Sales guide

 

 

You are decided or still thinking of selling your property located in the Principality of Monaco ? Our dynamic and professional team will assist and provide you with all its expertise to bring this sale to completion.

The different stages of the sales process:

  1. First of all, one of the brokers of our agency will visit your property in order to collect a maximum of information which will help her/him to valuate it at the fairest price.
  2. Thereafter a detailed valuation report of your property will be given, using several evaluation methods in order to minimize the notion of subjectivity.
  3. Collection of the required documents for the sale of your property:
    • Certificate of ownership
    • Identity card of the seller(s)
    • Co-ownership rules relevant in the condominium
    • 3 last minutes of general meetings of the co-ownership
    • If the owner is a company, all legal documentation relating to it
    • If the property is rented, the whole rental management records
    • If works requiring authorizations have been done in the property, the complete work records.
  4. Signature of a sales mandate. The mandate will especially determined in writing the following points:
    1. Sale price
    2. Commission of the real estate agency
    3. Term and conditions of the mandate
    The sale mandate can be either:
    1. Exclusive : only the mandated agency will be authorized to commercialize your property. There are several advantages to sign this type of mandate:
      1. The agency will dedicate more important financial and human resources, in order to maximize its chances of selling your property in the best time and conditions.
      2. It will work freely with other real estate players in order to have the largest network of potential clients.
      3. You will have a single representative who will centralize all the requests of potential buyers and will perfectly know your property and the related information disclosed.
    2. Co-exclusive : same principle as for the exclusive mandate but the exclusivity is shared between two real estate agencies. This may be of interest if you feel that two agencies can be complementary, particularly in terms of approach and clientele.
    3. Simple: this mandate allows the agency and any other real estate players to act independently and in competition to represent your interests.
  5. Displaying and advertising your property for sale. For this purpose, we will take photos or call a professional photographer. If necessary, we can also assist you to maximize the value of your property by performing "home staging" and give it the best chances of seducing potential buyers, with minimal expenses. We will define the best marketing strategy and you will benefit from our various media (websites, social networks, shop window, local press, specialized press), our database of hundreds of potential buyers, intermediaries and prescribers.
  6. Organization of viewings with potential buyers always along one of our brokers. We will follow up weekly by letting you know about their feelings and feedbacks collected during the visit.
  7. Receipt of a buying offer, including the main conditions proposed by the potential buyer.
  8. As soon as you agreed and sign this offer you will be committed without any retraction possible. The documents will be sent to the notary of your choice, who will be in charge of completing the sale procedure and collecting the deposit from the potential buyer.
  9. Possible signature of a preliminary sales agreement, but which is not mandatory in Monaco. It is strongly advised when specific conditions are requested. This document will complete the buying offer and is particularly useful if the buyer is applying for 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 will be able to use its right of pre-emption within 30 days as from the signature of the preliminary sales agreement and it will replace the purchaser. Nothing will change for you, and the State will have 30 days after giving you his answer to sign the final deed.
  10. If suspensive conditions were requested by the buyer, they must be fulfilled within the time limits set and only then will the sale be certain.
  11. The signing of the deed of sale, either in front of a notary or by means of an authentic power of attorney, will confirm the content of the deal and the agreement between the parties with enforceability. This deed is binding with the same force as a final judgment. It establishes the new property on a certain date. You will hand over the keys to the new owner and collect the funds received within two weeks from the notary's office.

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.

In addition, 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.

Don't wait any longer, contact us without any commitment and in complete confidentiality to discuss your project and we will be delighted to help you make it real by guiding you through the different stages.