decides to view the property on the short notice or even on the spot. It is crucial that at that moment Agent is able to access the premises.,It is in your interest that Agent can focus on presenting your property in the best way possible.
Once Seller decides which Agency will represent them in the process, the Agency should do the following:
- Suggest the price of the property on comparables in the area, experience and sold properties. Contracted purchase price isin EUR as this is the currency used in Montenegro. If property is furnished, it should be specified if furniture is included in the price
- Learn as much as possible from the Seller about the property in order to be able to present the property in best possible manner
- Take photos and/or video of the property and the location around it. In the digital age, quality photos and video can do wonders when it comes to generating initial interest in the property. Check out videos we have done for our Sellers on our YouTube channel.
- Provide the Seller with a marketing gameplan.
Once there is a buyer for your property, you as a Seller should make sure that:
- All utility bills are paid. Water, Electricity, garbage, internet and ect.
- All taxes are paid and the outstanding balance at the Tax Authority is zero. It is a good idea to have the confirmation letter from the Tax Authority that all taxes are paid and the document should be part of the Sales and Purchase Agreement - your Agent will help you get this letter if you are not familiar with it.
- In case that you as a Seller will not be present at the official signing of the Sales and Purchase Agreement, you can assign the Power of Attorney to someone you trust to represent you at the notary during the contract signing. Contract should be notarized and if not in Montenegrin language, it should be translated by the official translator.
- If you (as the Seller) are married, you will have to provide a copy of the marriage certificate and your spouse has to be present at the signing of the Sales and Purchase Agreement. If the spouse is not present, he/she needs to provide the letter that they approve the sale of the property - this document has to be notarised as well and translated, if it is not in Montenegrin language. The approval for sale by spouse is something that is prescribed in the Montenegrin law and Notary is responsible to have this document in order for sale to be valid.
- Hire a Lawyer to represent you. To sell the property in Montenegro, legally you don't need a lawyer as Notary is capable of preparing the contract and they usually do, but it is always recommended to have one as they will represent solely your interests during the process.
- If there is a mortgage on the property, you as a Seller need to obtain the letter of intent from the institution that holds the mortgage (usually bank) that mortgage will be released once the loan/debt is paid off.
Aside from making sure that all outstanding bills are paid and there is no lien on the property and all paperwork is clean and ready, you as the Seller will be paying the following expenses:
- Real Estate Agency fee. Seller has agreed with the Agency on the fees that are associated with the sale. This fee should be paid by the seller and we always recommend that it is part of the contract.
- Lawyer fee. The Seller should be paying for their own lawyer if the lawyer was engaged.
- Translation fees. If the Seller is not a Montenegrin national, they are required to have the official translator present at the Notary signing.
(NOTE: All other fees, such as Sales Property Transfer tax, Notary fees, Buyer’s Lawyer fee and translation fees if the Buyer is not Montenegrin national are paid by the Buyer, unless otherwise agreed)
Here we have outlined a few important points to have in mind, however not all as each sale can have its own stipulations (deferred payments,special prerequisites related to the purchase etc) . Get in touch with us if you have any additional questions and you want us to sell your property for you. We look forward to hearing from you!