The Property Banks Buyers Guide to Montenegro
1. Open a bank account upon arrival,
this must be done in person(s), the only documentation required to
open an account is your passport.
2. Transfer funds from your country of residence to Montenegro. It
takes 3 - 5 days to transfer the funds and 3 days for the funds to
clear, so allow minimum of 8 days before funds can be made available
to draw on.
3. Obtain a verbal or if required structural survey.
a) A reputable architect will provide a comprehensive verbal
quotation should the property require renovation or re-structuring
free of charge.
b) To include ongoing advice, project management, the services of
resident tradesmen recommended by Montenegro Premier Properties and
sourcing local materials.
4. Appoint a solicitor (lawyer) to secure the property.
5. Pay a deposit of approximately 10% and sign the preliminary
contract.
6. This deposit and a preliminary contract certified by a solicitor
will secure the property, until legal ownership is transferred from
the vendor to the buyer through the court.
a) The company solicitor will arrange and certify the preliminary
contract, free of charge.
b) Furthermore, the company solicitor ensures all property and land
titles have been registered and verified through legal process:
I. Justus titulus - The legal entitlement to the property
II. Modus aquirendi - The property has been registered with the Area
Property Registry.
LEGALLY ESTABLISH OWNERSHIP OF THE PROPERTY / PROPERTIES
1. Ensure the solicitor has a copy of your passport. All parties
buying the property irrespective of their percentage share must
ensure their solicitor has a copy of their passport so that the
written contract can be drawn up.
2. Transfer any outstanding balance, 2% property tax plus
approximately €800 to your Montenegrin bank account. Allow up to
€800 for legal, court, translation and incidental costs. If
authorising a power of attorney these costs should be itemised and
any surplus monies refunded
3. Authorise your solicitor to draw up the written contract on
behalf of the buyer and seller or their authorised representatives.
a) The company solicitor will ensure the legal transfers of property
ownership and land registration, officiated within the court and
inclusive of written translation costs.
4. Return to Montenegro before the agreed date to sign, transfer
monies and exchange contracts officiated by the court.
Alternately:
5. Authorise the solicitor to write up POWER OF ATTORNEY during your
visit to Montenegro so that the named representative, usually your
solicitor, can complete the property transaction on your behalf.
a) The company solicitor will write up the official document
authorising power of attorney.
b) This document can be legalised through the Apostille process
within 2 -3 days provided the solicitor has;
i. Name of the person(s) purchasing
ii. Their passport details
iii. A completion date is given, for monies and contracts to be
exchanged
6. The official document authorising power of attorney must be
legalised through the APOSTILLE process which;
a) Authenticates the signature of the notary public or official
signing this document in your country of residence.
b) Confirms that the notary or official has the authority to sign
and validate this official document.
c) Certifies the delivery of this document in a prescribed form
which is dated numbered and registered.
d) Legalises the official document so that the power of attorney is
recognised by the court enabling the authorised representative,
usually the solicitor, to sign on your behalf.
7. If you decide to proceed with the property purchase once you
return home, ask your Montenegrin solicitor to forward a document
authorising power of attorney.
8. Prospective purchasers must take this document authorising power
of attorney and their passport, for identification purposes, to a
Notary Public or official, who will verify and sign the document.