Specific steps to buying a property in Morocco
Over the course of the past decade, the government of Morocco has worked to attract
more foreign investment in the country, including efforts to encourage more foreign
nationals to purchase and invest in property in the Kingdom of Morocco. To this
end, the government of Morocco has taken pains to simplify the process through which
foreign nationals can purchase and take possession of property in the Kingdom.
In short, the government is committed to encouraging an infusion of foreign investment
and capital into the Kingdom. Naturally, a more liberal course of foreign ownership
of real estate plays a vital role in enhancing the overall activity of foreign investors
in the economy of Morocco.
In Morocco, as in many nations around the globe in this day and age, the first step
to buy property in Morocco is the making of a verbal
offer by the potential buyer to the seller. More often than not, the oral indication
of intent to purchase of conveyed from the potential buyer to the seller through
an agent. Agents do play pivotal roles in the buying and selling of
Morocco property. Indeed, it is a rare real estate transaction that does
not involve the services of a real estate agent.
If the seller accepts the offer, or propounds a counteroffer that ends up being
accepted in turn by the potential buyer, a preliminary contract is drafted. Normally,
in Morocco, this document is the handiwork of a lawyer. There are standard forms
that can be utilized for this purpose. However, most foreign nationals indicate
that they feel more comfortable having an individual and specific agreement drafted
by a qualified lawyer.
Following the execution of this preliminary agreement, the buyer is involved in
obtaining financing for the real estate purchase. The seller is occupied working
to make certain that there are no encumbrances on the property that might impair
the ability of the seller to convey the property to the buyer when the real estate
transaction moves to conclusion.
At the point in time that this initial contract is executed, the buyer is obliged
to put a deposit on the real estate. Generally the deposit is in the amount of upwards
to 30% of the total purchase price of the real estate that is the subject of the
transactions. In some instances, a buyer will have up to thirty days from the date
that the initial contract is signed to post the deposit required by the terms and
conditions of that agreement. The balance will be do at the time that the final
agreement is executed between the parties to the sale.
There are some mortgage lenders doing business in the Kingdom that cater specifically
to foreign nationals that are interested in buying real estate in the country. By
using such a mortgage lender, many foreign nationals have found completing the real
estate purchase process in Morocco to be an easier process overall.
In order to consummate the sale, it is necessary for a foreign national to open
a bank account within the Kingdom of Morocco.
Ultimately, the parties to the real estate transaction will execute a final contract
that will result in the conveyance of the real estate from the buyer to the seller.
At this time, the property is registered with the government of the Kingdom and
the buyer becomes the owner of record of the real estate in question.
Generally speaking, the registration process can be consummated in a pretty short
amount of time. In most instances, this phase of the property buying process normally
can be wrapped up and concluded within a matter of days
Property Abroad always recommends using a
Solicitor or Lawyer