Completion Time Frame: 2 days
Completion Costs: CFA 150,000-800,000
Points to Note:
It is common practice to hire a lawyer to write the contract. The lawyer requires the property title (copy) and a copy of the company representative’s passport. In practice, banks hold the property title when granting a mortgage. Therefore, no prior verification of any encumbrances on the property is done.

Step 2: Assessment of the value of the land and building

Completion Time Frame: 7 days
Completion Costs: CFA 200,000
Points to Note:
The assessment is done by an expert, generally an engineer. The engineer issues a certificate of measure (certificado de medicion) for the land plot and assesses the value of the building.

Step 3: Notary legalizes the sales contract and prepares the public deed (escritura publica)

Completion Time Frame: 3-10 days
Completion Costs: 3% of value of property (actually paid in procedure 4)
Points to Note:
Official fees are fixed at 1.5% property value, but in practice higher fees are charged. In addition to the official fees, one must pay the salary of the notary at a rate of about 1.5% property value. All fees are paid in stamps bought from the Treasury.

Step 4: Go to Treasury to buy stamps to pay the notary and registration fees

Completion Time Frame: 1 day
Completion Costs: 3% of property value (notary fees) + 3% property value (registration fees)
Points to Note:
All fees are paid at the Treasury and stamps bought to prove payment. Stamps are then presented to the respective parties (notary, registry) to prove payment. Both the notary and registration fees can be paid together at this time.

Step 5: Return to notary to present him the payment stamps

Completion Time Frame: 1 day
Completion Costs: (paid in Step 4)
Points to Note:
Parties receive the public deed at this time.

Step 6: Registration of the public deed at the Property Registry

Completion Time Frame: 5 days
Completion Costs: 3% of property value (paid in stamps obtained from procedure 4)
Points to Note:
The fee paid is higher than the official fee of 1.5% property value, as in practice one pays also the salary of the registrar, at an additional 1.5% property value. The entire public deed is hand-written into the public registry’s books at this time.