Buying Property in Morocco
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Buying Property in Morocco
There are some easy steps a buyer must follow every time a property is going to be purchased abroad. As every international location has its own regulations, it becomes quite important to know what to do and how to do it, aspects which our buyers guide aims to give you an overview of. Nonetheless we always recommend using appropriate legal representation with any overseas investment.
USING AN AGENT
A good agent knows the local market and will find your dream holiday home or investment property in the right location and at the right price. Reputable agents do extensive research to ensure a developer has planning permission and they’ll make sure your property carries your name on the title deeds. An agent’s contacts are invaluable, especially if you don’t speak the language. They’ll know if the area has a good resale market and what facilities are available – such as schools. You’ll also save time using an agent.
MAKING AN OFFER
Having selected a property, the process is very similar to that operating in Spain, France and other European countries. The buyer approaches the owner of the property (or the developer) with an offer. If the offer is accepted – and some degree of haggling is to be expected regardless of how generous the offer may be – a preliminary contract is drawn up by the lawyers of one or both parties and, assuming agreement on terms, the contract is signed by both parties. A holding deposit is usually paid at this point, normally of between 5–20% of the property’s value. APPOINTING A LAWYER
If you are planning to buy a property abroad or even just thinking about, whether it be a farmhouse, cottage, apartment, villa or business, you must bear in mind that you need to retain legal representation. Your lawyer will help you avoid the pitfalls and minimize the risks associated with buying a home abroad, which is often one of the largest financial transactions you may ever undertake. Whatever type of home you decide upon, there are certain safeguards you should take to make sure your dream purchase does not become a nightmare. One of the most common mistakes is to assume that the purchase procedures are the same as in your country. Not true, failure to take basic advice can result in disastrous financial losses. Some of the things a lawyer will take care of are the following:
- Check the current owners have the correct title to the property
- Check for any charges and liabilities still owed on the property
- Check your contract and advise you on the obligations for both parties
- Help you through the payment/funds transfer
- Ensure the property is registered in your name
The property sale process is finalised before a Notary, with the buyer and seller signing the Deed of Sale (Title Deeds). The Notary is a public official whose role it is to identify the buyer and the seller, and ensure that all legal requirements have been met, and that the amount due to be paid has been settled.
The property registration procedure entails the payment of all the taxes applicable to the property and the obtaining of the final register stamp for the Title Deeds, which guarantees the transfer of the property.
Once the sale has been finalised, all the utility contracts for the property (electricity, water, rubbish collection, etc.) will be put into the name of the buyer and can be paid by direct debit from a Moroccan bank account.
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