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	<title>International Property Buying Process &#187; Burkina Faso</title>
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		<title>Process of Registering and Buying Property in Burkina Faso</title>
		<link>http://www.buying-process.com/buying-property-in-burkina-faso/process-of-registering-and-buying-property-in-burkina-faso/</link>
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		<pubDate>Fri, 14 Nov 2008 10:36:06 +0000</pubDate>
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				<category><![CDATA[Burkina Faso]]></category>
		<category><![CDATA[Burkina Faso property law]]></category>
		<category><![CDATA[Burkina Faso real estate law]]></category>
		<category><![CDATA[buyers' guide Burkina Faso]]></category>
		<category><![CDATA[buying real estate in Burkina Faso]]></category>
		<category><![CDATA[registering property in Burkina Faso]]></category>

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		<description><![CDATA[Step 1: The parties visit the notary to engage his services and request his notarization of the sale contract
Completion Time Frame: 1 day
Completion Costs: 1% property value
Points to Note:
In Burkina Faso it is mandatory to notarize the sale contract, and common practice to ask the notary to conduct the entire registration process on behalf of [...]]]></description>
			<content:encoded><![CDATA[<h3>Step 1: The parties visit the notary to engage his services and request his notarization of the sale contract</h3>
<p><strong>Completion Time Frame:</strong> 1 day<br />
<strong>Completion Costs:</strong> 1% property value<br />
<strong>Points to Note:</strong><br />
In Burkina Faso it is mandatory to notarize the sale contract, and common practice to ask the notary to conduct the entire registration process on behalf of the parties. The notary fee scale is as follows: 7% from 1 to 2.500.000 FCFA<br />
5% from 2.500.001 to 5.000.000 FCFA<br />
3% from 5.000.001 to 10.000.000 FCFA<br />
1% for any value above.</p>
<hr />
<h3>Step 2: Check for encumbrances by making a &#8216;requisition de l&#8217;etat des droits reels&#8217; at the Conservation Fonciere (property registry)</h3>
<p><strong>Completion Time Frame:</strong> 7 days<br />
<strong>Completion Costs:</strong> FCFA 2000 for normal procedure, or FCFA 4000 for urgent procedure<br />
<strong>Points to Note:</strong><br />
Although there is an expedited procedure option, most people choose the normal procedure. If there are any charges on the property, there is an additional FCFA 2000 for information on each such charge. In our case, there are no charges and therefore only the basic price applies.</p>
<hr />
<h3>Step 3: Request evaluation of the property (investment) by a Land Appraiser</h3>
<p><strong>Completion Time Frame:</strong><br />
1 day<br />
<strong>Completion Costs:</strong><br />
no cost<br />
<strong>Points to Note:</strong></p>
<hr />
<h3>Step 4: Organize evaluation of the property (investment) by a Land Appraiser</h3>
<p><strong>Completion Time Frame:</strong> 60 days<br />
<strong>Completion Costs:</strong> FCFA 6,200<br />
<strong>Points to Note:</strong><br />
The evaluation is required in practice. While most people choose government valuers who charge the rate indicated here, it is possible to hire a private valuer for a percentage of the property value&#8211;about 1.2%. However the high cost deters most people and their opinion can be contested. There is high demand for the government valuers, and the time to organize a visit from them is therefore longer. Both vendor and buyer must be present when the surveyor comese to do the expertise. Usually, both parties are informed that the expert will be coming on this specific date and between such and such times.</p>
<hr />
<h3>Step 5: Register the evaluation or land appraisal at the Land Registry</h3>
<p><strong>Completion Time Frame:</strong> 7 days<br />
<strong>Completion Costs:</strong> FCFA 6,200<br />
<strong>Points to Note:</strong></p>
<hr />
<h3>Step 6: Register the deeds and pay the transfer tax at the Registry</h3>
<p><strong>Completion Time Frame:</strong> 60 days<br />
<strong>Completion Costs:</strong> 10% of purchase price<br />
<strong>Points to Note:</strong><br />
The transfer tax has been lowered to 8% of the property value. It takes about two months for the Conservation Fonciere to change the name and issue a new title. The name is also changed on tax records, so that the buyer pays future property taxes.</p>
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