Notary conducts a title search at the land registry (Conservation Foncière)
Agency: Land Registry (Conservation de la Propriété Foncière et des Hypothèques)
It is standard practice for the buyer and the seller, as companies, to contract a notary to conduct all transactions. They pay his fees and the transfer taxes/fees to be incurred at the time of contracting him.The Notary obtains an official copy of the title (livre foncier) from the registry. The title includes all relevant information on the property, such as its history of ownership, boundaries of the property and the building.
Time and cost: 15 days, FCFA 20,000 – included in the notary fees.
Parties obtain a survey from an expert Architect to estimate the value of the property
Agency: Architect
The Tax Code of Gabon imposes the obligation to the capital gains tax when transferring a property (Art. 446 of the Tax Code). However, actual implementation of capital gains tax did not occur until early 2017. In order to calculate the tax base of the Capital Gains Tax (the value of the property), Tax Authorities require proof of the current value of the property. Thus, notaries are commonly attaching to the property transfer deed to be registered a survey of the property carried out by an expert Architect.
Time and cost: 14 days, XAF 2,065,372.92 (1% of the property value)
Check for unpaid utilities bills at the SEEG (Service de l’Eau et de l’Electricite de Gabon)
Agency: Utility company (SEEG, Service de l’Eau et de l’Electricite de Gabon)
It is standard practice for the Notary to check for any unpaid utilities bills associated with the property prior to the transfer. The parties can also carry out this procedure.
Time and cost: 1 day, no charge
Notary drafts and parties execute the sale-purchase agreement
Agency: Notary
After carrying out all the necessary due diligence procedures, the notary drafts the sale-purchase agreement for the parties, which they then sign. The notary then notarizes the signed agreement.
Time and cost: 1 day, XAF 21,686,415.71 (10.5% property value, which represents the notary fees + search fees (FCFA 20, 000 – procedure 1) + 8% of the property value (procedure 5) + 0.6% property value for the registration fees (procedure 6))
Register the sale purchase agreement at the land administration (Service des Domaines)
Agency: Direction Generale des Impots, Service de l’Enregistrement et timbres
The transfer deed is registered at the Direction Generale des Impots, Service de l’Enregistrement et timbres, or the administrative authority that keeps the technical records on lands.
The notary will then prepare all the necessary documents to request a change of name on the property title at the Conservation Foncière
Note: If there is a mortgage on the property, there is an additional cost of 0.3% property value fee.
Time and cost: 10 days, no charge
Register the sale-purchase agreement at the property registry (Conservation Foncière)
Agency: Land Registry (Conservation de la Propriété Foncière et des Hypothèques)
The registrar transcribes the transfer and publishes it in the registry books under the name of the new owner. Two copies of the transfer deed are submitted: one without stamps for the Conservation Fonciere, and one with stamps,which the buyer will receive back after registration. The original transfer deed stays with the notary.
Time and cost: 45 days, no charge
