Guide to buying

A step by step guide to each stage of buying an apartment in Monaco (or any property)

We will help you all the way!

Are you looking to buy an apartment in Monaco ? You have come to the right place. Our step-by-step guide provides you with all details you need to buy your new home in Monaco. With around 300 days of sunshine every year, Monaco is a prestigious but also a safe place offering a unique and luxurious living experience. Monaco continues to attract residents from all over the world. The real estate market is very special and competitive here. It makes it a great place to invest if you have the resources. We are here to guide you through every stage of the Monaco buying process.

1- Goals and Financial Preparation

• Define Your Goals: Determine your reasons why purchasing an apartment in Monaco. Are you buying for your main residency ? Are you buying for a new investment ? Are you buying to have your holiday home in Monaco ?
• Budget: Arrange your finances and determine a budget for the purchase of your apartment. Please note that your budget should include the apartment price, the Notary fees, the real estate agency commission and potential renovation costs.
• Financing: Our recommended bank partners have access to exclusive deals and rates to help you with a suitable mortgage or credit available.

2- Meet a Monaco Real Estate Agent

• Choose a Reliable Agent: a good and reputable real estate agent with a strong local life-style experience. It Is important that your real estate agent knows the market but it is more important to have a real estate agent who can offers you apartments before they get listed on the market. Select an agent who manages a wide range of properties and who can inform you about the next constructions around.
• Single or Multiple agent: we have always collaborated with all the real estate agencies in Monaco since we manage a lot of properties here. We believe that working with us and centralizing your property search to avoid confusion and live this experience smoothly with better rates conditions is a must in such a specific market. We are not in competition but we collaborate all together. We will organize viewings for you and negotiate on your behalf. If you see an apartment that you like on another property website, do not hesitate to tell us.
• Your Requirements: Tell us about your requirements. What is your price range ? How many bedrooms do you need ? Do you like a specific district of Monaco ?

3- Monaco Property Search and Viewings

• Property Selection: We will send you a selection of Monaco apartments that match your requirements. When you find the apartment you like, we recommend that you see it as soon as possible. Monaco’s real estate market is very competitive and apartments are purchased quickly.
• Viewings : We will organize the viewings of the apartments we manage as well as the viewings of apartments you selected from other property websites. We get in touch with the other agent and coordinate to make your buying process smooth and stress-less. When you view an apartment, take notes, take pictures (with permission), and come back to discover the district at different times of the day. Do not hesitate to ask about daily life, we are born here! It is also important to check if any future construction will impact the view.

4- Offer

• The Property: Once you find your perfect apartment in Monaco, take time to sit down with us to ensure it meets your all your expectations. Remember that we have a strong experience in ral estate and all our network is ready to help you.

You like or do not like the condition of the apartment? That’s fine we can help you with a renovation quote and follow up the renovation of your new home.

The layout of the apartment is almost perfect ? No problem we can get in touch with an architect to know if the floorplan can be changed.

The view is beautiful. Of course we will always show you apartments in Monaco with a great view. We will question our professional network including Government offices to check about potential building construction in the surroundings.

The apartment is perfect but you wonder about the condominium service charges? We will get in touch with the sellers or with the other real estate agent to obtain the latest condominium service charges costs and the latest condominium general assembly report.

• The Purchase offer: If you find an apartment that interests you at this stage, we will prepare a written offer and we will help you negotiate the price with the sellers.

The purchase offer in Monaco includes the following terms :

1. Identity of the buyer (you can sign this offer personally or purchase with a property company Société Civile Immobilière SCI (learn more about Monaco SCI property companies here)
2. Information of the property
3. Price and payment schedule (10% down payment and balance payment timing)
4. Notary information (selection of the Monaco Notary according to your needs)
5. Deadline for the completion of the sale signing the authentic deed at Notary
6. Suspensive Conditions (possible mortgage for example)
7. Period of validity of your offer (can vary depending on our advices)

5- Downpayment and Monaco Notary

• The Downpayment: Once your offer has been accepted and we have it signed by the sellers, the next step is for you to arrange the downpayment to the Monaco Notary. This downpayment representing 10% of the final price can be paid to the Monaco Notary with a bank transfer or with a cheque payable to the Monaco Notary office. It is important to organize this payment within 2-3 working days following to the acceptance because we will hand over the accepted offer and all collected documents to the Notary office.
• Notary in Monaco: There are three Notary offices in Monaco.

The Notary office of Maitre Henry REY is located on the Rocher close to the Prince’s Palace.

The Notary office of Maitre Nathalie AUREGLIA-CARUSO is on the Boulevard des Moulins close to the Casino Square.

The Notary office of Maitre Magali CROVETTO-AQUILINA is situated in the Port & Condamine district.

We work with all of the three Notary offices and we can recommend one if you don’t already know one. We usually select the seller’s Notary office as he already hold a completed file. We like to introduce our new clients to a Notary office before the transaction to answer all their questions regarding the Monaco inheritance laws or related to a possible property company creation.

The Monaco Notary office will do the following :

1. Cash the downpayment 10% cheque
2. Collect all documents about the seller & buyer (clients information sheet, commission agreements)
3. Draw up a draft of the authentic deed which we will receive for reading
4. Remove possible suspensive conditions (mortage check for example)
5. Conduct legal due diligence : property ownership check, capacity to sell, condominium service charges regularization, etc
6. Prepare a statement for the payment of the balance (price + Notary fees + Agency commission)

When we agree on the date to sign the authentic deed with the seller, it is important that the Notary already has received the resting amount. On that day the Notary will read in front of the seller and the buyer the full authentic deed which includes all the terms of the sale (details about the buyer and the seller, details about the property and the building, information about possible mortgage or credit. Please note that the deed is in French and it is possible to ask for an interpreter at your charge. It is also possible to prepare a power of attorney in case you can’t be there.

Following to the reading and the signature of the authentic deed, the property ownership is transferred and you can take possession of your new apartment in Monaco. 

6- Post-purchase Points:

• Monaco Residency Process: if you have purchase an apartment in Monaco to obtain your residency card, collect your new Owner’s Certification from the Notary’s office and include it with all other documents requested to apply. Learn more about how to apply for Monaco residency permit here.
• Monaco Property Management: if you are a full-time Monaco resident, or not, we would like to help you with your property management taking care of the apartment maintenance, managing any tenant or keeping the relationship with the condominium to follow up your service charges. You can know more about our Property Management services here.

With the administrative work completed and your residency status on the way, you can finally enjoy your new home. Our support doesn’t end even after the transaction. Remember that we are here to answer to all your questions because Monaco is not just a destination, it is a lifestyle.

We are very excited to be a part of your journey in helping you find your perfect Monaco apartment. If you are ready to start your Monaco buying process, please don’t hesitate to contact us.