Montenegro attracts a huge number of tourists with its picturesque nature and rich history. Some people fall in love with this country so much that they decide buy a villa or apartment in Montenegro and move here permanently.
So, if you have already chosen real estateYou can sign a main or preliminary contract (a preliminary contract, –, when certain obligations must be fulfilled by one of the parties before the main contract is signed) regarding the property you wish to purchase. The contract sets out all your obligations as a potential buyer, describes the property being purchased, specifies its price, and specifies payment details. You must also pay a reservation deposit, which amounts to 5.10% of the property's value. If you decide to cancel the transaction, this deposit will not be refunded. If the purchase or sale falls through due to the fault of the property owner, they must refund you double the amount received.
To conduct real estate transactions in Montenegro, you must have a passport and the owner must have a – (non-property list), or certificate of ownership. This document describes the property in detail, specifying the square footage, land area, owner information, and cadastral number. It also contains information on any restrictions and encumbrances, if any.
Both the preliminary and main contracts (osnovni ugovor) must be concluded exclusively in Montenegro. They are conducted in the presence of both parties or their authorized representatives. Signatures must be certified with a notary seal. If you purchase a property from a developer, you do not need to pay tax, but if you purchase a resale property (–), you will need to pay a 3% tax based on the property price specified in the purchase agreement. After the full purchase price has been paid, the notary submits the documents to the land registry for re-registration of ownership. From this point on, you are the legal owner of your apartment or house in Montenegro.
