Morocco – A guide to the buying process

Morocco is a country widely tipped by foreign property investors as a good place to buy for future returns. With the King’s Vision 2010 well under way, the country is hopeful that over ten million tourists will visit the country each year in the future. So, here at BuyingForeignProperty, we have put together a short guide to the buying process in Morocco.

When you have found your perfect property, it is best to secure the deal by placing a holding deposit of around $4,000 (£2,000). It can be advisable to place a refundable holding deposit on any property you are interested in before you go to see the property to stop any price hikes and to stop some other investor snapping up the property.

About a fortnight after you have agreed on a price, contracts should arrive. Generally these are in French with an English translation. Within the contract, there will be a request to pay the balance of the downpayment – this is generally around 40% of the property purchase price. The contracts and payment should be sent in a timely fashion.

Once the vendor has received the payment and contracts, the property will be secured into your name. You should receive a receipt for the downpayment along with a final copy of the contract. The property sale can now complete.

On the day of completion, you will be required to sign at the notary for you to take possession of the property. The balance of the property price must now also be paid. There will also be transaction costs to pay which are normally about 5% of the property purchase price.

You might prefer to have a lawyer or notary to formalize a lot of the details and finalize the sale on your behalf. To set up a power of attorney, you may be required to visit the Moroccan consulate in your own country. Although this may cost you a little bit of money, it may save a lot of time in the long-run.

RSS Feed for This Post3 Comment(s)

  1. Dennis | Aug 23, 2007 | Reply

    Good day. Could you kindly recommend a qualified surveyor to assess the value of a hotel property in Marrakech, Morocco?

  2. morocco property | Sep 6, 2007 | Reply

    I’m also interested in knowing Morocco property prices. I noticed a growing number of people are interested in buying property in Morocco, Real estate in Morocco, with its ancient towns, coastal resorts and snowy peaks. This North African kingdom boasts 1,400 miles of coastline, year-round sunshine and an open invitation to foreign investment and has seen a sharp increase in the numbers of house-buyers from abroad over the last four years. And I’d like to make a good and profitable investment.

  3. Nalini Gopaul | Oct 16, 2008 | Reply

    Dear Sir,

    Please let me know whether a company incorporated under Mauritian laws can purchase property in Morocco. What are the criterias and documents required.

    Thank you

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  1. From Morocco Tourism 2009 | Investing in Morocco | Buy Property in Morocco | Buying Foreign Property | Jan 18, 2010

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