Property buying process Morocco
Nadia Sadak, Thursday, 21 November 2013
This article is part of a series of 8 articles about buying property in Morocco. The other articles in the series cover the following topics:
We all know that it is a must to know how the buying or selling process works before we actually do it. It is a great way to know what is awaiting us. There are some steps that you should follow when you are buying a property in Morocco. You will have an idea of what the steps will be like. It will certainly be of great help, that way you will not have to deal with lack of information when such an important time of your life is finally about to come.
The first step : Looking for the right property for you.
Although this might seem like a silly first step many people regret doing business later on in life because they have actually stepped this part of the buying process. Buying a house does not happen because you think the house is cheap or even because the property looks nice. There must be a combination of factors that make that property the right one for you.
In order for you to find the right property you should look online and then as soon as you have an idea of what you would like to truly buy you should then contact a real estate agent, which happens to be a professional that is specialized into connecting possible buyers to sellers. This will increase your chances of finding the true perfect property in Morocco for you.
The second step: Getting the price right!
As soon as you have seen the properties that you are interested in and also made your choice it is time for you to have your trusted real estate agent actually contyact the sellers and then help you negotiate prices. It is often very common for the buyers to be able to reduce a few thousands when purchasing a property. It Is rare when the demand is high and the seller instead of reducing the price decides to actually rise it. Talking is always the best in this kinf od situation.
The third step: Having your own bank account in Morocco.
Every single year more and more foreigners wish to buy a property in Morocco. This happens because the country has several different beauties and also because of the fact that the country is quickly expanding and evolving into something much, much better. If you are already a resident of Morocco and already has an account things should not be too complex, however if you are new in the country things will get slightly lengthier (especially if you still need to get a mortgage). If you are a foreigner and you still need a mortgage make sure you look for the right bank since most of the banks in Morocco usually do not provide foreigners any sort of mortgage. You will need to present several different documents and present proof of income. If you are careful you will certainly be able to get your mortgage and then proceed in buying your brand new property in Morocco.
The fourth step: Dealing with the purchasing process.
You will notice that the purchasing process in Morocco is very similar to the buying process in France, which means everything will depends on a notary. The notary will then complete the first document that shows that the buyer would like to buy and that the seller truly does have the intention to sell, this will guarantee that both parties end up being honest with each other along the way. As soon as this document is made the buyer will be requested to pay around 10% of the total value of the property as proof that he is truly interested in the property. This will also guarantee that the seller will take the property off of the listings, so the buyer will also not undergo any sort of risks. The notary is responsible for a few things including: Taking care of any sort of land inquiries, checking the tile and also the land boundaries, checking if the property does not have any outstanding values that are still to be paid and others.
*some peculiarities when signing the final deed
It is also very common for the notary to lower the price of the property in order for both buyer and seller to reduce the amount of taxes paid. Although this is illegal in several other countries in the world in Morocco the notary will also be responsible for creating an extra document that declares that the difference will be paid, however the final deed will have a smaller value on the final deed.
The fifth and last step: The Final Transaction Contract
As soon as everything is settled between both buyer and seller the notary will then be able to finally sign the final deed, and then create the final contract, which will pass the property to its new owner. Here Is the part that will also have the seller present the mortgage and so on, in case he needed one. The final contract can be signed by a lawyer as well following the Power of Attorney act in case the new owner of the property is not in Morocco yet. This is simple yet tricky in some parts, therefore it is always good to have professional help. If you believe you will have too many doubts along the way make sure you have an attorney beside you.
This article is part of a series of 8 articles about buying property in Morocco. The other articles in the series cover the following topics:
We all know that it is a must to know how the buying or selling process works before we actually do it. It is a great way to know what is awaiting us. There are some steps that you should follow when you are buying a property in Morocco. You will have an idea of what the steps will be like. It will certainly be of great help, that way you will not have to deal with lack of information when such an important time of your life is finally about to come.
The first step : Looking for the right property for you.
Although this might seem like a silly first step many people regret doing business later on in life because they have actually stepped this part of the buying process. Buying a house does not happen because you think the house is cheap or even because the property looks nice. There must be a combination of factors that make that property the right one for you.
In order for you to find the right property you should look online and then as soon as you have an idea of what you would like to truly buy you should then contact a real estate agent, which happens to be a professional that is specialized into connecting possible buyers to sellers. This will increase your chances of finding the true perfect property in Morocco for you.
The second step: Getting the price right!
As soon as you have seen the properties that you are interested in and also made your choice it is time for you to have your trusted real estate agent actually contyact the sellers and then help you negotiate prices. It is often very common for the buyers to be able to reduce a few thousands when purchasing a property. It Is rare when the demand is high and the seller instead of reducing the price decides to actually rise it. Talking is always the best in this kinf od situation.
The third step: Having your own bank account in Morocco.
Every single year more and more foreigners wish to buy a property in Morocco. This happens because the country has several different beauties and also because of the fact that the country is quickly expanding and evolving into something much, much better. If you are already a resident of Morocco and already has an account things should not be too complex, however if you are new in the country things will get slightly lengthier (especially if you still need to get a mortgage). If you are a foreigner and you still need a mortgage make sure you look for the right bank since most of the banks in Morocco usually do not provide foreigners any sort of mortgage. You will need to present several different documents and present proof of income. If you are careful you will certainly be able to get your mortgage and then proceed in buying your brand new property in Morocco.
The fourth step: Dealing with the purchasing process.
You will notice that the purchasing process in Morocco is very similar to the buying process in France, which means everything will depends on a notary. The notary will then complete the first document that shows that the buyer would like to buy and that the seller truly does have the intention to sell, this will guarantee that both parties end up being honest with each other along the way. As soon as this document is made the buyer will be requested to pay around 10% of the total value of the property as proof that he is truly interested in the property. This will also guarantee that the seller will take the property off of the listings, so the buyer will also not undergo any sort of risks. The notary is responsible for a few things including: Taking care of any sort of land inquiries, checking the tile and also the land boundaries, checking if the property does not have any outstanding values that are still to be paid and others.
*some peculiarities when signing the final deed
It is also very common for the notary to lower the price of the property in order for both buyer and seller to reduce the amount of taxes paid. Although this is illegal in several other countries in the world in Morocco the notary will also be responsible for creating an extra document that declares that the difference will be paid, however the final deed will have a smaller value on the final deed.
The fifth and last step: The Final Transaction Contract
As soon as everything is settled between both buyer and seller the notary will then be able to finally sign the final deed, and then create the final contract, which will pass the property to its new owner. Here Is the part that will also have the seller present the mortgage and so on, in case he needed one. The final contract can be signed by a lawyer as well following the Power of Attorney act in case the new owner of the property is not in Morocco yet. This is simple yet tricky in some parts, therefore it is always good to have professional help. If you believe you will have too many doubts along the way make sure you have an attorney beside you.
Search for Moroccan property and real estate for sale. New apartments, houses, old riads. Properties in Marrakech and Tangier. Real estate ads from private sellers and agencies.
This article will help you understand a little bit more when it comes to the Moroccan property taxes. Not only will you have an explanatory part
where
you will get to know what yearly property taxes are, but you will also have the opportunity to understand what the taxes you will have to deal with
when
selling a property in the country. You will certainly find the article very helpful!
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