Why buying a property from a « Marchand de biens » isn’t such a bad idea ?

When your agent tells you more about a property and reveals that the owner is a « Marchand de biens », your first ideas are most of time:

  • « he bought first and cheaper, and now I will pay full price »
  •  « I won’t buy, this owner will not make money at my expenses »
  • «I should have been the first for buying cheap »
  •  « I am sure the level of quality/ finishings is not the one I am expecting »

I would tell you need to think twice here.

For the last eight years, « Marchand de biens » have been working more and more in the Principality of Monaco as they benefits from tax /registration fees advantages while redoing properties on a strong real estate market. Acting as a “marchand de Biens” is easier than ever before, and of course several « Marchand de biens » were clearly redoing properties to make money with a certain lack of quality.

But I must admit that they are not the majority.

Today, the rules to refurbish properties are quite tough and developers are helped with Monegasques architects to fill in a complete registration processes to prove everything is in order until delivery. The Notary guarantees that the sale is perfectly and honestly done.  They use foreign and local compagnies to do the works and you can always rely on these professionals for after service. And keep in mind that the first aim is to sell at the best possible price, and quality matters.

So my advice is for you to focus more on the proposed property than on the owner you don’t know.

If the apartment is presented to you and you accepted to view it, it is almost meeting your budget range and requirements.

Moreover, you should keep a clear idea of your project. Do you know what It takes to refurbish a property in Monaco? If you are used to it, or even helped by a local partner, redoing a property can take from three months to a year depending on the surface and type of projects. Are you really prepared for such a project/budget?

The price you are paying for a property owned by a « Marchand the biens » includes time, means and professional efforts to renovate a property driven to the best current standards; the apartment is ready to live in, or rent out.

Of course, even if it not an easy task to cope with, your agent is more likely to sell you a property of quality, for your satisfaction first, and/or to get this property in management, or later resale without any issues.

Once again, trust your agent to defend your best interests as he/she is certainly working with you in a long term perspective.

These apartments are really the best deals of the moment

Hello everyone,

Just a few words to tell you more about properties I consider the best deals of the moment, and to tell the truth, I don’t even handle directly these little treasures.

I just visited two 2 bedrooms properties, located on the 12th and 14th floor of the bloc G at the Chateau Perigord II and the asking prices are just crazy : 4.150.000 € for the one located on the 12th floor and 4.250.000 € for the one on the 14Th floor.  For about 114sq.m you could consider it is not the deal of the week (well, find another one, please…). But it includes a parking space in the building. For those who know the Chateau Perigord, there is a such a lack of parking spaces there, that prices are skyrocketing (when there is one for sale !) so instead of an average 180.000 € the space, usually, it is negotiated around 350.000 € for the same kind of space. If you do your math, you can get a 2 bedroom property with parking space and view at the Chateau Perigord for 32.000 €/ 34.000 € per sq.m … I have been told there was also a three bedroom available in the same price range… but already under offer J

You can always call me or visits whenever needed 😉 (+33.680.863.201)

 

Hello ! Today a simple guide to buying a property in the Principality of Monaco

Simple guide to buying

Once you have found a property that matches your criteria and you want to start the acquisition process, here are the different steps.

Step # 1 – The bid and the negotiation.

A written offer: No negotiation in the Principality can start without a written purchase offer, written by us. A real estate agent does not transmit oral bids. Only exceptional circumstances justify this use.

A detailed offer: The written offer presents the buyer, with details and description of the concerned goods, the offered price and the terms and timing of the acquisition. The document also presents the amount of notary legal fees paid by the buyer (6% of the sale price). In the Principality of Monaco, the buyer must also pay a commission to the agent as compensation for his intervention. These fees are in excess of 3% calculated on the sale price + VAT 20% (on the 3%) – customary commission for real estate agents members of the Real Estate Board of Monaco.

Offer supported by a deposit: The sincere and good faith of the buyer must be confirmed by a deposit, which will be collected by the notary once the offer is accepted. This deposit is used to demonstrate the seriousness of the offer to the seller. Agreed to a sum of 10% of the sale price in most cases, the deposit varies depending on the situation. In Monaco, it is generally made with a single cheque from a bank in the Principality of Monaco or a bank transfer upon acceptance of the offer. Unless otherwise specified by the buyer, the notary before the agreement of both parties never collects the latter.

Offer with a legal value: The offer to purchase is a document that has a real legal value in Monaco. When it is accepted and supported by a deposit cheque, the accepted offer is a firm commitment of both parties. If the buyer were to withdraw from the transaction after the seller has accepted the sale, the deposit cheque would be his ipso facto. On the other hand, faced with a defaulting seller, the deposit is handed back and the notary forces the seller to pay compensation for the same amount. In this case, a procedure to force the seller to go through the actual sale may be considered.

An offer followed by a sales agreement? The possibility is left to the two parties to agree on the signing of a sales agreement. More detailed than a simple bid and preparing the authentic deed, it can strengthen both parties in their respective intentions while protecting them by a notary. This phase may be useful in the event of a transaction when the signature as authentic but distant or when the complexity of the situation requires.

Step #2 – The responsibility of the Notary and the Deed.

The notary is a public officer acting on behalf of the State. It gives the acts he wrote a guarantee of authenticity. This means that it has the prerogatives of public power. The notary is first and foremost a professional who has the authority to authenticate documents by affixing his seal and his signature. He personally testifies the will expressed by the parties and is liable for the content and the date of the act.
The deed by its formalism confirms the contents of the sale and the agreement between the parties with probative and executory strength. This act imposes the same force as a final judgment. It sets the property to a certain date and protects your interests seamlessly.
In the Principality of Monaco, three studies are available:

  • Aureglia-Caruso Nathalie – Postal Address: 4 boulevard des Moulins 98000 Monaco – Tel. 93 10 60 60 – Fax. 93 30 50 54
  • Crovetto-Aquilina Magali – Postal Address: 31 Boulevard Charles III, 98000 Monaco – Tel. 93 50 54 13 – Fax. 93 30 56 73
  • Henry Rey – Postal address: 2 rue Colonel Bellando de Castro, 98000 Principality of Monaco Tel. 93 30 41 50 – Fax. 93 30 05 22