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2022-11-16

SALES GUIDE

PUTTING YOUR PROPERTY UP FOR SALE

If you wish to sell one of your properties, our team of dedicated professionals will be able to assist you efficiently by giving you the benefit of their experience, their network, and their knowledge of the market for the completion of this sale. 

The Monegasque real estate market is constantly evolving, and it is therefore necessary to have a very up-to-date knowledge of it.

We benefit from a large active client base, we also collaborate with most of the real estate agencies and promoters established in Monaco, and our website is optimized to attract buyers from all over the world, which allows us to offer you a very qualitative selection of potential buyers by addressing you to only one contact. 

Evaluation of the value of your property

First, a negotiator from our agency with a perfect knowledge of the Monegasque market will visit your property and collect all the necessary information in order to establish the most accurate estimate. The detailed estimate of your property will be given to you.

Documents required for the sale of your property:

  • Certificate of ownership
  • Identification of the seller(s)
  • Rules of co-ownership
  • 3 last minutes of the general assemblies.
  • If the owner is a company, all the legal documentation relating to it
  • If the property is rented, the complete rental management file.
  • If the property has been the subject of work requiring permits, the complete file of the work.

Signing the sales mandate and setting up the commercial strategy

Sign a sales mandate which will stipulate in writing, the selling price, the agency's remuneration as well as the duration and conditions of the mandate. 

This mandate can be exclusive, co-exclusive or simple:

Exclusive

Only the agency appointed will be authorized to market your property. The real estate agency with an exclusive sales mandate is more involved in the sale of the property than when it is in competition with other agencies and therefore does not have the assurance of the final sale. The agency will devote greater financial and human resources to maximize its chances of selling your property in the best conditions and at the best time. You will have a unique representative who will centralize all the requests of the potential buyers and will have a perfect knowledge of your property. 

Co-exclusive

The exclusivity is shared between two real estate agencies. This formula can be interesting if you believe that two agencies can be complementary, especially in terms of approach and clientele. 

Simple

This mandate allows the agency and any other real estate actor to act independently and in competition to represent your interests.

Our professional photographer will be put at the disposal of your property with the intention of making it as attractive as possible in order to seduce potential buyers,
We will define the best marketing strategy and use all our marketing tools in your favor.

Find a buyer and accept the offer

Organization of visits in the systematic presence of one of our negotiators with potential customers. At the end of each visit, we will send you the impressions and feedback of the clients.

Receipt of a purchase offer, including the main conditions of a potential buyer.

If this offer is accepted and materialized by your signature, a deposit check or a bank transfer will have to be sent to one of the notaries of Monaco within 48 hours. The buyer, as well as the seller, will no longer have the possibility of withdrawing from the offer. 

Sales agreement

The signature of a compromise is not mandatory in Monaco. However, it is highly recommended when there are specific conditions. The compromise completes the purchase offer and is particularly necessary if you have recourse to financing by a credit institution or if the apartment is subject to the State's right of pre-emption.

Indeed, if the chosen property is located in a building built before 1947, the State can use its right of pre-emption within 30 days from the signature of the preliminary sales agreement and it will substitute itself towards the seller. 
Your deposit will be returned to you, and you will no longer be able to proceed with the desired acquisition. 
On the other hand, if the apartment is not subject to this right of pre-emption, the sale can be completed very quickly.

If suspensive conditions have been foreseen, they will have to be carried out within the fixed deadlines. A few days before the signing of the deed of sale at the notary's office, a statement of account will be sent to you, and you will have to pay the balance at the latest on the day of the signing.
Nothing will change for you and the sale will be completed within 30 days after receiving their reply.

The signing of the deed at a Monegasque notary's office will confirm the content of the sale and the agreement between the parties with enforceability. This act is binding with the same force as a final judgment. It establishes the new property with a date certain. You will hand over the keys to the new owner and collect the funds received within a fortnight from the Notary Office.

On the sale price which will have been concluded, the salesman will have to envisage in deduction, the commission of real estate agency to his load. According to the scale fixed by the Monegasque Real Estate Chamber, this is 5% + VAT in force, i.e. currently 6% including all taxes of the sale amount.
In addition, if the property is still under mortgage, there will be an early release fee of 1% to pay. All other costs will be charged to the buyer.