Title search by lawyer at the Office of the Registrar of Deeds
Agency: Registry of Deeds office
The buyer’s lawyer conducts a title search at the Office of the Registrar of Deeds within the Office of the Attorney General. The search costs GMD 700, but this is usually included in the lawyer’s fees. The lawyer may need to conduct an additional search at the Lands Department if files are missing at the Office of the Attorney General.
Time and cost: 2 days, included in Procedure 2
Preparation of Transfer Deed by a lawyer
Agency: Lawyer
The lawyer then prepares the transfer deed. Sometimes the lawyer prepares the sale-purchase agreement, if payment is by installment.
Time and cost: 5 days, GMD 42,063.33 (2-3% of the purchase price (lawyer’s fees))
Obtain a new survey plan from surveyors
Agency: Surveyors
The seller must obtain a new survey plan. The survey plan is obtained from public or private surveyors. The new survey plan is a requirement to obtain the consent to transfer of the property from the Ministry of Lands and Regional Government. The new survey plan should be made in the name of the transferee. It takes 1 – 2 days. There is no standardized fee scale for issuing the survey plan.
Time and cost: 1 day, GMD 2,750
Application for Ministerial Consent to transfer leasehold property
Agency: Department of Lands and Surveys
Because the State owns most of the land in Banjul, the property is technically leased (land in Banjul can be freehold or leasehold). The vendor buys and submits the Application form for Permission at the Department of Lands and Surveys. The Lands Department conducts an internal search for other files connected with the property. These files need to be attached to the application. The application then leaves the Lands Department and goes to a different office within the Ministry of Lands & Regional Government. The Secretary indicates approval and then the application is sent back to Lands Department. The Director of Lands issues the letter of consent for the transfer of the property. The vendor also brings receipt showing that land rents have been paid up to date. The ministerial consent is required for leaseholds. With regular follow up it can be obtained in one to three months, but can take up to a year if there is no follow up and there are mortgages attached to the property.
Time and cost: 60 days, GMD 750
Payment of Capital Gains tax and Stamp Duty at the Department of Income Tax
Agency: Gambia Revenue Authority or Guarantee Trust Bank
Once the permission has been received, the seller must pay capital gains tax and the buyer pays stamp duty at the Department of Income Tax. Details of the permission are inserted into the transfer documents. As of 2007, all those wishing to pay taxes must possess a tax identification number (TIN) issued by the Ministry of Finance, upon a company’s registration/incorporation. The stamp duty will not be accepted unless the capital gains tax has been paid. Once they are paid, the buyer will obtain receipts and the transfer deed will be stamped. The capital gains tax is 10% of the purchase price or 25% of the sale profit (whichever is greater). The capital gains tax is not included in the calculation of cost for the case study. The stamp duty is 5% of the purchase price, based on the 2002 budget speech of the Minister of Finance.
Time and cost: 1 day, GMD 84,126.67 (5% of the purchase price (Stamp Duty))
Transfer deed is brought to the Registrar General’s Office for registration
Agency: Registry of Deeds office
The transfer deed is given a serial registration number and is entered into the registers. One copy is retained with the Registrar General, and another one is returned to the purchaser. In theory, the document is signed by the Registrar General – but often it is done by one of the lawyers in the Registrar General’s Office. Together with the original lease document, this document constitutes the new title. The registration fee is a fixed fee.
Time and cost: 5 days, GMD 1,500
