Property purchasing procedure in Morocco

This is a general guide and procedure for purchasing the properties that are available for sale in Morocco. The laws are usually reminiscent of the French laws. It is important that you work with an established agent that can help you avoid the pitfalls that may be present. If you are an investor from abroad then employing an agent who understands the modalities on the ground is especially important. Please ensure that you understand the charges and the services that will be provided by the agents. In Morocco, there are usually three stages for the purchase of the property.

After choosing the property that you wish to buy, you would have to make a formal verbal offer through the agent that you have chosen. The offer will have to be accepted by the seller before the purchase can be made. When the price agreement between the purchaser and the vendor goes through, the sale negotiations begin.

Choosing a notary
When investment happens, you would need a notary, who can complete all the formalities in this regard. Since the properties are usually in various stages of construction, the prices are normally fixed. This depends on the property chosen by you and the current phase of construction that the property is in.

When you choose the notary, ensure that they are conversant in your language as well. This will help you understand the legal procedures that need to be met and the exact proceedings that are going on. The notary will also carry out all the necessary checks that are required and complete all the requirements that are required by the law for the purchase of the property.

The purchase procedure is similar to all the purchase procedures in Europe. The buyer would need to open a Euro account with a Moroccan bank. Once this is done, the purchaser will remit Sterling or Euro to this account. The Euro is converted into Dirhams at the current exchange rate when the price is paid to the vendor for the property.

Reservation Fees
There is a reservation fee that enables the purchaser to solidify the deal for the property for him or herself. The fee is usually decided by the vendor and will differ from construction to construction. Usually this reservation fees is 3000 Euros. After the reservation fee has been paid, a deposit that is equal to 30% of the property needs to be made to the vendor also. The rest of the money will be paid once the construction of the property is completed. The deposit can vary for each developed unit; however 30% is usually the deposit that is taken from the purchaser.

Final payment and other charges
Understand the complete purchase mechanism before you settle for buying a property in Morocco. On completion, the final 70% of the amount would need to be paid. There are various other charges that will usually comprise 6-7% of the purchase cists and are over and above the purchase costs of the property.

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