The Property Banks Buyers Guide to Morocco
RESERVING YOUR PROPERTY
The first step is to formalise your offer on the property and remove
it from the market, thus protecting your interest to purchase. Once
the terms of the purchase have been discussed and the seller accepts
the offer, a binding agreement is born which is sealed by signing a
reservation contract and includes a sum of money to reserve the
property prior to the exchange of private purchase contract.
This reservation fee is fully refundable in case that our local
lawyer will find in the searching process that the property is not
free of any encumbrances, debts, charges or not meet legal
requirements of the law to buy the property in the most complete and
strict legal security.
SEARCHING PROCESS :
Whilst the property is 'reserved' in your name, a local lawyer will
carry out all the necessary searches and investigations of the
property with the relevant authorities to ensure that the property
you are purchasing is legal and free from any charges, debts or
encumbrances.
They will also ensure that the property has the necessary Title
Deeds and that the vendors are the rightful owners. In the case of a
new property, they will ensure that the constructors are reputable
and solvent and will obtain guarantees that the property will be
constructed and delivered according to the agreed terms and
conditions.
An investor looking at property in Morocco should budget an
additional 7 or 8% on top of the purchase price for fees and taxes.
As stated the real estate agent will charge about 2.5%, the notaire
or public notary will charge 1% to sort out title deeds on older
properties - a process that can take up to 2 years after the sale
has completed but which will result in the property being worth more
in the long run as all subsequent buyers will avoid having to repeat
the process – and finally there’s also tax of about 4.5% of the
purchase price on property for sale in Morocco.