TO SALE OR TO RENT
PRICES AND PRACTICAL DETAILS
TO SALE OR TO RENT
MAIN LEGAL INFORMATIONS
UP AGENCY TANGIER will be your first point of contact to assist you in all the necessary steps to buy or to rent a property, naturally.
First, our team finds the right property for you, then helps you draw up an offer based on objective parameters, and stays by your side until the final deed of sale is drawn up.
The transfer of ownership takes place at a notary’s office. Before signing, the notary must check that the property is free of any easements that could reduce its value, that it is not mortgaged and that the owner has paid all the bills. If there are any outstanding costs, these must be paid by the vendor before the deed of sale is signed.
TO SALE
There are two ways of acquiring property in Morocco.
1- With a title deed, which guarantees that the property, measured by a surveyor, has a land registry number. As a sworn officer, a notary checks that people are fully competent to sell or buy the property.
2- Without a title deed, the property is not registered with the land registry. It is a ‘MELKIA’ property, the sale of which, which is completely legal, will be entrusted to an ‘ADOULE’ (simple officer of the court).
ACQUISITION COSTS
Legal registration of the purchase price: 4%
Transfer fees of the purchase price: 1%
Notary’s fees: 1%.
TOTAL = 6%
The notary is also responsible for paying the costs of obtaining documents from the surveyor and the land registry.
To pay the total costs, the buyer must open a convertible dirham account in a Moroccan bank.
AGENCY FEES :
In Morocco, these are 6%:
– 3% paid by the seller ;
– 3% paid by the buyer.
All in all, you can count on 10% of the price of the property if you wish. You can be represented by a lawyer and request the assistance of a sworn translator.
PRELIMINARY SALES AGREEMENT:
A document setting out the conditions of sale, the identity of the buyer and a description of the property.
Withdrawal period :
– it is valid for ten days.
DEPOSIT :
Usually 10% but this rate can be changed with the consent of both parties. The sum is held by the notaire until the final deed is signed.
SUSPENSIVE CLAUSES :
These are included in the preliminary sales agreement and may relate to :
– The division of the land into several lots ;
– Planning permission ;
– Acceptance of a mortgage.
If one of these clauses is not respected, the potential buyer is not obliged to sign the deed of sale. There are no penalties.
STANDARD PENALTY:
If one of the parties decides without good reason to withdraw after the withdrawal period, they will have to pay a standard penalty of 10%.
DEED OF SALE:
This is the final deed that allows the buyer to take possession of the property.
TO RENT
More infos to follow