COSTS WHEN BUYING REAL ESTATE IN MONTENEGRO - MonteGlobal

COSTS WHEN BUYING REAL ESTATE IN MONTENEGRO

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If you decide to buy real estate in Montenegro - an apartment, a house, a villa, a plot of land, an office space, a cafe, etc., you must calculate all the additional costs.
Let's start with how exactly you are going to buy: through an agency or on your own, involving intermediaries to accompany the transaction. If through an agency, then you need to determine at the start who pays the agency’s commission - you, as the buyer, or the seller. If in response from an agency you hear the phrase: “you don’t pay us anything,” think about it. Nobody works for free!!! And, in this case, the commission is included in the price and is paid by the seller. If this option suits you, go ahead. If you want to see the real price of the object (without commission) and get the maximum discount in price, then this option is more suitable for you, when you pay the agency commission, and the seller receives the cost of the object without commission. With this option, you will receive a full range of services and protection of your interests by an agency representative. Such cooperation is more transparent and beneficial for the buyer.
The next costs that fall on the buyer’s wallet are the services of a notary, translator and government taxes when re-registering property rights. The services of a court interpreter amount to an average of 50 euros per 1 hour of the interpreter’s presence during a transaction with a notary. Typically, the contract is concluded within one hour.
If you need a written translation of a contract, this is a separate cost item and costs approximately 10-20 euros per page. At the same time, the standard number of pages of a contract in Montenegro is 10-12 pages. Thus, you will have to spend approximately 150-200 euros on a written translation. Such a translation may be necessary in the case of a non-cash transfer of money from a bank in another country to Montenegro.
Notarial services in Montenegro when concluding an agreement are paid according to a single notarial tariff - http://notarskakomora.me/wp-content/uploads/notarska-tarifa.pdf.
According to it, the amount of notary services depends on the amount of the contract and is:
--for contract amount up to 5000 euros – 70 euros
-- for amounts from 5,001 euros to 20,000 euros – 120 euros
-- for an amount from 20,001 euros to 40,000 euros – 170 euros
-- for an amount from 40,001 euros to 60,000 euros – 250 euros
-- for an amount from 60,001 euros to 80,000 euros – 300 euros
-- for an amount from 80,001 euros to 120,000 euros – 350 euros
If the contract amount is over 120,000 euros, for every next 15,000 euros, the cost of notary services increases by 10 euros. At the same time, the amount of notary services cannot exceed 5,000 euros.
If you use a notary's account when paying, you will have to pay an additional amount of approximately 150-250 euros. For non-cash payments, we recommend transferring money not to the seller’s account, but to the notary’s account. Yes, this slightly increases the amount of your expenses, but this is an additional guarantee of the security of the transaction.
The amount of expenses for paying the state duty to the cadastre when re-registering property rights can be approximately 32-48 euros.
These are all the costs that you will incur when closing the deal.
After full payment of the property amount, you will have to send to the tax office an application for payment of tax on the transfer of ownership in the amount of 3% of the contract amount. Who pays and who does not pay this tax, how to minimize it and pay it correctly - this is another story, which we will tell about in the next article.

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