Client costs
The following costs will normally be incurred by the buyer when purchasing a property in Montenegro:
1. Flight cost.
2. Apartment accommodation ( EUR 20-50 per day).
3. Notary services ( EUR 200-400).
4. Cadastre (EUR 150-250).
5. State sales tax (Stamp Duty) 3% of the property value.
6. Bank commission for transfer of money (0.4% of the amount transferred). For the clients of our agency we have negotiated a heavily-discounted commission of 0.2%.
7. Official translation of the sales contract to English language (EUR 20 per page ).
8. Licensed interpreter services at the signing of the sales contract (EUR 50 per hour).
9. Agency commission of 3% of the property value. This includes a range of services from identification and selection of suitable property to the buyers' specification, property viewings, negotiating with vendor to ensure best price and terms, inspection, checking and verification of Title documents at the Land Registry Office, ensuring property is free from all mortgages, encumbrances and charges before purchase, attending the Public Notary Office with the buyer, arranging Official Translator, obtaining copy of the sales contract, responding to buyers' queries, administering payment of the State Sales Tax (Stamp Duty), and registering the property in the buyers name at the Land Registry Office. Additional services included in the fee are registering or re-registering the buyer's details with all utility providers such as water and electricity companies and relevant Government agencies.
The cost of maintaining the property:
1. Annual property taxes. The procedure for the calculation of the tax depends on a number of parameters. On average, for a flat of 50 m2 the tax is EUR 50-80 per year.
2. Electricity
3. Water
4. Utility costs.