Foreign citizens have the right to purchase any residential and commercial real estate in Montenegro - house, apartment or land plot for construction.
A plot of land in Montenegro is a part of the land that can be located in both urban and suburban areas. Depending on the purpose of the land, there are two types of land: urbanized and non-urbanized.
Urbanized land – land for construction. Here commercial objects, individual houses, commercial or office premises, and so on can be built. You can design your house on your own.
Non-urbanized land is not intended for development. Such land plots can be used for agricultural purposes or pastures, growing vines, olives or oranges .
All transactions related to the sale and purchase of large land plots (more than 5000m2) and non-urbanized plots can be completed only with the registration of a legal entity.
Sale and purchase agreement and cadastral registration
Montenegro’s system of real estate transaction registration includes a unified Cadastre and Register of property rights. Cadastre information allows you to determine whether the object has construction permits, as well as to see the object on the cadastral survey plan.
The Register provides accurate information on the property ownership rights; whether the property is secured by a pledge or any other encumbrances. All this information can be found in a document called List Nepokretnosti (Title Deed).
List Nepokretnosti (Title Deed )is an extract from a cadastre book (register).
The property list contains information about the property, its area, parts of the property, the owners, the extent of their rights to the property, encumbrances and restrictions (if any). When checking the documents of the property you are interested in and before signing the Purchase and Sale Agreement, it is necessary to request that the seller (the owner of the property) provides a new list of the property.
At the request of the buyer, the Purchase and Sale Agreement is translated into Russian. Translation of the purchase and sale agreement is certified by the seal and signature of the translator. Signatures of the Buyer and Seller under the contract are notarized, after which the contract is submitted for registration. Registration of property in the register lasts up to 30 calendar days. This is the official maximum registration period. After registration, the new owner receives List Nepokretnosti (Title Deed).
When registering ownership rights, the buyer is obliged to pay the state tax on real estate turnover at the rate of 3% of the total value of the transaction.