Buying Procedure

Property can only be bought through a cash purchase given there are no mortgages available at the moment.

SECURE THE PROPERTY / PROPERTIES

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.

Notary Public
Mrs Gillian West,

Jackson West Solicitors,
3 Trinity Street,
Stratford upon Avon,
Warkwickshire.
CV37 6BL.
Tel: 0I789 204020
Email: gw@jacksonwest.co.uk

9. Either take the official document to the Foreign Commonwealth Office, London to be legalised through the Apostille process (item 6)

10. Pay a nominal fee to the Notary Public or Document Legislation Service. Who in turn should arrange for this document to be authenticated and a U.K. Apostille certificate granted via the Foreign Commonwealth Office. The turn around time on this service usually takes between 2 - 10 days.

11. Post the authenticated document back to your solicitor using an international courier service. The document should arrive with your solicitor in Montenegro within 3 days.

12. Ensure ongoing property management post-purchase
Our Company offers competitive maintenance and cleaning contracts.
Free advice and assistance appertaining to: Local suppliers, support and guidance regarding property rental, utilities management, house & contents insurance and so forth.

All legal transactions; monies and contracts must be exchanged by the agreed completion date. Otherwise the preliminary contract becomes null and void and the party at fault could loose their deposit.