Step 1: Obtain property title from property registry (certidão predial)

Completion Time Frame: 7 days (simultaneous with procedure 2)
Completion Costs: CVE 500
Points to Note:
The title is valid for 6 months.

Step 2: Obtain copy of the cadastral certificate (certidão matricial) at municipality

Completion Time Frame: 7 days (simultaneous with procedure 1)
Completion Costs: CVE 500
Points to Note:
The registry of the municipality exists for tax purposes; it includes the value of the property plus information on who owns the property.

Step 3: Parties sign promise to sell contract

Completion Time Frame: 1 – 2 days
Completion Costs: CVE 70,000 (lawyer’s fees)
Points to Note:
This is not a mandatory procedure but it is standard practice. The contract can be written by anyone. The parties can write it themselves if they want but they normally contract a lawyer to draft it. Normally the buyer pays a deposit of 10% to 20% of the price value when signing this contract.

Step 4: Public deed for property transfer

Completion Time Frame: 35 days
Completion Costs: Around 2% of sale price (~CVE 160,000) (including stamp duty—paid by the buyer)
Points to Note:
The public deed can be done with any notary, even outside the country. This procedure can be done faster if the parties use a notary outside of Praia. For the public deed each of the companies must present a copy of the minutes of the meeting where it was decided that the company can buy or sell the property.

Step 5: Pay property transfer tax (IUP) and Register the new owner for tax purposes at the Municipality

Completion Time Frame: 14 days
Completion Costs: 3% of property value for IUP + CVE 1,000 (Municipality registration fee)
Points to Note:
The IUP can be paid at any time as long as it done within 30 days of the date of public deed. One must first register the new deed at the registry before registering at the Municipality for tax purposes. If one can complete the property transfer in less than 30 days, then the 2 procedures can be done together. Otherwise they must be separately.

Step 6: Register the new public deed under the buyer’s name at the property registry (certidão predial)

Completion Time Frame: 14 days
Completion Costs: Around 2% of sale price (~CVE 160,000)
Points to Note:
There is no provisional registration, unless there is some problem with the property, but in general that does not happen. Registration is not mandatory. However, if one wants to sell the property through a public deed one must register the property first.