Yes it is a little different to buying a completed property, in that paying for the property will usually be in instalments, and everything planned needs to be specified in advance. An outline is below. Please email info at montenegroprospects.com (info[at]montenegroprospects[dot]com) for more details on a particular project.
- Negotiate a price acceptable to you and the developer
- Place a deposit on the property to reserve it (usually around 5000 euros), and a reservation agreement would be signed by both parties.
- Appoint a lawyer (licensed in Montenegro) in Montenegro or UK to act on your behalf
- The terms of the Purchase Contract are negotiated and specifications are drawn up by the developer and your appointed lawyer
- The contract is signed by you, or your lawyer (via Power of Attorney) in the notary`s office in Montenegro
- Upon signing, this is the point at which the first of staged payments are due
- A typical example of staged payments on an off plan property would be
30% Pre-contract (minus deposit)
30% Foundations complete
30% Roof complete
10% Key handover and snag list or utility permit - The dynamics of the payment may vary
- Once the property is finished – the annex is signed by you, or your lawyer (via Power of Attorney) in the notary`s office in Montenegro
- Papers are submitted to the local land registry
- The property is then registered in your name
- Usually for off plan purchase there is no 3% purchase tax, but please confirm this with the lawyer
