MONACO COMMERCIAL SALES GUIDE
Step-by-step guide for real estate commercial sales transactions
COMMERCIAL SALES GUIDE MONACO
Monaco is a sought-after destination for commercial property investors and entrepreneurs. It offers robust banking support to high-speed IT infrastructure, government resources, excellent transport links, diverse residential options, leading institutions, and a favourable fiscal policy – the principality is home to many international firms and retailers that target affluent consumers and investors alike.
Leveraging our expertise at Caroline Olds Real Estate, we’re here to facilitate your commercial real estate endeavours in Monaco so that you can get set up and start building the foundations of your future commercial venture.
THE PROCESS FOR COMMERCIAL REAL ESTATE ACQUISITION
Upon receiving an inquiry for commercial real estate, our meticulous search begins to find the right property to suit your needs and specific requirements. This includes identifying suitable locations, appropriate building sizes, investigating access to local facilities, pricing and more.
Once we’ve identified a property and you wish to proceed with a purchase, the next step involves crafting a written purchase proposal, detailing the property description, price, and completion timeline (typically between 2 weeks and 2 months). To demonstrate commitment, buyers in Monaco accompany their purchase offers with a 10% deposit in the form of a cheque, showcasing their serious intent to move forward with a purchase.
COSTS OF BUYING COMMERCIAL PROPERTY IN MONACO
Buyers are responsible for legal, transfer, and registration fees (ranging between 6.25% to 9.25%), along with an agency fee of 3% plus VAT, payable upon closure. The Purchase Proposal, when accepted and supported by a cheque, becomes a binding agreement. If a buyer decides to cancel the transaction for any reason, the deposit will be lost.
Sometimes, the sale process requires two visits to your notary. The first involves signing a Preliminary Agreement, often necessary for complex terms. The second visit finalises the sale with the Final Act.
WORKING WITH A NOTARY IN MONACO FOR COMMERCIAL PROPERTY ACQUISITION
- Verifying the legal status of involved parties.
- Conducting property title searches.
- Ensuring absence of limitations or issues affecting property value or enjoyment.
- Confirming absence of mortgages or charges, and addressing planning-related issues.
- Getting all the legally required documentation from the local authority.
FOR COMMERCIAL PROPERTIES WITH A MORTGAGE
In the scenario where a property has a mortgage, the notary will contact the issuing bank to prepare the mortgage deed.
THE FINAL DEED
During the final visit, the deed is read, amendments are agreed upon, and funds are settled. Subsequently, the estate agency hands over the property keys to the new owner, and the notary manages the financial disbursements.
Post-sale, the notary registers the title deed with the Land Registry, retaining the original deed while providing the new owner with a registered copy as proof of ownership, available around two months after completion. Parties have the freedom to choose their preferred notary, without the obligation to engage the vendor’s legal representative.
START YOUR COMMERCIAL PROPERTY SEARCH
If you are interested in commercial real estate in Monaco, we can help. Get in contact with us today and one of our advisors will be in touch with you to discuss your project.