Tip 1.Before purchasing a property, decide which property you want to purchase.
Questions to ask yourself:
• Purpose of purchase?
• How often will you use your property?
• Who will service your house or apartment in your absence? • How important is proximity to the beach, supermarket, bus stop, or vice versa, distance from civilization and proximity to the sea?
• Are you ready to make light repairs, or should the housing already be renovated? Are you ready for a major overhaul, reconstruction?
• Are we only considering a new building or a secondary market?
• If it is a piece of land (what area is the house you want to build on it)
Tip 2. Determine the amount that you are willing to invest in the purchase of real estate, evaluate your strength.
Do not overestimate your capabilities, weigh your strength well. Do not forget that the acquisition of real estate means considerable fixed costs for maintenance, care, taxes.
Tip 3. Buy quality real estate.
Don’t be confused by too low prices for certain types of real estate. Remember, during a crisis, the prices for illiquid real estate fall most quickly. Reasonably approach the choice. Invest more, but choose a quality property.
Tip 4. Meet with the property owner.
Pay attention to the situation when the seller is not the owner of the property, but acts by proxy. It is through the provision of forged documents from third parties that fraud with real estate occurs.
Tip 5. Check the package of documents for real estate.
You can find out if the real estate is not encumbered (whether it is pledged to a bank, under a mortgage, whether it is seized by court order) or restriction of rights (easement, trust, rent, an act of a public authority restricting property rights).
Tip 6. Pay attention to the legal support of the transaction.
The legislation of Montenegro allows you to establish an encumbrance on the purchased property from the moment of conclusion of the contract of sale and payment of the reservation payment until the receipt of the Certificate of ownership of real estate in the name of the buyer. Take advantage of the notary’s offer to impose this type of encumbrance on the property, which ensures that during the time you pay the amount under the contract, your purchased property will not be resold, donated, or the seller will not dispose of it in any other way.
A safe payment method when buying and selling real estate in Montenegro is to pay through a notary’s trust account. The scheme consists in opening an account by a notary, thanks to which the necessary monetary operations are carried out. Only a notary can use the account.
Tip 7. When buying new housing from a developer in Montenegro, minimize your risks:
During the construction of an object in Montenegro, you can purchase housing at the stage of excavation or until the time of the house’s commissioning. The price at different stages of the construction of a new building in Montenegro will be different. The most attractive price – at the start of construction, the highest – after the completion of a new facility.
When compiling and signing a purchase agreement for a residential building under construction, carefully check the characteristics of the acquired property in the new building, in particular the area, what other options are available for use by the apartment owners in this house.
– Pay attention to the certificate of acceptance of real estate.
Upon completion of construction, the developer will offer you to accept the property that you purchased from him. If during an external examination you have identified deficiencies, then they must be indicated in the act of acceptance. The developer must eliminate them. Check the compliance of real estate in the documents and in reality. If you find a discrepancy, and the provided area of the property is less than indicated in the contract with the developer, you can demand compensation.
