Obtain non-encumbrance certificate
Agency: Land Registry (Registro de la Propiedad y Mercantil)
It is common practice to obtain a non-encumbrance certificate and a literal certificate to verify that the property has no charges or liens, and to observe past inscriptions and transactions. The certificates are issued by the Registro de la Propiedad y Mercantil
Time and cost: 7 days, XAF 5,000 (Non-encumbrance certificate (3000 XAF) + Literal certificate (2000 XAF))
Lawyer prepares sales contract
Agency: Lawyer
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.
Time and cost: 2 days, XAF 10,950,639 (5% of the property value (the common practice))
Notary legalizes the sales contract and prepares the public deed (escritura publica)
Agency: Notary
Parties submit the sale and purchase agreement to the Notary. Notary fees are free negotiated between the parties, being around 2% to 4% of the property value. The fees are usually paid in cash at the Notary, although they can also be paid through stamps from the Treasury.
Time and cost: 7 days, 3% of the property value (Paid in Procedure 4)
Go to Treasury to buy stamps to pay the notary and registration fees
Agency: Treasury or Commercial Bank
The interested parties have to go to the treasury to buy stamps for paying the notary and the registration fees. Both the notary and registration fees can be paid together at this time. With the proof of payment, parties can go back to the notary and to the registry to carry on with the property transfer process.
Time and cost: 1 day, XAF 16,425,958.5 (3% of property value (Notary fees) + 4%-5% property value (Registration fees))
Return to notary to present him the payment stamps
Agency: Notary
After presenting to the notary the payment stamps, parties receive the public deed.
Time and cost: 1 day, Paid in Procedure 4
Registration of the public deed at the Property Registry
Agency: Land Registry (Registro de la Propiedad y Mercantil)
For the final registration of the property transfer, the Land Registry requests the public deed legalized at the Notary and the proof of the payment of the transfer tax (between 4% and 5% of the property value). Once these requirements are accomplished, the Land Registry will study the status of the property and will issue the new title with the updated name and information of the owner.
The entire public deed is hand-written into the public registry’s books at this time.
Time and cost: 5 days, Paid in Procedure 4
