Buying Property in Fes
Step One – When buying in Morocco, it is best to come with an attitude of being flexible. Due to the more relaxed nature of doing business here, it is best to allow plenty of time to look at properties and then even more time to make the purchase. Keep in mind that prices remain fairly stable here and that Moroccan sellers are in no hurry to sell. Often the seller will settle on a price only after the buyer demonstrates ability and willingness to purchase.
Step Two – We advise you to take steps so that you are prepared to place a deposit when you find the house of your dreams. The normally sufficient deposit is 10% of the agreed-upon price. Once the deposit has been given and the contract is signed, we will assist in the negotiating of a closing date. Often this involves a period of two to three months in order to allow the family or other tenants residing in the property to vacate.
Step Three – The closing fees are normally 7 – 8% above the purchase price. The following table outlines these fees:
|Droits Notariale||Purchase Tax||1.10%|
|Honoraires||Fee for Adoul||0.50%|
|Commission||Fes Properties Agency Fee||2.50%|