The purchase process: offers/processing
Negotiations for the purchase of a property in Monaco begin with a written offer. Reputable real estate agents use oral offers only in extremely rare cases.
In the so-called “detailed offer” you will receive the exact details of the property. Among other things, it contains the following information:
Conditions of purchase
Possible date for the acquisition
The amount of the broker’s commission to be paid by the buyer.
If the offer is accepted by the buyer, then it is consolidated by a deposit. The deposit usually amounts to 10% of the sales price, but may vary from case to case. The deposit is deposited with a notary public. The deposit itself is made by a single cheque, usually issued by a bank established in Monaco.
If the purchase offer has been accepted, it is legally binding. If you as the buyer withdraw from the purchase after accepting the purchase offer, the deposit remains with the seller. If the seller does not meet the purchase conditions, you will, of course, get the cheque back. In addition, the seller is obliged to make a compensation payment in the same amount as the deposit in a corresponding proceeding initiated by the notary.
The sales contract itself must be signed under notarial supervision.