BUYING A PROPERTY
We will:
- Discuss and understand your property requirements prior to your visit.
- Provide a comprehensive selection of high quality properties that match your requirements.
- Ensure that we have the maximum amount of stock, so that you only need to work with Young Associates.
- Answer any questions that you have on specific properties.
- Alert you to all new properties, even before they offically come to the market
- Advise and support you through the negotiation and buying process.
We advise that even before you leave for Morocco that you try to establish what type of property that you would like to purchase. We recommend that you start with exactly what you are going to use the property for, are you looking for a holiday home, a permanent residence or do you want it as a means of generating an income? By establishing a few simple facts, you will get the most out of your visit to Morocco.
Next, focus on the factors that attract you to Tangier. Are you looking for the charm of the Medina or the Kasbah? Would you prefer the more open spaces of Marshan and its refreshing breeze? Perhaps you are seeking a luxury architect designed villa in California or at the beach? Do you dream of a palatial villa on the Big Mountain? In Tangier, the setting and architectural styles are endless.
Are you looking to take on a renovation project and stamp your identity on a property or do you simply want to move in and enjoy straight away all that Tangier offers? It’s good to reflect on what will work best for you. If you are uncertain what all the choices are or what your budget will achieve we will happily work through the options with you and highlight the most suitable solutions. A little advance preparation ensures that you will see an excellent selection of properties that could be perfect for your new venture.
Working to a checklist is great, but also try to remain open minded as just sometimes when you start to visit, Tangier will surprise you. You may just fall in love with something that you hadn’t set out to buy. This is all part of the "Tangier" journey.
The team at Young Associates will ensure that you have all the necessary information to allow you to make a considered offer, guide you through the negotiation and ensure that it has a successful conclusion.
The buying process then follows an almost identical conveyancing process to the French system.
In Tangier, all transactions are undertaken by a Notaire;
A Notaire is a legally trained representative of the Moroccan government, and their role includes:
- Checking that each party has full capacity, or the right either to sell the property or to purchase it.
- Searches relating to the current title of the property, and checking there are no easements or restrictions that could reduce the value of the property or affect its usage.
- Checking that no mortgage or charge exists over the property – and, if necessary, ensuring that existing mortgages and charges are repaid on completion.
In Morocco, buying both titled and untitled property is possible.
Most property in Morocco is titled, this means that the property has been measured by a geometre and will appear on the cadastral plan. It will also have a designated number.
A non-titled property is a building that does not appear on the cadastral plan/land registry document so there is not an exact size of the building or land that has been determined by a geometre. If you find a property that is not titled we can work together to title the property during the purchase process. The costs for this are calculated on the surface area of the property and its price.
The charge that the Notaire levies includes all fees and taxes associated with the acquisition of the property. The Notaire is also responsible for paying for external services such as document searches, the geometre and the cadastral.
The 6% taxes that are payed when you purchase a house or building land include the following:
- Legal registration of the purchase : 4 % ;
- Stamp duty : 1 % + 15€
- Notaires fees : 0,5 % - 1 %, with a minimum charge of 300€.
- Sundries (stamps) : 150€
- TVA : 10 % of the total charges.
The buyer is responsible for paying the taxes and the associated Notaire’s fees for the purchase. You will need to open a convertible bank account (Dirhams-Euros) in Morocco, this will allow you to transfer the funds required for your purchase.
The agency fees in Morocco are 6%, 3% is paid by the buyer and 3% is paid by the seller. Unlike some agencies, we publish the total purchase price of the property including all fees. There are no hidden extras; we wish to be transparent from the outset.
Due to the nature of Moroccan property registration and the ownership system, some clients elect to have a lawyer represent them. We can assist in recommending a good lawyer should you chose to go down this route.
For those clients who are not fluent French speakers we are able to assist you with translations, however, we also have access to accredited translators who can attend official signings/meetings on your behalf. Please be aware that an accredited translator is not obligatory and any fees will be at your charge. It is essential that you feel comfortable with the buying process and you will be able to judge whether you wish a formal translation.
This is the first contract in the purchase process that is signed by all parties. The conditions of sale are all included in this document and it is legally binding on all parties. It will identify you as the buyers, list the sellers’ details, outline what you are buying and the price you are paying.
Once all parties have signed the compromis de vente there is a cooling off period of 10 days. During this time, the buyer is able to withdraw from the purchase with no penalty.
A deposit of 10% is usually required by the Notaire, but it can vary with consent from all parties. A date will be set by the Notaire by which time they will need to receive the deposit. It will be held by the Notaire in an account specifically for deposits until the completion date. The deposit will count towards the purchase price.
These are a list of clauses that are inserted into the compromis de vente to protect the buyer. The most usual is to enable to buyer to obtain a mortgage, however there are others that relate to division of land or planning requirements. If a clause suspensive is not fulfilled, then you are not obliged to buy the property.
As the compromis de vente is a legally binding document there are consequences if one party decides that they wish to withdraw after the cooling off period. If this is the case, there is a standard clause of 10% of the price that is payable to either party.
This is the final contract which is signed on the day that the buyer takes ownership of the property. By this date the seller will need to have emptied the property of his possessions and the buyer will have to ensure that the funds are lodged with the Notaire. It is usual to visit the property prior to the final signing of the acte authentique to verify all is in order.
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