The buyer searches at the Land Registry the seller’s property title and any encumbrances affecting the property
Agency: Land Registry (Direction Générale des Domaines et du Patrimoine de l’État)
The buyer has to perform due diligence with the Direction des Domaines to ascertain whether the seller possesses a clear and unencumbered title. All information regarding the title of the property is available at the Land Registry, including all mortgages, liens, encumbrances or other tax accruals.
Time and cost: 1 day, no charge
Notarize the sale and purchase contract at a public notary
Agency: Notary
The parties have to notarize the sale and purchase agreement. Notary fees are fixed according to a sliding scale. The time to notarize a contract, rarely exceeds 2 days. The notary will check that the representatives of both companies are entitled to sell/buy this property on behalf of the company they represent.
Time and cost: 2 days MRU 27,520.24
Notary fee schedule according to a cumulative sliding scale is calculated as follows:
- 1 – 1.000,000: 4.5%
- 1.000,001 – 3.000,000: 3%
- 3.000,001 – 7.000,000: 1.5%
- Over 7.000,000: 0.75%
Register the notarized deed with the Companies Registry of the Commercial Court
Agency: Commercial Court
This procedure is a special requirement for an acquiring company. The Companies Registry of the Commercial Court records and monitors companies and their acquisitions. The company must register its new properties in this special registry. The registry is quite available and the request is promptly processed.
Time and cost: 1 day, MRU 43,387.3 (2% (registration fees to the State))
File a request at the Land Registry for the effective transfer of property
Agency: Land Registry (Direction Générale des Domaines et du Patrimoine de l’État)
The Land Registry reviews the notarized deed submitted for registration and the information related to the property object of the transfer for the parties before making the final transfer of title. The parties need only have their notarized sale agreement along with the original title certificate.
Time and cost: 45 days, MRU 26,032.38 (1% registration fee + 0.2% for the salary of the Registrar (Conservateur))
