Morocco Info
Joined: 23 Feb 2007
Posts: 14
Home Country: morocco
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 Posted: Thu Mar 15, 2007 11:15 am Post subject: HOUSING IN MOROCCO / MOROCCO HOUSING GUIDE |
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HOUSING IN MOROCCO
BUYING A PROPERTY
Foreign real estate ownership is allowed in Morocco. It is best to open a Moroccan bank account that enables foreign currency to be converted to Dirham to be used for the transaction, and for easier repatriation of funds in the future.
It is best to work with a real estate agent, and a lawyer is also helpful in understanding the legalities and procedures, usually done in the local language. The agent, also known as “simsaar”, usually does not speak English. The English-speaking lawyer also comes in handy when dealing with the “simsaar”.
In Fez (medina), houses do not have titles. Instead, an official scribe “adoul” writes scrolls to document the ownership of the houses. These scrolls can date back up to hundreds of years. It is possible to acquire a title for these houses, once purchased, through a notary.
It is usual to pay a deposit once the purchase price has been agreed on. This is not a guarantee, however, that the seller takes the house off the market, so it is safer to just give a deposit instead of paying the full amount immediately. Sometimes, houses being sold are still occupied. The buyer has to wait for the owner or occupant to move out and turn over the key.
The buying process is otherwise the same as in France and Spain, with a notary acting for both parties. Signatures on the sales deed of the contracting parties should be notarised. The sales deed should then be registered with the relevant registration office. The buyer then applies for the listing of the registered deed to the land registry.
RENTING A PROPERTY
Morocco's rental market is pro landlord.Having said that, the rent is freely agreed between the parties.
The deposit cannot exceed two months’ rent, and must be returned when the keys are returned, minus justifiable deductions for damages. The landlord can also ask for a guarantor to be named, who is legally obliged to pay the landlord for any debts owed by the tenant. |
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