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Formalities involved in acquiring real estate property in Morocco.
Buying and selling real estate are important decisions in your life. Your aim is above all to strike a good bargain, meaning to get the very best price under prevailing market conditions, and especially to close the deal in complete security.
'Service Karimo' is based on commitment and transparency.
We offer you the following information and we ensure complete follow-through right up to the completion of the transaction.
With offices in Essaouira, Marrakech and Agadir, Karimo Real Estate Agency comprises one of the most reliable and trustworthy national real estate networks in Morocco. We are on the ground in your district and in your town, and we have an in-depth knowledge of the environment and the real estate market. Our mission is to lead you through all the necessary steps involved in the acquisition of real estate property in Morocco and to provide information of all aspects of current legislation, duties and financing of the acquisition.
The first thing, after having fallen in love with your property, is to open a convertible Dirhams account with a Moroccan bank in order to be able to manage your money properly, including the transfer of money and the repatriation of funds and the profit realised in the case of a resale.
The next step is to sign an outline sales agreement in the presence of a notary in order to determine all the conditions, including the price, attached to the purchase. This includes the payment of a 10% deposit on the property and fixing the deadline for the signature of the final agreement. The notary is a legal advisor for all real estate transactions and guarantees the rights of buyer and seller, providing both with protection from any hitches in the procedure.
Finally, the fees incurred during the transaction have to be paid; these vary according to the type of real estate being purchased:
Dwelling for residential use
� Registration fee: 2,5%
� Notary tax : 0,5%
� Land registry : 1% + 1500 Dhs (title deeds)
� Notary's fees : 1% (minimum fee 2500 Dhs) + VAT 7%
� Updating land registry details, where applicable: 0,5% + 75 dhs
� Sundry expenses (stamp duty etc.)
� Agency fee 2.5%
Land
� Registration fee: 5 %
� Notary tax : 0,5 %
� Land registry: 1 %
� Notary's fees : 1 %, (minimum fee 2500 Dhs) + VAT 7 %
� Sundry expenses (stamp duty etc.): 2 000 Dhs approx.
� Agency fee 2,5%
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