Buying property in Montenegro

As with purchasing a property in any country, you must make yourself aware of the formalities and "peculiarities" of the foreign market.

Property prices.

Without an official price index, many properties are advertised with a price that is determined by what the vender wants rather than by a market value. If you find a property in a particularly popular area (or in an area like an Old Town where they can be no more development), it is most likely that market has been determined by the price paid for a similar property. If you are looking at a renovation project in an area away from the main towns, then the price you pay will most likely be a result of your negotiation skills.

Legal advice.

Getting a local lawyer is imperative. Many properties have multiple owners (i.e. owned by whole families) and all parties must be in agreement of the sale. When the lawyer has this in writing, the title of the property can be yours.

Paying for your property.

All purchases are cash purchases. The vendor will require a cash deposit of at least 10% of the agreed price and you will need to pay the rest in 30 days. If you cannot complete the deal, you lose the deposit. If the vendor pulls out of the deal, they will have to pay back the deposit plus the same again. Therefore, if you put down ?5000 and the vender defaults, you will receive a total of ?10000.

Fees.

In Montenegro, it is the buyer that pays the estate agent fees.

- Property tax: 2% (on the sale price, payable to the government.) - Agent fees: 4% (approx.) - Legal fees: ?750 (approx.)

Example: Agreed sale price = ?45000 + ?900 tax + ?1800 agent fees + ?750 legal fees = ?48450

Transferring money.

It is not necessary to carry the whole amount of money to Montenegro as cash (although you may wish to do so for the deposit). You can transfer the outstanding amount electronically to a bank in Montenegro and withdraw the money when you are there. Some banks don't have any method of direct transfer to Montenegro, so you may have to use a currency exchange to do this for you (they quite often get better exchange rates too for those in non Euro currency countries). From there the money can be transferred to a Montenegrin bank (Opportunity Bank in Kotor Old Town only charges a ?15 handling fee. Some banks charge a percentage).

Once you have decided on your property (or properties), seek the proper legal advice and look forward to your new holiday home, capital growth or rental income.

Please note: this article does not constitute legal advice and any costs incurred & potential future gains may be different in each instance.

Posted by Mary Ylipelto on December 13, 2008 at 12:00 AM

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Mary Ylipelto is affliated with Area Properties, which is located in Astoria, OR. For further assistance please use the contact information located on the right.

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Local Information for Astoria, OR

Latitude: 46.188825 -- Longitude: -123.821007

ZIP Codes for Astoria, Oregon	97103
Area Code for Astoria, Oregon	503
Time zone for Astoria, Oregon	PST

Other Area Cities: Astoria, OR Gearhart, OR

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The Lewis and Clark Expedition spent the winter of 1805-1806 at Fort Clatsop, a small log structure south and west of modern day Astoria. The expedition had hoped a ship would come by to take them back east, but instead endured a tortuous winter of rain and cold, then returned east the way they came. Today the fort has been recreated and is now a national monument. Several years later, in 1811, Astor's Pacific Fur Company founded Fort Astoria as its primary fur-trading post in the Northwest, and in fact the first permanent U.S. settlement on the Pacific coast. It was an extremely important post for American exploration of the continent and was influential in helping establish American claims to the land. The fort and fur trade was sold to the British in 1813, and house was restored to the U.S. in 1818, control of the fur trade would remain under the British until American pioneers following the Oregon Trail began filtering into the port town in the mid-1840's. -- Source: Wikipedia.com

Oregon 2000 Census Population Profile Map

	Astoria	Oregon	United States
Population	9,813	3,421,399	281,421,906
Median age	38.3	36.3	35.3
Median age for Male	36.6	35.1	34
Median age for Female	40	37.5	36.5
Households	4,235	1,333,723	105,480,101
Household population	9,590	3,343,908	273,643,273
Average household size	2.26	2.51	2.59
Families	2,467	877,671	71,787,347
Average family size	2.93	3.02	3.14
Housing units	4,858	1,452,709	115,904,641
Occupied units	4,235	1,333,723	105,480,101
Vacant units	623	118,986	10,424,540

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Buying property in Montenegro

Local Information for Astoria, OR

Latitude: 46.188825 -- Longitude: -123.821007

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