International Property Buying Process

Step 1: Obtain a map of the land being transferred from the Municipality

Completion Time Frame: 2 days
Completion Costs: AED 110
Points to Note:
This is only required for the first transfer of the property. Even if the property has been modified since then, a new map is issued to the owner automatically at that time. Otherwise, the parties can conduct this procedure without a lawyer, but will need written permission of the owner to obtain the map at any stage. Two documents are required: (1) Certificate of Land Deed and (2) the trade license.

Step 2: Parties execute and submit an application at the Customer Service Department

Completion Time Frame: 1 day (simultaneous with Step 3)
Completion Costs: 2% transfer fee payable to the Dubai Lands Department of the purchase value (1% of the sale value shall be on the purchaser account; 1% as local charges on the seller’s account)
Points to Note:
The seller and the buyer must approach the Disposal Section at the Customer Service Department together and execute and submit an application. The sale agreement is also issued at this point. All involved parties must be present at this procedure, though a lawyer is not required to be present. The transfer fee is paid directly at the Lands Department (not at a bank) and proof of payment is required to be submitted along with the other documentation mentioned.

The documentation shall include:
Map of the land (obtained in Step 1)
Original Ownership Certificate (to be provided by the seller)
Passports of concerned parties
The trade license of both companies (to be provided by the each party)
Notarized memorandum of association of both the seller and the buyer (to be provided by each of them)

Step 3: Issuance of the Ownership Certificate by the Land Department

Completion Time Frame: 3 day (simultaneous with procedure 2)
Completion Costs: AED 250
Points to Note:
This time period is included in procedure 2. One picks up the certificate in person and checks for errors—if there are any, one must return to have them corrected.

Filed under: Ajman | No Comments »

Step 1: Obtain a map of the land being transferred from the Municipality

Completion Time Frame: 2 days
Completion Costs: AED 110
Points to Note:
This is only required for the first transfer of the property. Even if the property has been modified since then, a new map is issued to the owner automatically at that time. Otherwise, the parties can conduct this procedure without a lawyer, but will need written permission of the owner to obtain the map at any stage. Two documents are required: (1) Certificate of Land Deed and (2) the trade license.

Step 2: Parties execute and submit an application at the Customer Service Department

Completion Time Frame: 1 day (simultaneous with Step 3)
Completion Costs: 2% transfer fee payable to the Dubai Lands Department of the purchase value (1% of the sale value shall be on the purchaser account; 1% as local charges on the seller’s account)
Points to Note:
The seller and the buyer must approach the Disposal Section at the Customer Service Department together and execute and submit an application. The sale agreement is also issued at this point. All involved parties must be present at this procedure, though a lawyer is not required to be present. The transfer fee is paid directly at the Lands Department (not at a bank) and proof of payment is required to be submitted along with the other documentation mentioned.

The documentation shall include:
Map of the land (obtained in Step 1)
Original Ownership Certificate (to be provided by the seller)
Passports of concerned parties
The trade license of both companies (to be provided by the each party)
Notarized memorandum of association of both the seller and the buyer (to be provided by each of them)

Step 3: Issuance of the Ownership Certificate by the Land Department

Completion Time Frame: 3 day (simultaneous with procedure 2)
Completion Costs: AED 250
Points to Note:
This time period is included in procedure 2. One picks up the certificate in person and checks for errors—if there are any, one must return to have them corrected.

Filed under: Abu Dhabi | No Comments »

Step 1: Obtain a map of the land being transferred from the Municipality

Completion Time Frame: 2 days
Completion Costs: AED 110
Points to Note:
This is only required for the first transfer of the property. Even if the property has been modified since then, a new map is issued to the owner automatically at that time. Otherwise, the parties can conduct this procedure without a lawyer, but will need written permission of the owner to obtain the map at any stage. Two documents are required: (1) Certificate of Land Deed and (2) the trade license.

Step 2: Parties execute and submit an application at the Customer Service Department

Completion Time Frame: 1 day (simultaneous with Step 3)
Completion Costs: 2% transfer fee payable to the Dubai Lands Department of the purchase value (1% of the sale value shall be on the purchaser account; 1% as local charges on the seller’s account)
Points to Note:
The seller and the buyer must approach the Disposal Section at the Customer Service Department together and execute and submit an application. The sale agreement is also issued at this point. All involved parties must be present at this procedure, though a lawyer is not required to be present. The transfer fee is paid directly at the Lands Department (not at a bank) and proof of payment is required to be submitted along with the other documentation mentioned.

The documentation shall include:
Map of the land (obtained in Step 1)
Original Ownership Certificate (to be provided by the seller)
Passports of concerned parties
The trade license of both companies (to be provided by the each party)
Notarized memorandum of association of both the seller and the buyer (to be provided by each of them)

Step 3: Issuance of the Ownership Certificate by the Land Department

Completion Time Frame: 3 day (simultaneous with procedure 2)
Completion Costs: AED 250
Points to Note:
This time period is included in procedure 2. One picks up the certificate in person and checks for errors—if there are any, one must return to have them corrected.

Filed under: Dubai | No Comments »

Step 1: Search for encumbrances at the Lands Registry

Completion Time Frame: 1 day
Completion Costs: MWK 500
Points to Note:
Parties conduct a search at the Deeds Registry to ensure that no encumbrances are still pending on the property. The search can be conducted either by the title number (faster) or by plot number (slower). Malawi still has two systems of land title registration i.e. Title registration under the Registered Land Act and Title registration under the Deeds Registration Act. The former is simpler and searches are also simpler and quicker. If it is just one property search it takes no more than 15 minutes in the Title Registry but it may take longer in the Deeds Registry because of cross-referencing. For one property it could take on average about an hour.

Step 2: Search for unpaid city taxes at the Municipality

Completion Time Frame: 1 day, up to one week
Completion Costs: no cost
Points to Note:
Parties search for unpaid city taxes on the property at the Municipality. The system is computerized and it is just a matter of punching in the Rate Payer’s details and the account comes up on the screen with all outstanding taxes. One can call to obtain the basic information, but this information cannot be used for official purposes. However, a written certificate is required to be signed by the Chief Executive, which substantially extends the time.

Step 3: Apply to Ministry of Lands for consent to transfer the property

Completion Time Frame: 60 days (on average)
Completion Costs: MWK 2,000
Points to Note:
Parties apply to the Ministry of Lands for consent to transfer the property. The Ministry must give its approval of the transaction. The process starts with an application to the Regional Commissioner for Lands, who then forwards the application with an accompanying memo to the Principal Secretary at the Ministry of Lands, who then passes it on to the Minister’s office.

Step 4: Obtain a Tax Clearance Certificate from the Malawi Revenue Authority

Completion Time Frame: 7-28 days (simultaneous with Step 5)
Completion Costs: no cost
Points to Note:
Parties apply for a Tax Clearance Certificate from the Malawi Revenue Authority. The step can take up to four weeks or longer depending on how readily personal tax information is made available to the Revenue Authority by seller.

Step 5: Stamping of the conveyance deed and relevant documents at the Registrar General’s office

Completion Time Frame: 1 day (simultaneous with Step 4)
Completion Costs: 3% of property value
Points to Note:
The deed application and other relevant documents are taken for stamping at the Registrar General’s office. Other relevant documents include: personal identification of the people in charge of the registration Step, consent certificate from the Minister of Lands (obtained in Step 3), old deed provided by the seller, and non-encumbrance certificate (obtained in Step 1). If done in person will take 1 day, but by mail could take 1 month.

Step 6: Apply for registration at the Deeds Registry

Completion Time Frame: 7 days
Completion Costs: MWK 2,000
Points to Note:
The parties take all the documents for registration at the Deeds Registry that will issue a title deed under the name of the buyer.
The documentation shall include:
Stamped deed (obtained in Step 4)
Tax clearance certificate (obtained in Step 5)

Filed under: Malawi | No Comments »

Step 1: Request two topographical extracts with coordinates at the ‘Service de la Topographie’

Completion Time Frame: 5 days (simultaneous with Steps 2 and 3)
Completion Costs: MGA 1,000 per plan
Points to Note:
These coordinates allow the marking of the property and are expressed in ‘x’ and ‘y’. This plan is to be signed by both parties and is annexed to the request for authorization of the real estate transaction. This extract can also be traced by a sworn surveyor to delimit the part of the land to be ceded, in case the transaction does not cede the property in its entirety. The cost and time noted here are for a simple plan, intended for a transfer whereby the buyer is not planning on making changes or constructions to the property. For more complex uses of the property, a more detailed plan would have to be drawn, costing between MGA 5000 and 15000, depending on whether a government or private surveyor was used.

Step 2: Request two copies of the certificate of registration and the legal situation of the land at the Registrar of the Property Registry

Completion Time Frame: 7 days (simultaneous with Steps 1 and 3)
Completion Costs: MGA 2,000 (MGA 1,000 per copy)
Points to Note:
This certificate is an extract from the property registry books and must have been obtained in the past three months maximum. It gives the situation of the (past) registrations on the Registry books and indicates the identity of the proprietor of the land who has registered his rights to it. It also indicates any encumbrances on the land.

Step 3: Request authorization to conduct a real estate transaction at the Ministry of Urban Planning (Ministere de l’Urbanisme)

Completion Time Frame: 3 days (simultaneous with Steps 1 and 2)
Completion Costs: no cost
Points to Note:
This request is for an administrative document that indicates, by way of a report on the urban plan, if the property is located in specific zones and if it has zoning issues or encumbrances. It is necessary to attach the certificate of the legal situation (less than 3 months old) and 5 copies of the plan. Only the Director of the Urban Planning Department is authorized to approve the file. Sometimes, if the Director is away, this can cause delays.

Step 4: Legalization of the signatures on the sale agreement

Completion Time Frame: 2 – 7 days
Completion Costs: MGA 10,000 (MGA 200 per page (x5 pages x 10 copies) for the stamps in the 1er arrondissement) + MGA 1600 – 2000 (MGA 400 – 500 per signature)
Points to Note:
The legalization is made before the town hall, where an employee attests that the signature affixed on the sale agreement is actually the one of the person who is namely designated. The legalization is done on the registry form; the signer must present himself before the town hall, justify his identity, and express his free will to consent. It involves mobile stamps—that is, fiscal stamps—that are bought before the fiscal service, the post office or the town hall, and attached to the pages of the sale agreement. The time and costs vary according to the town hall; there are 6 arrondissements in Antananarivo.

Step 5: Registration of sale agreement at the Office of Property Registry

Completion Time Frame: 4 days
Completion Costs: 6 % property value for registration fees
Points to Note:
This step is a fiscal Step, in light of paying the registration fees on the property and the tax on the appreciation of the property.
Capital gains tax for companies transferring property is no longer applicable according to the Loi des Finances 2007.

Step 6: Request transfer to be recorded on the books at the Registrar of the Property Registry

Completion Time Frame: 30 days
Completion Costs: 1- 2% property value (transfer tax)
Points to Note:
This is the most important Step in the process. The property right on a land is not unassailable until it has been transcribed onto the books at the Registry.

Step 7: Obtain a copy of the updated property title at the Registrar of the Property Registry

Completion Time Frame: 30 days
Completion Costs: no cost
Points to Note:
The property transfer is recorded in the books and the change made on the duplicate. Both the new title and the duplicate are handed over at the same time.

Filed under: Madagascar | No Comments »

Step 1: Obtain a non-encumbrance certificate on the property

Completion Time Frame: 1-3 days (simultaneous with Step 2)
Completion Costs: MKD 600
Points to Note:
Parties check in the First Instance Court for encumbrances over the land and obtain a non–encumbrance certificate from that court.

Step 2: Obtain a copy from the Cadastre sheet

Completion Time Frame: 1 day (simultaneous with Step 1)
Completion Costs: MKD 125 (Title deed) + MKD 50 (Tax stamp)
Points to Note:
The seller should obtain a Title Deed from the Department of Cadastre and registration of real estate before the starting of the transaction formally. In the above case the seller as a company should provide a copy of its registration papers with the evidence that the General Manager is authorized to sign the agreement and a verified paper form of the signature before a notary public. This form will be used as evidence before the lawyer and later before the notary public who will verify the sale agreement.

Step 3: A lawyer prepares the sale contract

Completion Time Frame: 1-2 days
Completion Costs: MKD 24,640
Points to Note:
A lawyer prepares the sale contract agreement and usually completes the whole process on behalf of parties, hence the higher fees noted here. In practice the Revenue Office requests the sale agreement to be prepared by an attorney-at-law.

Step 4: Payment of sale tax on real estate

Completion Time Frame: 30 days
Completion Costs: MKD 100 (administration fee) + 3% of property value
Points to Note:
Tax liability incurs on the date of conclusion of the agreement for transfer of ownership. The base of tax on sales of real estate is the market value of the real estate at the moment of the tax liability.
Previously paid to the Public Revenue Authority, the payment of this tax moved from the Revenue Authority to the Municipalities in 2005. According to the Law on Property Taxes (Official Gazette of RoM, No. 61, dated September 13th 2004), the tax rates are determined by each Municipality, and the Municipality administration is authorized to determine and collect the property taxes as per the location of the real property. The Mayor should pass and deliver the decision for the amount of property tax within 30 days from the day when the taxpayer submitted the application.
The rate of tax on sale of real estate is proportionate and equals 3% of the determined market value of the property. If the two parties are companies registered for VAT, the seller will pay 18% VAT on the determined purchase price from which an amount of 3% paid sales tax shall be deducted. The Law does not provide such provision.

Step 5: The contract is approved by a public notary

Completion Time Frame: 1 day
Completion Costs: Notary fees, according to the following schedule (with a maximum of MKD 10,000), set in accordance with the Tariff for Notary Services adopted in 2002:

Property value (in MKD) Notary’s fees
Up to 100,000 1,000
From 100,000 to 200,000 1,500
From 200,000 to 300,000 2,500
Above 300,000 1% of property value (max. MKD 10,000)
Points to Note:
The agreement is verified before a notary public by both parties (seller and buyer). The notary will not verify the agreement if tax on sale of the property is not paid to the Revenue authority. In case that the tax is not paid when the agreement is signed before a notary public, the seller will be obliged to pay tax after signing and to submit the evidence on paying to the notary public, which who will then verify the agreement.
According to the Law on Notary Public, a notary public is obliged to submit these documents to the Cadastre in order to inform the Cadastre about the change in ownership.

Step 6: Apply for registration into the Cadastral Office

Completion Time Frame: 30 days
Completion Costs: MKD 250 (for change of ownership) + MKD 125 (for the new title deed) + MKD 50 (Tax stamps)
Points to Note:
Parties submit a request for changing the title to the Cadastral Office.
A lawyer or the buyer obtains from the Cadastre a new Title Deed in which the new owner will be registered. Ownership right over real estate is established at the moment of registration of that right in the Public Book at the Cadastre, though in practice documentation would be required to resell or use the property to obtain a loan.
On March 10, 2005, Amendments to the Law on Survey, Cadastre and Registration of the Rights over real property (Official Gazette of RoM, no. 84) provided for the possibility of conducting transactions through the Cadastre in electronic form. These amendments took effect in November 2005, however have not yet been put into practice. Once implementation is complete, it is expected that the time for title registration would be significantly reduced.

The documentation shall include: the sale contract approved by public notary (obtained in Step 5).

Filed under: Macedonia, FYR | No Comments »

Step 1: Parties visit notary to draft and authenticate the sale agreemet (Compromis de Vente)

Completion Time Frame: 1 - 2 days
Completion Costs: 4 EUR stamp per page of the deed (2-3 pages)
Points to Note:
After signing a ‘compromis de vente’ agreement between themselves, as per common practice, the parties will visit a notary so he can draft and authenticate the notarial deed. The sale is complete between the parties, and ownership is acquired as of right by the buyer with respect to the seller, as soon as the thing and the price have been agreed upon, although the thing has not yet been delivered or the price paid (Article 1583 of the Civil Code). As a sale of real estate must be registered (which triggers the payment of registration taxes) and recorded in the mortgage registry in order to be enforceable vis-à-vis third parties and as only duly certified deeds may be entered in the register, the sale must be recorded in a notarial deed (”acte de vente”). It is sometimes preferable for each party to appoint its own notary (in which case, the notaries’ fee is split between the two notaries). Here we assume the case of only one notary.

The notary is deemed a public official with powers delegated by the state to authenticate the deeds he drafts and provides complete security to the contracts he supervises. The authenticity of the deeds grants the parties an undisputable date and content in Court. The law imposes a personal liability on the notary for his professional acts which is more extensive than that of other branches of the legal profession.

There are 36 notaries, 13 of those in Luxembourg canton, in the Grand-Duchy of Luxembourg and the sale may be drawn up in front of anyone of them. The time period which is necessary to obtain an appointment with the notary public depends on the availability of such notary (holiday season, etc.). This study assume that parties would call on day one and receive an appointment for the same or following day.

Step 2: Notary conducts full search (recherche per case hypothecaire) at property registry (Bureau des Hypotheques)

Completion Time Frame: 1 day in person (simultaneous with Step 3)
Completion Costs: EUR 2.48 for full search
Points to Note:
The notary may go in person to the Bureau des Hypotheques to request and receive either a ‘releve des inscriptions hypothecaires’ (containing a list of mortgages) at a cost of EUR 0.50, or a ‘recherche par case hypothecaire’ (containing a list of all land transactions effected by the landowner together with that of every mortgage or charge burdening the property) at a cost of EUR 2.48. For purposes of certainty, in this study we consider the latter option.

Step 3: Notary conducts search at the cadastre

Completion Time Frame: 1 day in person (simultaneous with Step 2)
Completion Costs: no cost
Points to Note:
The notary should also check the status of the property at the cadastre.

Step 4: Notary notifies tax administration of transfer and obtains tax clearance, stating all property taxes are settled

Completion Time Frame: 1 day in person
Completion Costs: no cost
Points to Note:
The notary visits the tax administration office to notify them that the property will be sold. The tax administration office confirms that the property has no claims or unpaid taxes on it. If there are outstanding claims or taxes, the tax administration may register a judicial mortgage on the property.

Step 5: Buyer sends funds, fees, taxes and anti-moneylaundering documents to notary

Completion Time Frame: 2 days
Completion Costs: EUR 4765.5 notary fees + 6% market value of property (registration fee) + 3% market value of property (municipal surcharge within city of Luxembourg) + 1% market value of property (transcription duty)
Points to Note:
The buyer will pay the taxes, fees and funds for the property by wire transfer to the notary, in addition to notarial fees. Notarial fees are determined by the Regulation of 24 July, 1971 on the revision of notary fees. The buyer must also send anti-moneylaundering documentation to the notary at this time, regarding the origin of the funds he is using.

Step 6: Parties return to notary to sign transfer deed in original

Completion Time Frame: 1 - 2 days
Completion Costs: already paid in Step 5
Points to Note:

Step 7: Notary registers transfer deed at the Administration de l’Enregistrement et des Domaines

Completion Time Frame: 3 - 5 days to record + 14 days to send a copy of the registered deed
Completion Costs: already paid in Step 5
Points to Note:
The notary registers the transfer deed at the Administration de l’Enregistrement et des Domaines, which charges the transfer duty to the notary. The Administration will record the transfer, making it opposable to third parties, after two to five days. The Administration will also send the deed to the Administration du Cadastre for registration of the new owner there. It will take the Cadastre about two weeks to record the new owner. At the same time, the Administration will take about two weeks to send a copy of the registered deed, with the stamp of the Administration and a reference number on it, back to the notary. This document would be needed in practice to use the property to obtain a loan from a bank. The registration, municipal and inscription fees are paid by the parties to the notary, who pays the Administration.

Step 8: Notary sends recorded transfer deed to the parties

Completion Time Frame: 1 - 2 days
Completion Costs: already paid in Step 5
Points to Note:
Once he receives it, the notary will send the registered deed to the parties.

Filed under: Luxembourg | No Comments »

Step 1: The notary obtains the real estate transaction certificate and notarizes the sale-purchase agreement

Completion Time Frame: 2 days
Completion Costs: Certificate: € 17.38, € 13.76, € 12.31or € 10.14 respectively
(All prices are expressed in €. The local currency (LTL) is pegged to the Euro at a rate of € 1 = LTL 3.4528)
Points to Note:
According to the Lithuanian law, the ownership right to the sold real estate passes over as of the transfer of the real estate to the buyer, as long as the agreement expressly states so. The transfer of the real estate must be documented by the act of transfer-acceptance signed by the seller and the buyer. The property shall be transferred and the ownership rights to it shall be deemed passed to the buyer as of the day of signing and notarization of the agreement. No separate act of transfer-acceptance of the property should be signed and no additional costs shall be incurred. Failure to notarize the agreement on sale-purchase of real estate makes it null and void by law. It is common practice of the legal counsels of the companies to coordinate the draft agreement with a notary before the notarization of the transaction. Usually, the legal counsel agrees with the notary to render this additional service free of charge. Prior to notarizing the agreement, notaries obtain the certificate for the execution of the real estate transaction from the State Enterprise Center of Registers. This certificate used to be obtained by the seller but as of March 31, 2007, notaries are able to obtain this certificate by using a special software in their bureaus.

The documentation shall include:
• Company’s registration certificate evidencing its legal registration in Lithuania
• Articles of Association of the company
• A resolution of the General Meeting of the Shareholders of the company evidencing the appointment of the Head of Administration of the company.
• Power of attorney if the transaction is concluded by another person than the Head of Administration
• A resolution of the Board of the seller evidencing the approval of the sale of the real estate which book value exceeds 5% of the seller’s authorized capital.
• A resolution of the General Meeting of the Shareholders of the seller evidencing the approval of the sale of real estate which book value exceeds 5% of the seller’s authorized capital, provided the respective approval is required under the Articles of Association of the seller.
• A resolution of the Board of the buyer evidencing the approval of the acquisition of the real estate for the price exceeding 5% of the buyer’s authorized capital.
• A resolution of the General Meeting of the Shareholders of the buyer evidencing the approval of the acquisition of the real estate for the price exceeding 5% of the buyer’s authorized capital, provided the respective approval is required under the Articles of Association of the buyer.
• The Certificate (obtained in Step 1)
• The certification on the property and rights to it registered with the State Enterprise Centre of Registers (the respective certification is issued and presented to the owner of the real estate when registering its ownership right with the Real Estate Register)
• The plan of the land plot (if the seller already owns the plan, it is transferred to the buyer; if not, a new one would have to be prepared by either a private or state surveying party)
• The documents evidencing the seller’s previous acquisition of the ownership right to the real estate (e.g. sale-purchase agreement in case the seller had bought the respective property), an act of acceptance of the building as suitable for usage (occupancy permit), and the transfer-acceptance act of the building in case the seller had erected the building.

Step 2: Register the transfer of title to the property in the Real Estate Register

Completion Time Frame: 18 days (regular Step), or 3 days paying a 30% mark-up on the price (fast-track Step), 2 days with a 50% mark-up (fast-track Step), or 1 day with a 100% mark-up (fast-track Step)
Completion Costs: Depends on the market value of the real estate and the desirable term of the registration as follows:

Average market value of Building in €
Price of Registration in €
Up to 14,481 28.96
From 14,481 to 28,962 28.96 + [0.05% of market value in excess of € 14,481]
From 28,962 to 57,924 36.2 + [0.045% of market value in excess of € 28,962]
From 57,924 to 144,810 49.24 + [0.04% of market value in excess of € 57,924]
From 144,810 to 289,620 83.99 + [0.035% of market value in excess of € 144,810]
More than 289,620 134.67 + [0.03% of market value in excess of € 289,620], but no more than € 2,896.2

Average market value of Land Plot in € Price of Registration in €
Up to 579.24 5.79
From 579.24 to 1,737.72 7.24 + [0.5%of market value in excess of € 579.24]
From 1,737.72 to 3,185.82 13.03 + [0.45% of market value in excess of € 1,737.72]
From 3,185.82 to 4,344.3 20.27 + [0.4% of market value in excess of € 3,185.82]
From 4,344.3 to 7,240.5 26.06 + [0.35% of market value in excess of € 4,344.3]
More than 7,240.5 36.2 + [0.3% of market value in excess of € 7,240.5], but no more than € 2,896.2

Building = LTL 811,861.92 (EUR 235,131.46); land plot = LTL 213,357.31 (EUR 61,792.55)
Points to Note:
According to the Lithuanian law, the registration of the sale-purchase agreement of the real estate is not compulsory, and it is deemed effective with respect to its parties, irrespective of its legal registration. However, only registration makes the transfer opposable to third parties. In addition to the registration, a new property certificate is issued to the new owner of the real estate, at no cost when it is issued in the process of registering ownership rights to the sold property.
The price of registration services cannot exceed € 2,896.2 per unit of the real estate, irrespective of the kind (building or land plot) of the real estate.

The documentation shall include:
• A filled application form
• The sale-purchase agreement of the property or other documents which are the legal grounds for the transfer of ownership rights from the seller to the buyer
• Personal ID of buyer
• A document evidencing the representative’s right to represent the company (e.g. A resolution of the General Meeting of the Shareholders of the company evidencing the appointment of the Head of Administration of the company)
• Company’s registration certificate evidencing its legal registration
• Articles of Association of the company (in case of necessity)
• Payment receipts or other document evidencing the payment of the fees for the registration of ownership right
• The plan of the land plot
• Property transfer-acceptance act if the agreement does not state that the agreement is considered a transfer-acceptance act
Note: all documents which are the legal grounds for registration of the ownership right to the property have to be presented to the Real Estate Register in 2 copies, one of which must be an original or a notarized copy. The original copy of the documents submitted for registration shall be returned to the applicant after the registration together with the document confirming the ownership registration with the Real Estate Register. Other copy of the documents submitted for registration shall be filed by the Real Estate Register.

Filed under: Lithuania | No Comments »

Step 1: Parties pick up and fill a standard deed form

Completion Time Frame: 1 day
Completion Costs: no cost
Points to Note:

Step 2: Buyer contacts a surveyor to conduct the survey of the property

Completion Time Frame: 21 days
Completion Costs: no cost
Points to Note:

Step 3: Buyer obtains the report/filled deed from surveyor and pays his fees

Completion Time Frame: 1 day
Completion Costs: USD 50
Points to Note:

Step 4: Parties present a lawyer with the deed and request that he starts the official transfer process

Completion Time Frame: 1 day
Completion Costs: no cost
Points to Note:

Step 5: Lawyer visits the probate court and asks judge to do a check on the property

Completion Time Frame: 3 days
Completion Costs: USD 50
Points to Note:

Step 6: Lawyer visits Bureau of Surveys to check if another survey has been conducted on the property

Completion Time Frame: 4 days
Completion Costs: USD 18
Points to Note:

Step 7: Lawyer visits Registry to check the status and ownership of the property

Completion Time Frame: 4 days
Completion Costs: USD 50
Points to Note:

Step 8: Lawyer visits Bureau of Internal Revenue of the Ministry of Finance (Real Estate Division) to check for outstanding taxes on the property

Completion Time Frame: 3 days
Completion Costs: no cost
Points to Note:

Step 9: Parties sign the deed form at the lawyer’s office

Completion Time Frame: 1 day
Completion Costs: no cost
Points to Note:

Step 10: Lawyer visits Probate Court to request the transfer

Completion Time Frame: 7 days
Completion Costs: no cost
Points to Note:
The lawyer visits the Probate Court to request the transfer (1 business day). The Court will then publish a notice of the transaction for 4 business days. If there are no objections, on the fifth business day, the lawyer can pick up the deed with the seal of approval from the Court.

Step 11: Parties register the deed at the Registry

Completion Time Frame: 2 days
Completion Costs: no cost
Points to Note:

Step 12: Parties obtain the registered deed certificate from the lawyer and pay the legal fees

Completion Time Frame: 1 day
Completion Costs: 10 - 15% property value
Points to Note:

Step 13: Seller goes to Bureau of Internal Revenues to change the owner’s name on the property

Completion Time Frame: 1 day
Completion Costs: no cost
Points to Note:
Without this step, the seller might still be charged property tax on the property in his name.

Filed under: Liberia | No Comments »

Step 1: File for land inspection and surveying at the Ministry of Local Government

Completion Time Frame: 1 day
Completion Costs: no cost
Points to Note:
Parties should request an inspection is requested at the Local Government. Chief Land Surveyor should be present at this request.

Step 2: Inspection and surveying of the property

Completion Time Frame: 14 days
Completion Costs: no cost
Points to Note:
The surveyors of the Municipality will inspect the survey and prepare a report. Parties must provide transportation to the surveyors if they do not have it.

Step 3: Submit the deed of transfer and application to a lawyer or legal practitioner

Completion Time Frame: 5 days
Completion Costs: LSL 2,500
Points to Note:
The participation of a lawyer or legal practitioner is required by law.

Step 4: Land transfer application filed for government approval at the Ministry of Local Government

Completion Time Frame: 75 days
Completion Costs: LSL 10
Points to Note:
Ministerial consent is required by section 35 of the Land Act Nº.17 of 1979. This step can take up to 3 years. If this is not completed within the 12 month fiscal year beginning April 1, one must start the process again.

Step 5: Lodge the deed with the Registrar of Deeds

Completion Time Frame: 5 days
Completion Costs: LSL 2,000 (lawyer fees) + (LSL 70 + 3% of purchase price over LSL 7000) (Stamp Duty) + (LSL 300 + 4% of purchase price over LSL 10000) (Transfer Duty) + LSL 2.50 (registration fee)
Points to Note:
The parties lodge the deed with the Registrar of Deeds for examination of compliance with the provisions of the Deeds Registry Act No. 12 of 1967. Registration fees, Stamp Duty, and Transfer Duty are paid at the Registrar of Deeds.
The formula to calculate Stamp Duty payable on immovable property is:
Transaction amount Duty payable
Under LSL 7000 1%
Over LSL 7000 LSL 70 + 3% for value exceeding 7000

The formula to calculate Transfer Duty payable on immovable property is:
Transaction amount Duty payable
Under LSL 10000 3%
All other amounts 3% on first LSL 10000 + 4% for value exceeding 10000

It is not unusual for a few people to hold a title to the same piece of land. Majority foreign-owned companies cannot own land.

Step 6: Collect lease deed at the Registry of Deeds

Completion Time Frame: 1 day
Completion Costs: LSL 2.50 (already paid in Step 5)
Points to Note:
Parties collect original + one copy, and one copy is left at the Registry of Deeds.

Filed under: Lesotho | No Comments »