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	<title>International Property Buying Process &#187; Eritrea</title>
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	<description>Real Estate Registration Process in Over 200 Countries</description>
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		<title>Process of Registering and Buying Property in Eritrea</title>
		<link>http://www.buying-process.com/buying-property-in-eritrea/process-of-registering-and-buying-property-in-eritrea/</link>
		<comments>http://www.buying-process.com/buying-property-in-eritrea/process-of-registering-and-buying-property-in-eritrea/#comments</comments>
		<pubDate>Sat, 15 Nov 2008 05:13:40 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[buyers' guide Eritrea]]></category>
		<category><![CDATA[buying real estate in Eritrea]]></category>
		<category><![CDATA[Eritrea property law]]></category>
		<category><![CDATA[Eritrea real estate law]]></category>
		<category><![CDATA[registering property in Eritrea]]></category>

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		<description><![CDATA[Step 1: Obtain building plans to give to notary
Completion Time Frame: 10-15 days
Completion Costs: 1% property value
Points to Note:
Parties must hire an engineer to draw up the plans in order to give them to the notary. He will use this as part of the documents necessary to complete the transfer.

Step 2: Obtain original title deed [...]]]></description>
			<content:encoded><![CDATA[<h3>Step 1: Obtain building plans to give to notary</h3>
<p><strong>Completion Time Frame:</strong> 10-15 days<br />
<strong>Completion Costs:</strong> 1% property value<br />
<strong>Points to Note:</strong><br />
Parties must hire an engineer to draw up the plans in order to give them to the notary. He will use this as part of the documents necessary to complete the transfer.</p>
<hr />
<h3>Step 2: Obtain original title deed at the Municipality</h3>
<p><strong>Completion Time Frame:</strong> 15 days<br />
<strong>Completion Costs:</strong> 50 ERN<br />
<strong>Points to Note:</strong></p>
<hr />
<h3>Step 3: Obtain tax clearance from Inland Revenue</h3>
<p><strong>Completion Time Frame:</strong> 14 days (simultaneous with procedures 4 and 5)<br />
<strong>Completion Costs:</strong> 10 – 20 ERN<br />
<strong>Points to Note:</strong><br />
There is no cost involved unless there are unpaid taxes. The Inland Revenue also makes sure the property is free from mortgage.</p>
<hr />
<h3>Step 4: Tax clearance from the bank</h3>
<p><strong>Completion Time Frame:</strong> 3 – 7 days (simultaneous with procedures 3 and 5)<br />
<strong>Completion Costs:</strong> 10 – 20 ERN<br />
<strong>Points to Note:</strong></p>
<hr />
<h3>Step 5: Tax clearance from Municipality</h3>
<p><strong>Completion Time Frame:</strong> 30 days (simultaneous with procedures 3 and 4)<br />
<strong>Completion Costs:</strong> 10 – 20 ERN<br />
<strong>Points to Note:</strong></p>
<hr />
<h3>Step 6: Give receipts to Notary at the Municipality</h3>
<p><strong>Completion Time Frame:</strong> 1 day<br />
<strong>Completion Costs:</strong> no cost<br />
<strong>Points to Note:</strong><br />
Parties go to the notary at the Municipality and submit documents and receipts. The notary sends them to the Cadastre.</p>
<hr />
<h3>Step 7: Cadastral Officers inspect land</h3>
<p><strong>Completion Time Frame:</strong> 15 days (simultaneous with procedure <img src='http://www.buying-process.com/wp-includes/images/smilies/icon_cool.gif' alt='8)' class='wp-smiley' /><br />
<strong>Completion Costs:</strong> 100 ERN<br />
<strong>Points to Note:</strong><br />
This is the maximum time necessary to complete this procedure. If the cadastral office is not busy, it may take less than 10 days. A committee checks the design, limits, and documents.</p>
<hr />
<h3>Step 8: Cadastral Office creates a map of land and assures compliance with all building regulations</h3>
<p><strong>Completion Time Frame:</strong> 15 days (simultaneous with procedure 7)<br />
<strong>Completion Costs:</strong> no cost<br />
<strong>Points to Note:</strong><br />
Upon completion of the procedure, the Cadastral Office provides parties with proof of compliance. Here the committee valuates the building for tax purposes.</p>
<hr />
<h3>Step 9: Committee notifies buyer how much to pay Inland Revenue</h3>
<p><strong>Completion Time Frame:</strong> 1 day<br />
<strong>Completion Costs:</strong> no cost<br />
<strong>Points to Note:</strong></p>
<hr />
<h3>Step 10: Buyer pays tax at Inland Revenue</h3>
<p><strong>Completion Time Frame:</strong> 1 day<br />
<strong>Completion Costs:</strong> 4% of property value as valuated by committee<br />
<strong>Points to Note:</strong></p>
<hr />
<h3>Step 11: Register title with notary and prove payment of taxes</h3>
<p><strong>Completion Time Frame:</strong> 2 &#8211; 3 days<br />
<strong>Completion Costs:</strong> 200 ERN (estimated nominal notary’s fees)<br />
<strong>Points to Note:</strong><br />
If the buyer has obtained the property by succession, then he should publish the transaction at the Notaries Notice Board for 14 days, at a cost of ERN 500. Seller and buyer and two witnesses go to the notary office and make sure that all taxes and fees are paid (buyer brings receipts from Inland Revenue).</p>
<hr />
<h3>Step 12: Finalize registration of title at the Cadastre</h3>
<p><strong>Completion Time Frame:</strong> 21 days<br />
<strong>Completion Costs:</strong> no cost<br />
<strong>Points to Note:</strong><br />
At this point in the process the buyer obtains full possession of the title. They give copies of the title to the Cadastre and the Municipality.</p>
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