Morocco Property Buyers Guide
by Tina Andlaw
Morocco sits just 14 kilometers from the shores of Southern Spain and is very easily accessible. Its progressive government is making Morocco a truly viable place in which to own property. For many, Spain’s comparatively high prices and overcrowded resorts are making exotic Morocco the ideal choice. Property in Morocco remains wonderfully cheap and ripe for investment, with property prices having trebled in the past 5 years. The buying process is much the same as in Spain or France and obtaining expert advice over any possible pitfalls is relatively simple. There are already many French home owners present, a fact which continues reassure other European buyers. Property purchase is straightforward and Morocco is well set up to receive overseas buyers. The ProcessLocal agents, or ‘Simsaars’ assist in finding you a property. A good simsaar will know which properties already have clear ownership which avoids any legal wrangles. A simsaar will charge 2.5 of the purchase price at completion and many of them work solely for commission. •Find a suitable property in the right location. You could seek an architect or structural engineer to take a careful look. An inspection and report normally costs 500 to 700 Dirhams (approx. € 60).•Pay a deposit of approx. 10 of the purchase price. Note: the vendor can still sell to somebody else if they offer more money for the property. They are then obliged to return your deposit in full. However, if you pay a further 20-30 of the purchase price with the 10 deposit you will secure the property as yours.•Wait 6 – 8 weeks while searches are done on the property.•Sign the purchase contract at the Notary office, in person or appoint a power of attorney.Finally, change the lock! It is likely that a number of people have the key. It's also strongly recommended to have someone stay in the property at night if you are not there. You can hire a guardian for about 1,000 DH (€ 100) per month, but be certain this is someone you can trust.The Notary The Notary performs a similar role to those in France or Spain. They check there are no debts due on the property, that paperwork is in order and in Morocco, unlike France and Spain, the Notary actually creates and signs all the papers. Notaries do not represent either the seller or the buyer so there is never any conflict of interest. Their fees are up to 1 of the total costs. Mortgages Mortgages are available in Morocco, but the most an overseas buyer can get is 50 of the valuation price. The purchase can be paid in either Euros, US Dollars or Sterling, and needs to be transferred from a foreign account into a Moroccan bank, where the transaction is processed into Dirhams. Titles
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