Seller conducts the title search and obtains the Title transfer form at the Land Title Registry
Agency: Client Service Access Unit of the Lands Commission (Land Registration Division is responsible for this task
A search at the Land Registry is conducted to confirm rightful ownership and if the property is subject to a land dispute.
Time and cost: 16 days, GHS 125 (GHC 100 – 150)
Lawyer drafts sale and purchase agreement
Agency: Lawyer
Once the lawyer has obtained all the necessary information regarding the title, the lawyer drafts the sale and purchase agreement. Both buyer and seller sign the agreement. The cost is based on the Bar Association Guidelines, however, the suggested fees for conveyancing are maximum rates and can be negotiated down. The maximum cost for a property transfer for the case study would be 10% for the first GHS 200,000 and the remaining balance of property value at 7.5%. However, it is common for lawyers to negotiate down this cost around 5% of the property value.
Time and cost: 1 day, GHS 24,768.98 (5% of the property value)
Assessment of the property value and payment of Stamp duty
Agency: Land Valuation Division of the Lands Commission
Stamp Duty is assessed and paid at the Land Valuation Division. The buyer presents the deed of assignment to the Land Valuation Division. The property is inspected to ascertain its current open market value. The buyer pays Stamp Duty to the Land Valuation Division of the Lands Commission. The Stamp Duty Act of 2005 (Act 689) established a new duty schedule for property transfers. This Act states that for the conveyance or transfer on the sale of a property, the stamp duty is 0.25% where the property value is less than GHC 10000. For properties valued between GHC 10000 and 50000, stamp duty is 0.5%, and for properties valued above GHC 50000, stamp duty is 1%.
Time and cost: 8 days, GHS 5,008.8 (GHC 55 (Processing fee) + 1% of property value (stamp duty)
Note: Stamp duty is 0.25% where the property value is less than GHC 10000. For properties valued between GHC 10000 and 50000, stamp duty is 0.5%, and for properties valued above GHC 50000, stamp duty is 1%.)
Submit application for title certificate at Land Title Registry
Agency: Client Service Access Unit of the Lands Commission (Land Registration Division is responsible for this task)
Submission of the application form for a Title Certificate and payment of processing fee at the Client Service Access Unit of the Lands Commission. The documentation shall include: (i) Application form (ii) Original and one copy of the deed of assignment, duly completed (iii) Land Certificate (iv) Company’s certificate of incorporation
Time and cost: 1 day, GHS 45 (GHC 45 (Processing fee of GHC 40 plus form fee of GHC 5))
Issuance of title certificate
Agency: Land Registration Division of the Lands Commission
The title Certificate is issued by the Land Registration Division. The transaction is recorded on the Land Certificate, which is returned to the owner. The original of the deed of assignment, having been stamped to show that it has been registered, is also returned to the applicant. The Registry keeps a duplicate. The folio of the Register is filed and the transaction document is placed in the land parcel file. The owner will use the property after the title is issued by Land Title (in areas covered by Land Title Registration) or when the Deed has been registered under the Deeds Registration Act and Development Permit granted by the Assembly. Most often property owners do not wait to go through these processes before making use of the land.
Time and cost: 7 days, GHS 130 (GHC 130 (GHC 100 as registration fees, GHC 30 for the issuance of a new Title Certificate))
