Buying property in Montenegro

Summary: Having got themselves well on the road to recovery after the Balkans war (with billions of dollars of foreign aid), Montenegro has become a property investors dream. Sharing a border with Croatia meant that it has been a logical step to move further along the Adriatic coast to find a new, untapped market, especially for those who missed out on getting in at the ground floor of the Croatian property boom ...

As with purchasing a property in any country, you must make yourself aware of the formalities and "peculiarities" of the foreign market. Property prices. Without an official price index, many properties are advertised with a price that is determined by what the vender wants rather than by a market value. If you find a property in a particularly popular area (or in an area like an Old Town where they can be no more development), it is most likely that market has been determined by the price paid for a similar property. If you are looking at a renovation project in an area away from the main towns, then the price you pay will most likely be a result of your negotiation skills. Legal advice. Getting a local lawyer is imperative. Many properties have multiple owners (i.e. owned by whole families) and all parties must be in agreement of the sale. When the lawyer has this in writing, the title of the property can be yours. Paying for your property. All purchases are cash purchases. The vendor will require a cash deposit of at least 10% of the agreed price and you will need to pay the rest in 30 days. If you cannot complete the deal, you lose the deposit. If the vendor pulls out of the deal, they will have to pay back the deposit plus the same again. Therefore, if you put down