Step-by-step Monaco seller guide
The desirability of Monaco remains unsurpassed. With a thriving social life, low taxes, and high quality of living, properties for sale in Monaco remain the most expensive and highly sought-after in the world.
With such a strong demand for residency from the world’s wealthiest and limited inventory due to Monaco’s small land mass, Monaco property owners may wish to sell their properties for many financial benefits. According to the 2022 Real Estate Observatory Report, Monaco real estate prices averaged around 5 to 10 million Euros. The average Monaco property price per square metre grew by 9% in 2021, breaking the 50,000 Euro mark for the first time.
Find out more about how to sell your apartment in Monaco with Ageprim’s seller guide.
STEP-BY-STEP MONACO SELLER GUIDE
1. THE VALUATION
To sell an apartment in Monaco, one of our experienced agents will visit your property to assess your apartment’s value. The valuation will consist of a detailed report based on the size, condition, and location.
2. THE DOCUMENTATION
Once a valuation has been done, Ageprim will collect the required documents for the sale of your Monaco property. These will include:
- Certificate of ownership
- Identity card of the seller
- Co-ownership rules relevant to the property
- The official documents from the annual co-ownership meetings
- All legal documentation if the seller is a company
- If the property is rented, the entire rental management records
- Complete records if works requiring authorisations have been done on the property
3. SALE MANDATE
Ageprim will then require the signature of a sale mandate to determine the sale price, the real estate agent’s commission and the mandate’s terms and conditions.
4. MARKET THE PROPERTY
Our team will then display and advertise your Monaco property for sale to our impressive network of contacts. We will define the best sale strategy, ensuring you benefit from our various media.
5. ACCEPTANCE OF THE OFFER TO SELL
Once Ageprim has found a potential buyer, and you agree to their conditions in writing, the seller will be committed to the sale without any retraction. The documents will be sent to the Notary of your choice, who will be responsible for completing the sale and collecting the deposit from the buyer.
6. PRELIMINARY SALES AGREEMENT (OPTIONAL)
A signature of a preliminary sales agreement (Compromis de Vente) may also be required should specific conditions be requested. The ‘Compromis’ will refer to conditions precedent that, unless satisfied, will allow the buyer to withdraw within a fixed period. The conditions may concern obtaining financing, making physical modifications, or planning matters.
7. DUE DILIGENCE
The Notary will proceed by carrying out their due diligence, such as searches at the Monaco Land Registry, to confirm that the seller is the legal owner of the property, that there are no pending mortgages, and to determine any urban or other regulations that may affect the sale.
8. VERIFY IDENTITIES AND TRANSFER DOCUMENTATION
The Notary will also ensure that the land title is transferred from the seller to the buyer by checking with the Monaco Land Registry. They will also ensure the verification of the identities of the parties with forms and documents.
9. TRANSFER OF THE DEED
The sale is complete when the deed is transferred to the buyer and signed by both parties in the presence of the Notary or using an authentic power of attorney.
10. FINAL PAYMENTS
The seller must deduct the real estate agency commission from the agreed selling price. According to the scale set by the Monegasque Real Estate Chamber, this is 5% + VAT, i.e. currently 6% tax inclusive of the amount of the sale. Additionally, if the property is still under mortgage, there will be an early release fee of 1% to be paid. All other costs will be at the expense of the buyer. Once all the payments have been settled with the Notary, the seller will then receive the final payments for the property.
HOW AGEPRIM CAN HELP YOU SELL AN APARTMENT IN MONACO?
If you are wondering how to sell an apartment in Monaco, contact the trusted team at Ageprim. Our market intelligence and experience have enabled us to establish ourselves as a leading authority in Monaco real estate. With an impressive portfolio of qualified buyers and contacts, we are relied upon by the world’s most discerning individuals to sell various types of properties throughout Monaco.
We offer property owners the opportunity to sell an apartment in Monaco through traditional marketing methods on public platforms and off-market sales methods.